Leister

And it's simply because I felt like these are just trying to placate the industry.

Well, do something.

You know, there's no real thought, heavy thought, I think, behind them.

Now, when I say no real heavy thought, I don't suggest that nothing was done or that people didn't try.

I'm saying that I feel that both missed the point.

And I speculate, and just for some that don't seem to understand this,

I have every right to speculate and share my opinion about what I think on something.

You as listener can listen to what my point is and my argument and form your own opinion, whether it agrees or not.

I don't expect you to group think I share the opinion and put it out there irrespective of some people who don't want me to do that.

So first let me summarize genius act.

At a basic level, I'm not going to dig into genius.

I'm going to dig into clarity because genius has already been passed and signed by the president.

These are two parts.

Genius was designed to get some framework around stable coins.

This is why you might have heard news articles talking about banks getting on board with issuing stable coins.

And so it opened the doors for a connection, a legal connection between stable coins and fiat.

And it allowed oversight, clear oversight, instead of the Gensler era of regulation by enforcement.

The Clarity Act then gets written up and people are celebrating it, passes the House reasonably smooth, gets to the Senate Banking Committee, that may be clear, and they start to butcher it.

When I dug into it, and I didn't go deep until recently, but when I dug into it, it got me to think that, yeah, they're just going through the motions.

This is not something where they fully understand the appeal, and you're going to end up, in my opinion, with basically an offshoot of the stock market.