The CLARITY Act Is Short-Sighted As Written
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What is the main focus of the CLARITY Act?
Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the web at CryptoTalkRadio.net. And now, here's your host, Leister. Thank you for that, Bailey, and welcome everybody out there on Crypto Talk Radio, found at CryptoTalkRadio.net.
Late in the evening She's wondering what crypto to buy She opens her wallet Taps the connect on the side And then she'll ask me Is this one all right?
and i said no biatch that crypto will scare you tonight clarity such a simple term with such a diverse definition cryptotalk.fm my name is leister i am your host Interesting. I've not spoken to some of you since last year. Welcome. Welcome back. Hopefully you had a good holiday time off. Unfortunately, there are some the snowflakes. There's a lot of snowflakes still. And this idiot in their vehicle that did like a triple U-turn. I don't know what they're doing. And they pulled into the commercial and then they did a zigzag eight shape coming out. And then they then they finally parked on the street. Nowhere close to where I think they're going, but I'm not really sure. Cause it doesn't look like they know what they're doing either.
Cause there's like a school down the road and there's some sort of parent, whatever going on and they're bringing their kids, but he's nowhere close to the school. And he did this weird eight shape thing in the middle of the road. This is a busy through fair. And I didn't know what he was doing. So, It occurred to me that I had not, as somebody brought up, I had occurred to me, I had not spoken about the clarity act or the genius act. However, when I thought it through, there is a reason that I did not speak about clarity or genius. 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. By the time, if this goes the way they've gotten it written, it's the same as the stock market. You know, well, there's certain hours of trading, and then if it starts to have too much volatility, there needs to be halting. And if we have a suspicion because your last name is Akhmet that we need to block the transaction and take your money, that's essentially the kind of things I see in there. It occurred to me that certain YouTubers are, they're fixated on the, well, SEC is going to be out of debt and it's going to be CFTC and it's going to be treated as commodities.
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