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Fading QuicklySnapshot Window: 2026-07-16 23:30 UTC · ← Back to Crypto Overview
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Everyone in crypto is talking about the CLARITY Act… but not everyone is sharing the facts. With so much hype, fear, and speculation spreading online. #Crypto #Bitcoin #XRP #Blockchain [Spoken audio]: Since everybody and their grandmother has helped bent on posting misinformation about the Clarity Act, I figured I would post a video that just tells you correct stuff. If your first thing is to not take my word for it, you would be right to be skeptical. And fortunately, every single thing that I say here is extremely easy to fact check, and I would encourage you to do so. Inspiration for doing this is just a tweet from a pretty well-known reporting source in the crypto space that just said, with no other context, Clarity Act hearing July 17th. And it immediately pissed me off, and so that's why I did this. Yes, there is a hearing scheduled somewhere in Congress for the 17th of July. No, it has nothing to do with the Clarity Act being advanced and there will not be a vote that moves this bill any closer to being passed or signed into law or really anything. It's just about messaging and pressure. The hearing taking place on the 17th of July is taking place in the House Financial Services Committee. The House of Representatives, which is one of the Houses of Congress, passed the Clarity Act, or its version of that bill, last year, and it's been languishing in the Senate ever since. The next thing that needs to happen is the Senate. The full Senate needs to vote on it. The most recent thing that happened is that the Senate Banking Committee passed its own version of the Clarity Act, which now needs to be merged with the version passed by the House Agricultural Committee. Both of those committees did their own version because they each have independent oversight over regulatory enforcement bodies, the CFTC and the SEC, that are directly mentioned in these bills as being the ones tasked with enforcing the law after it's signed into effect. We are currently in the merger process between those two different Senate bills, and once that merge is complete, the full Senate will vote to pass it or to kill it. And there are currently some relatively significant roadblocks standing away of that happening. It's not just going to be super easy, someone's going to have to cave in. Right now, those someone's are the White House and Senate Democrats. Senate Democrats are currently arguing that there needs to be an ethics provision added to the Clarity Act, which would prevent single office holders, like the president, from doing things with crypto to enrich themselves. Similar ethics provisions have been attempted to be worked into different bills in the past with regards to stock trading or owning companies, for example. Now they want to do one for crypto. It doesn't look great because the White House has straight up said that anything that prevents world liberty financial from existing, for example, won't be signed by the president. So that's the hold up. The merging of these two different Senate bills is currently not scheduled. So I'm assuming that the House is attempting to pressure the Senate into doing something because a number of senators have been calling for this for quite some time. If these two bills get merged successfully and and the Senate votes wholeheartedly to pass this thing, it's still not going to be signed into law yet. It has to go back to the House because enough stuff has changed in the Senate's bill to where the House needs to reconfirm that they're still cool with this thing. The version that they passed a year ago has changed. So they have to confirm that they're good. And after that, it goes to the White House to be signed. And then the clock begins, which can take anywhere from 12 to 20 months, depending on policy being created, because remember, this just means the law is now the law. But someone has to enforce the law and you can't just carry around a copy of it and read it to people when you're enforcing the law. These different regulatory bodies, these different enforcement agencies within the government have to create policy by which they will take this law that was passed and charge people with crimes, hold people accountable, all that law enforcement stuff. Notably, the Genius Act, which has been passed for quite some time, almost exactly a year, is still not being enforced. We're probably a lot closer to that than we are clarity, but point stands that it's currently not being enforced even though it is technically law. All of this congressional stuff is ridiculously easy to look up. And the sad fact of the matter is that it's just really tedious and it takes forever. So when I keep saying that the attention span of crypto meeting the speed of Congress in real time is going to catch a lot of people off guard, This is exactly what I mean. Also, just as a finale, a cherry on top here, just because I see this all the time, the Clarity Act is not necessarily just going to arbitrarily pump all of crypto. That's not how this stuff works, okay? There could be a buy the rumor, sell the news type of thing, like there is with a ton of stuff in crypto, but all of the content creators who tell you to your face with their full chest that this is like the catalyst that we need to really rocket things off have no idea what they're talking about. And I would bet you pretty much anything that they haven't read the bill. Now, they haven't read the bill because it's hundreds of pages long and it's incredibly boring and it's very dry and reading legislation is not the same thing as reading your favorite comic book. So, you know, when push comes to shove, people just like to pretend that they've done the research. Talking about legislation is not super sexy, but when you're trying to convince people to take financial action as a result of a piece of legislation, it would behoove you and your audience, frankly, for you to at least do a little bit of homework and read it instead of just pretending that you did or asking ChatGPT for a one paragraph summary. If you have no idea what's in this bill, you can read the entire thing completely for free. It's on Congress's website, the entire thing, every version of it, the version that the house passed, the version that the Senate Ag Committee passed, the version that the Senate Banking Committee just passed and any updates to include any and all of that. It's all freely available. I have no patience anymore, not that I really ever had an abundance of it, but certainly not now. For people who come onto a platform like TikTok and just willfully lie to their audience about something that they don't know anything about, you can create content about something else. You can tell someone you don't know or that you'd have to go read it. It's really not that hard. I do it all the time. I know exactly what I'm good at and I know exactly what I don't know anything about. And remarkably, it's pretty easy for me not to just make shit up and post videos about stuff that I have no idea how it works. Somehow I managed to keep doing that consistently. Anyway, there you go. That's where clarity is right now. No meaningful progress since the Senate Banking Committee has passed its version. And honestly, the odds that it's going to pass anytime soon are looking pretty grim. Like I said, that is unless one of the two Senate Democrats or the White House massively caves in on the thing that is currently holding those two up.