Take-aways from this livestream on Clarity crunch time with only 14 days for senate to come to an agreement and pass the bill (spoiler: DAMN IT'S BLEAK):
If ethics provision doesn't change, there's no chance the bill passes (dems rightly so imo, want better assurances that gov officials can't profit from crypto)
If the bill doesn't pass now, maybe it gets another chance in Sept, but it's highly unlikely it can pass then bc of midterms. And it doesn't get another chance until a new Congress and administration have to start from scratch in the 2030s
And the bill flopping means all the same questions that have loomed over crypto will remain:
What tokens are securities, do crypto exchanges and DEXs have to register as money transmitters, are founders going to land in jail for issuing tokens, are developers going to land in jail for writing code, etc etc.
all of that will have to go to lengthy rulemaking with the SEC and CFTC
great insights from
@millercwl @amandatums @AdrianWall8395
Plus some hot takes from Adrian saying Coinbase and republicans don't actually want the bill to pass!
Whole conversation here 👇