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CRYPTO 101
BREAKING NEWS: Clarity Act Passes Senate Banking Committee...What is Next for the Crypto Mega Bill?!
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- [00:00]
A
Are you curious about the economic forces shaping your daily life? The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy. Guys, you love listening to the rundowns. I get some of that information from this NPR Planet Money podcast. Especially recently with the war going on the straight of Hormuz, you're just kind of getting those updates as they come from these guys. They put out a ton of awesome content. It's a different perspective from crypto101, but still a great listen. So go over there and check out the Planet Money podcast. If stuff like current events and the finance world interest you, each story on Planet Money starts with a question. Recent episodes ask why Pokemon cards are growing faster than your retirement count. Questions about the war. Just like we talked about recently a lot on our program. From the job market to the stock market to prices at the supermarket, Planet Money explains it all. Planet Money is a different kind of world where the complex economy somehow makes sense, where human stories supersede abstract theories so can learn, laugh and be entertained. It's econ, but just down to earth. The hosts go to unusual lengths to explain the economy. They've published their own book to track the global supply chain. They've shot a satellite into space to understand the economics of the private space industry. They've gone inside a live book auction to show how ideas get to market. It's the kind of show where you learn something, probably laugh and walk away seeing the world a little differently. And I think if you like crypto 101, you'll enjoy planet Money. So maybe check that out. Follow NPR's Planet Money podcast and understand how money shapes the world. Crypto101fam we're back again to talk about my favorite online shopping and it is Quints. Lately I've just been more intentional what I wear every day. I've talked about it before the Florida heat. I got to be very intentional about my wardrobe and I'm leaning into pieces that feel easy, comfortable, but still put together as the weather heats up in Florida, it just makes the getting dressed simpler. Quince has my go to the fabrics feel elevated, the fits are clean and everything just works. And I'm so busy on the podcast I just don't want to overthink it. Quinces all the wardrobe staples for spring. Think 100 European linen shorts and shirts from $34. Lightweight, breathable and comfortable, but still look put together and clean. 100 Pima cotton tees with a softness that has to be felt. Their pants also hit the same balanced, relaxed and comfortable, but still polished enough to wear pretty much anywhere. Everything is priced 50 to 80% less because they cut out the middleman from your favorite brands, but don't sacrifice on the quality. Quince works directly with ethical factories to cut out the middleman. So you're getting premium materials without the markup. Guys, you heard me talk about quints for a long time now and it's because their clothes are awesome and the shopping experience is second to none. The online store is so fun. They have so many items and they've been a great sponsor to crypto one on one. So if you're thinking about getting some new clothes, go to quince.com refresher every day with luxury. You'll actually use headquarters.com crypto101 for free shipping on your order and 365 day returns. Now available in Canada too. That's Q U I n c e.com/Crypto101 for free shipping and 365 day returns. Quince.com/Crypto101. Breaking news for the Clarity Act. After years of chaos, crypto just got its biggest win in Washington to date. The Senate Banking Committee passed the clarity act 15 to 9 just moments ago. And we're hopping onto YouTube to break down the Clarity act on its way to the Senate for you today. Brian and I just hopped on for about 10, 15 minutes here. We're going to break down exactly what happened. Brian was tuned in to the Senate hearing the entire time to watch it get passed. But he got to listen to the provisions, he got to hear what was inside making the sauce. I myself was keeping attuned to it, made myself some memes, was checking out the price action on some of the stuff that we've been talking about. But the summary is this. It's breaking news. The Clarity act has passed the committee 15 to 9. The next step, it goes to the Senate for an official vote. Brian, what are your initial thoughts of breaking this down? I think for me off the top it was bipartisan support 15 to 9, meaning you had some Democrats along with the Republicans pushing it to the Senate, which is, you know, good for the overall outlook of getting it passed in the Senate. But there was some things to take away from the live that you saw today. So what are your takeaways?
- [04:31]
B
Yeah, I tuned in for the people man, and my purpose position that I opened early because I was hoping to get, you know, a nice vote of confidence here with the Clarity act. And that's exactly what we Got in. I really enjoyed watching it. It was actually quite entertaining. I got to hear all. Mostly all the amendments, and everybody's just overall vibe. I thought that was important, how everybody was working together, because I've been reading a lot about this in text. I've been relying on a lot of people, you know, telling me what's happening. But I really wanted to see how everyone was working together. And honestly, it did feel like there was quite a bit support for this Clarity act moving forward with blockchain and digital assets. One person in particular, and it wasn't surprising, is Senator Warren. Elizabeth Warren was visibly shaken, frustrated, and somewhat emotional during this entire Senate baking markup. Uh, she dropped, like, over, like, 40amendments trying to kill the bill or gut it. And. And it almost felt like some other people were getting even within her party, were getting slightly frustrated, but maybe that's because I was watching it through, you know, a different lens. But certainly she seemed rattled. And we got a great movement forward here. Fifteen to nine bipartisan votes. Some Democrats flipped over. I'm feeling bullish, man. I'm not closing the poly markets. I did close the perp. So, like, just, you know, I just. That was a little quick. A little like, hey, I'm gonna watch this and see how everything's going. And very happy I did. But not closing the Clarity act. Odds that we gave out. Talked about a few rundown episodes ago on polymarket. Things felt good. Big day in crypto, my guy.
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A
Yeah, it's. It's a. It's a nice little outbreak here. I think if we were talking specifically about kind of the breakdown, there were over 100amendments, and you said Warren was 40 of them. We. Which is pretty crazy. But now this goes to the Senate. It was great to listen to. Like you said, you learned a little bit. But let's. Let's talk about what's the next steps, because I think that's what people want to know. Right. This isn't a monumental day where it can go get marked up to sign to law by the president. It now heads to the Senate. And so in the Senate, you need 60 votes, and Republicans hold 53. So there is some Democratic support required. Obviously, you had some bipartisan support in the committee, which is good. And I think the lay of the land here is we've kind of covered on the show, and the last time we talked about this, me and you, is, hey, both sides are getting something they want. The banks have a little bit of protection, but the crypto industry, there's definitely some green shoots, specifically with the stable coins like we talked about. So what are the holdups going to be? I don't think there's anything out of the Banking Committee now or the banks specifically that that will hold this up. I think that in my opinion is, is kind of in the past. The number one thing that I think could hold this up on the Senate floor is the ethics portion. So there's going to be a lot of Democrats and maybe rightfully so worried about the President and his family's ties into crypto, world liberty fi, all that type of stuff. So what, what are the ethics. Obviously there's securities laws, right where you know, you know people in power. Obviously we think Congress should probably have to follow these rules. And senators, as you know the famous Nancy Pelosi stock tracker has her as one of the best traders of all time. But there is an ethics concern and I think that's rightfully so. Even though when it comes to the stock market nobody seemed to care about ethics for the last 50 years but now all of a sudden they care for crypto. But I think it's a fair concern. I think that could be the number one hold up. Other than that, I think the poly market odds which are, I guess we'll pull them up as I hand it off to you are looking like this. This has a chance to get done. So what are your thoughts on that? August recess for the Senate starts in August and it's something that they would want to get to the floor and vote on before then. So May 14th today we're going to, you have about what, two months, June, July, you got about maybe 10 weeks to get this done. So it'll be interesting to, to watch. What do you think about this getting done? What do you think is going to be the number one hold up if anything?
- [08:28]
B
Yeah, I think you nailed it. Pretty much, pretty much everything along the banking issues feels like it's, it's come to a compromise so that Tillis also Brooks yield compromise is now locked into bill Texas and survive the markup. And I think that's a huge point that we've been talking about for months now. This has been a big like stall within this community. I think it is big to get it to the next Senate vote of 60 votes. As you did say we need. I think there will be some bipartisan support. Uh, the ethics issue is certainly probably gonna become the biggest issue front and center. Uh, I, I don't think it's going to stall out this bill. I, I think we're gonna come to a resolution Here with the ethics, I, I really do believe that, that in dealing with the banks because I think the banks did not love the way this was shook out. You're right, there was a compromise here, but we're going to be able to earn yield with some passive activity on these crypto platforms the way the text is written right now. So I don't think banks love that, but they're going to have to deal with it. And the Banking association is just so big and so powerful that to get this through, I think it's a big move and now we're going to deal with the ethics situation. I'm not overly concerned and I love the, I love the chance of this happening in 2026. I think this was a big hurdle we've been talking. I mean it could have been bad too, man. I mean if this did not happen today, we would have been probably not happening. The odds would be plummeted. So this was, this was a monumental step.
- [10:01]
A
Yeah, I couldn't agree more. I don't think it's a monumental day in the sense of things getting done, but it's a monumental day of things moving forward, forward so they can get done. And that's where we are. And as we kind of pull up the poly market odds, if you want to stick around on the back half of this, we're going to try and do ten 12 minute stops. We're going to go look at some price action moves of stuff that Brian I have talked about. So stick around for the finale here on our quick hitter. And then, well, obviously we're going to be live tomorrow. We mentioned that in the last show. We're going to be live tomorrow afternoon. Brian and Joe for a momentum money makers update. So if this is something you landed on, you're new, please subscribe. Throw it a thumbs up. We really appreciate the support. So kind of what was interesting I see here is like, hey, the last week it's only moved up 2%. The last day a little 10%. It's interesting that it kind of dipped yesterday. That's some new money coming in. But overall the last month this was your opportunity zone. So it was April 18th to May 1st. So basically, you know, a little bit over two weeks here, you even got to dip down to 37. That's where we on the show of the rundown opened up a contract for a. Yes, if you recall, Brian with us, we still have that money open and we also have a get done before August open as well that we bought on the dip. So some good plays from the crypto 101. I don't know what we want to call it. Poly Market Traders. We're not sponsored by any individual people. So betting market traders some good bets placed. What I found was interesting was this May 1st spike and it basically, you know, there's some volatility there, especially in the last couple days. But for the most part this May 1st spike, under 50. It hasn't gone under 50 since. So yeah, moving forward, like we said there are some Democratic votes needed. It seems like there's a good path to get that done as long as there's a healthy conversation around ethics. It's kind of the final take from the crypto101 fam. Any. Anything to tie on to this news? I think it's, I think from here on out there's not going to be too much breaking news on it other than when they schedule the vote. I guess there'll be maybe some leaks for support or dissent that could bring up some news. But any, any final takes.
- [12:08]
B
The best analogy around was the last rundown we taped together. When you gave whenever, you know the CEO of the ABA sent that Mother's Day note to everyone. It was like, and we're under direct threat. And then you said it was like the end of a basketball game where the banks are just hammering files and bringing people to the foul line. Last ditch effort. And that's exactly what happened. Man.
- [12:30]
A
Call.
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B
You called it. It was a great analogy. And I, I don't, I don't know how this is gonna, this is gonna definitely today for the next few hours the price is gonna probably really like this. I don't think we're again gonna fire up to all time highs. We're not quite there yet but there's going, there's just a sense of bullishness in that. We're kind of coming back in this market here and I, I think, I think it's gonna be a good, good, good few months ahead especially following the Clarity Act.
- [13:03]
A
Yeah, I agree, I agree. It'll be fun to cover. We're gonna do it here. Crypto 101. So if you're new bottom right, hit the subscribe, give the video a like as we jump into let's go look at coin market cap. We'll obviously revisit this tomorrow when we're live but you know, solid week for crypto. There's some altcoins starting to popcorn. I think that was the first leading thing when the Senate committee started. I started getting some alerts. 5, 6, 8% some of the altcoins were moving. Hyper liquid today. Up 12 in 24 hours. All right. Crypto 101 fam. A story I don't talk about at all is back in college, I played college football at a Division 1 level. Back then I could eat whatever I want, hit the gym, do the program and stay in great shape. I didn't even have to think about it. Now that I'm older, in my 30s, it's a totally different story. And nobody loves a good dad bod more than me. But with the summer coming up, I was thinking maybe I should lean out a little bit. And my friends and I started looking into how we could achieve this. And instead of going down this peptide route or testosterone route where you got to do all these needles and stuff, we didn't want to do that. We were looking for something more similar. And so that's where we found Mars Men. Listen, you lose muscle faster and store more fat as you get older. And a big reason for that is testosterone. Most guys levels start dropping in their early 30s and it makes it easier to gain fat, especially around the midsection. And the more fat you gain, the more your body converts testosterone into estrogen. It just makes it a never ending cycle. But Mars men, it's a natural supplement designed to support healthy testosterone levels, helping your body burn fat and build lean muscle more efficiently. No weird stimulants, just ingredients like Tonga dali, zinc and boron. Listen, I have friends that have taken this. They're saying they have more consistent energy, they're stronger in the gym, they have better focus and they're leaning out a little bit as well. Less cravings, better recovery, just more dialed in overall. And listen, if you're interested in trying this, it's something that again, you don't have to worry about needles and shots and peptides. It's just a pill. It's delivered to you and there's a 90 day money back guarantee. So there's no risk at all. Over 91% of users report higher energy and the reviews speak for themselves. For a limited time, our listeners get 50% off for life, free shipping and three free gifts@ Mengotomars.com that's men. Go to Mars.com for 50% off, three free gifts when you check out and it's also available on Amazon. After you purchase, they will ask you where you heard about them. Please support our show and tell them crypto 101 sent you. Again. For a limited time, our listeners get 50% off and free shipping for life plus three free gifts go to MengotoMars.com that's MengotoMars.com for 50 off and three free gifts when you check out. Also check them out on Amazon and wherever you purchase it, tell them crypto 101 sent you. Any other big movers can't hot up 7. That was one of the alerts I got. Anything else?
- [16:00]
B
5.
- [16:00]
A
Some 5 percenters. Those are solid moves for the alts and just overall solid positioning for crypto. We got a note from Bryce. Bryce today sent in the chat. Bitcoin had a really healthy, you can kind of see there, down here a really healthy bounce on 79, 000. Just under 78. 7 just kissed the 20 day moving average and rocketed higher obviously on the news. But some technical movement there as well that you really like as this. You know, this is a very constructive overall chart. Obviously we'll leave it to Hunter and Brendan to really break that down for everybody. But that's a, that's a constructive looking chart over the last month. And then if you listened, I know I've been talking about over the last week or two is, is the, I gave you all the coinbase play. I mean an absolute rocket. It's something that I was building with Brendan. Kind of just. We did our little D gen plays we like to do. We kind of started it last week. We built it up into the weekend, mentioned it to you guys on Monday and, and that's had a hell of a day. 7% so you can kind of again, I, I don't think it's more of a trade and a little bit of gambling because it was short dated options. So not personal financial advice at all. However, same thing. Pretty constructive chart here. Looking to break out one way or the other, especially over the month. You can see here it's kind of just making higher lows and higher lows and it wants to, it looks like it wants to go higher to me and, but that's dependent on, you know, the, the future and the outlook of what I think the Clarity act brings for companies like Coinbase. Because if it doesn't, if it doesn't come to fruition, they just had a really tough earnings call. If anybody tuned in and listened to that. So this is, this is all perspective of what's to come. And you got to remember markets price things in before they're announced or happen. You know, it's like, hey, it's, it's the old saying, buy the rumor, sell the news. So you know, I don't think if the Clarity act actually gets Passed that, you know, crypto's gonna crumble by any means, but you're gonna start to see it's a huge, it's a huge momentum for the future of crypto. But like on the day there could be people that are playing some really substantial trades on this and so you could get volatility around the news. Cause again, buy the rumor, sell the news. Once it actually happens, the traders, the people that aren't long term investors might start taking off positions. They might start like you just said you had some leverage on today that you were playing. Like that's, that's a, you know, so you gotta do your, do your research. It's not personal financial advice. But if you think that this thing is gonna happen, you gotta do your research and find your green shoots and start to get in now. Because again, it's kind of that area with bitcoin, we're dancing in the 70s, we're dancing in the 80s. And then I think, you know, eventually, I do believe bitcoin is going to get back up above 100k. I hope it is by the end of the year. But once that happens, you start to get that FOMO and then you're like, oh man, I'll just, again, I should have got it 80. It'll come back down and there's no guarantees. You got to do your research and have your plans, plan your trades and trade your plan. Right, right, Brian?
- [19:05]
B
Yeah, I mean you nailed it and you gave a perfect example that I did. I don't play perps a lot, but I opened up a long on bitcoin today, this morning, whenever we were kind of a little lower than we are now. And I am the permeable of the permeables. You know, I think we're going to all time highs. But you're right, traders will trade, trade. And I did close my position kind of right after we got the vote. And you'll see, you'll see that happen and I'll bring some volatility into the market. They'll, they'll bring some strength into the market as well. But with that all being said, I do think long term it's going to be, I, I, I'm aligned with you. I hope we get back to that $100,000 mark by the end of the year. I think there's some paths to do it. I don't think we're just going to wake up and it's going to be there. But hey, we all had that chance. We were staring at each other on these rundowns when bitcoin was at 62 and 64,000. And we were like, things feel kind of gross right now. So everyone kind of had a chance to buy the dip. I still think it's, you know, dollar cost averaging in is always a smart move, but we're, we're trending the right way. And man, gosh, you mentioned it earlier, hyper liquid hype. I was looking at that yesterday, man. It was at like 38 bucks. I go, this just felt like, it felt like a steal. So congratulations to the hyper liquid holders out there because it was moving. Look at that thing. Oh, little God candle.
- [20:27]
A
Yeah, that's great. I saw, when I mentioned, I said hyper liquid 12, you rolled your eyes. You're like, oh,
- [20:34]
B
I mean, I'm a hyper liquid bull. Not financial advice. But that's one of those altcoins. They got 20 employees and they make more money than all the companies in Web3. It feels like, like, so you, you gotta, you gotta support it in some of those fundamentals at least.
- [20:50]
A
Yeah, look at that. That's again, same thing. Very. I just think crypto looks very constructive right now. And I think there's a, I'm always kind of the macro guy and I always tie everything back to the other markets. And we've had this crazy run in memory in the, in the AI trade and chips and I, I've talked about this on the show for a long time of how just money right now doesn't seem to be coming out of the market. It's just rotating. It's rotating. And this rotation into this AI trade has been parabolic. And so what happens? Does the AI trade, Is it fake? Is it not real? And if that case, if there's no return, then the macro market technology, big tech's going to roll over. However, you know, in a parabolic move. Is it going to stay forever? No, but like, with all those profits, where's the money going to go next? Where's the rotation next? And I do truly believe that the Clarity act could be rolling out the red carpet for that trade to come back into crypto. That's, that's what I, I'm starting to build a thesis around it because again, you just nailed it. Like when we were, we grind, we were getting, we were grinding, you know, doing two shows a week in the 60s trying to figure out what to talk about because we thought that just the fundamentals were there. The fundamentals are there, the fundamentals were there, and the price action wasn't. But now you're starting to pull up charts, you know, again the one, the one year again right down here we're trying to figure out what to talk about and then we don't see the bullish fundamentals and now look all of a sudden. Constructive, constructive, constructive. Let's go pull, you know, back. Let's pull up. Let's see if Ethereum looks constructive. Talk about a base that Ethereum's building, right? Ethereum just along the thing. I wouldn't say that looks like super constructive but if you go, you have to pull out the all time chart for Ethereum to look constructive. That's the Tom Lee thesis, right?
- [22:35]
B
The huge base.
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A
Look at this base. Tom Lee will tell you this. Look at this base from 2021 till now. It's going to be the biggest upside of your life. That's what Tom Lee will tell you. The one year chart for Ethereum. It's like a little bit constructive and that's from an Ethereum bull, man. That's from a Tom Lee bull. We've covered that enough. But bitcoin starting to look constructive again. These charts it feels. Let's look at the 20. Can we do that over the year? Yeah, a month. There we go. That's constructive, right? We'll call that constructive for sure. It feels good to finally be able to say it's constructive because we've been talking about all these fundamentals for months and the price action hasn't been there. So it's starting to feel like a little bit of validation. Like you're in the right spot. You're never going to be able to time the bottom, you're never going to be able to time the top. That's why you got to do your research and figure out where you want to be. Any final thoughts for the people before we sign off and we'll see them tomorrow for a huge episode of Momentum. Money Makers updates and and a lot of other stuff in the news as well.
- [23:39]
B
No, just a shameless plug that everyone should tune in tomorrow. If you're watching this now, it's going to be even better tomorrow. I'm sure we'll talk more Clarity act and how the market reacted. But we got some fun stuff to talk about tomorrow so tune in.
- [23:52]
A
Absolutely. We really appreciate everybody watching or listening to our Clarity act update again please. One call for a like a subscribe. If you listen to the audio, leave us a review. It really helps us build the show. Also go back and listen to some of the awesome interviews we've had recently. There's been some heavy hitters there as well. So thanks for tuning in, and we'll see everybody tomorrow. Bye, everybody. It.