美国加密法案文本更新，参议院程序性投票在即

Tyler. I would imagine the conversation there is being dominated by the desire to see clarity pass. Right, exactly. Everybody wants to know whether or not this will cross that key procedural vote that's set to happen tomorrow, 2:15 p.m. eastern in the Senate. We did get updated text for this bill last night, released from the majority side from the Republicans. That included, they say, many changes that Democrats wanted, including an updated ethics provision that will give state attorneys general some authority to enforce some of the ethics rules.

It will also apply to president and presidents and other elected officials to either push their digital asset holdings into a blind trust or forced divestiture. The question is, will this be enough for Democrats to get on board? Since so far we've only really heard from the white House, but it is notable that there was this updated ethics provision because it does mean that President Trump agreed to it after we had heard at this point for weeks that the president wasn't really looking to negotiate around that issue.

Another issue, though, has appeared to really come into the forefront, and that has to deal with yields on stable coin holdings. There is a growing pushback from community banks that are concerned that its, uh, yields or reward programs are allowed to be given on your stablecoin holdings that could contribute to something known as deposit flight out of these community banks. And we're waiting to see whether or not there are still concerns with this updated proposal that would essentially have something known as a circuit breaker, uh, provision that could allow the Treasury to step in if there is significant deposit flight.

So there's still a few different things here that we need to watch, because that is the issue that some Republicans, including Senator Josh Hawley and Jerry Moran, have voiced concerns about. So a lot to watch heading into tomorrow. The white House certainly wants to see at least the procedural vote get over the finish line. Uh, but, uh, at this point, that's not even a done deal. All Republicans would have to get on and seven Democrats to reach that 60 vote threshold.

Yeah. Of course, President Trump has called for clarity to be passed. So too has the chair of the CFTC, uh, Selig, who, of course, uh, you've spoken with recently, Tyler, who said that, uh, to you that that is plan A? Yes. The regulator may have to do some things. The clarity doesn't pass, but they still want to see this legislation passed. Can I ask you as well about the while there is the desire to see a regulatory bill passed in the crypto space, this white House apparently has no desire to see greater regulation on I.

The president suggests a slowdown isn't needed. All you need is a smart president. To paraphrase his words. Yep, that was the latest that we heard from President Trump today. After over the weekend, he essentially said as much, but also, of course, brought in the idea that the US must stay competitive with China. We have heard a lot about more of tempered rhetoric from some of his advisers, including the NSC director, Kevin Hassett, over the weekend seemed to lend support to some sort of guardrails after we saw these major AI companies say that we may need to face the frontier in their words.

It is interesting, though, because this comes at a moment where we have this political dynamic and voters have grown increasingly concerned about I, including when it comes to their job prospects, but also the idea of the data center. Build out a recent polls from Reuters showing only 1 in 3 Americans are okay with the pace of the data center rollout at this moment. So to your point, one to watch, but one that the administration at the moment is holding firm on.