Like, why is that being perceived through the markets as a negative thing?

thing?Well, I think any time you are dealing with just using the regular, regulatory process versus, um, having something in law, it's, it's a little bit less durable.

That's not to say that they can't come up with a framework.

Um, the, uh, the SEC and the CFTC have already been working on some, uh, ways to do that.

So I think we're gonna get the framework that we need, but it is always difficult to, uh, you know, recognize how does this last across future administrations.

I do think that-

Did they want the CLARITY Act to pass?

Yeah.

Are you anticipating anything unusual last minute coming in from the banks?

So they're quiet publicly, but we're seeing a lot of behind the scenes activity.

You know, there's a lot of kind of myth versus fact sheets out there, talking points that we're getting a hold of from the banks.

And so they are working their talking points.

They are going in and meeting with senators.

They are having their community banks call in.

The good news is those talking points are very easy for us to counter.

When you look at that, are you at all concerned? Are you still in the camp of this is going to go through with what Anthony said there?

With stablecoin yield and DeFi, um, are they still putting up roadblocks, or you think that might be something that may not be an issue?

Yeah.

Um, you know, they're still out there.

They're still calling the offices, and every office we've been in, they said they're hearing from their community banks.

Um, b- I do think they've lost some of their steam in this argument.

Um, you know, we spent a lot of time going back and forth with them, trying to negotiate language.

Crypto gave up a lot in that yield agreement.

What would the passing of this bill mean for the United States? Is it a creation of jobs, innovation, wealth, and just solidi- solidifying us as the leader in this technology for the future?

I'd be interested as a, as a former CFTC commissioner and now CEO of the Blockchain Association, how-- what do, what, what do you think about the needs, the resource needs of the CFTC and what should be done, uh, regarding that?

I've always been really supportive of the CFTC getting additional resources.

Um, it is a small agency.

It has historically overperformed, um, based on the size and their budget.

I often point out their budget is smaller than, like, the EEOC, um, and a few other kind of obscure, uh, agencies.

Uh, so the fact that they're able to oversee, you know, trillions of notional dollar markets, um, with a staff that's, you know, under a thousand dollar-- or under, sorry, under a thousand people with a few million dollars is, is pretty remarkable.

Um, you know, they could do more with additional resources, but historically they have always been kind of underfunded but yet have been able to step up and do the job that they are required to do.

What, help, help us understand your perspective on this.

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Well, it's funny, even when you think about stablecoins and you think about genius, this wasn't something that was part of genius.

You know, the rewards and yield issue, that was all discussed in genius.

And I think they got caught flat-footed in their lobbying efforts.

I just don't think they were fully informed as to what they were looking at.

And they weren't prepared to, you know, take on crypto at all.

They didn't realize the kind of political power that crypto now has because so many Americans own and use crypto.

What are your thoughts on this bill? And, you know, I'm worried we're going to lose some of the ethos of DeFi because of the big pushback we're seeing.