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美国参议院否决加密监管法案Clarity Act

US Senate Blocks Clarity Act Crypto Bill

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加密核心监管立法受阻,直接影响行业合规预期与资产定价逻辑,建议关注后续立法进程及市场情绪反应。

BALANCE OF POWER LIVE FROM WASHINGTON DC.

CRYPTO ROADBLOCK. A SETBACK ON CAPITOL HILL WITH SENATORS FROM BOTH PARTIES LEFT -- BLOCKING A BILL TO ESTABLISH RULES FOR DIGITAL ASSETS. CONCERNS OVER PRESIDENT TRUMPS CRYPTO INTERESTS AT THE CENTER OF THE FIGHT. THE FISCAL PICTURE. SCOTT BESSENT FACING LAWMAKERS FOR HOURS ON CAPITOL HILL, PRESSED OF A PRESIDENT TRUMP'S PROPOSED $5,000 PAYOUTS FOR VOTERS. RECENT INTERVENTION IN THE YEN. AND THE COST OF BORROWING IN AMERICA.

DO YOU AGREE THAT THESE HIGH TREASURY YIELDS ARE INTEREST RATES ON AMERICANS BONDS MEAN LOANS PAID BY FAMILIES TO BUY A CAR OR FIX A ROOF WILL ALSO BE EXPENSIVE? YES OR NO?

THE U.S. BOND MARKET HAS BEEN THE BEST --

YES OR NO, MR. SECRETARY? YES OR NO, MR. SECRETARY? RECLAIMING MY TIME.

RECORD IN BOND --

RECLAIMING MY TIME. RECLAIMING MY TIME. YOU KEEP TALKING, I WILL KEEP RECLAIMING MY TIME. JOE: TWO MEMBERS OF CONGRESS JOIN US, REPUBLICAN REPRESENTATIVE DOWNING AND REPRESENTATIVE KRISHNAMOORTHI. WELCOME TO THE BALANCE OF POWER. I'M JOE MATHIEU ALONGSIDE KAILEY LEINZ IN WASHINGTON. KAILEY: A LOT OF ACTION IN WASHINGTON ON CAPITOL HILL WHERE WE SAW THE PARITY ACT MALE IN A PROCEDURAL VOTE IN THE SENATE. CLARITY IS THE -- WHAT THE INDUSTRY HAS BEEN LOBBYING FOR.

THEY WANTED TO SEE THIS PASS BUT IT FAILED TO CROSS THE THRESHOLD AND IT IS UNCLEAR IF THERE IS A FUTURE FOR MARKET STRUCTURE LEGISLATION AND THIS CONGRESS OR THE IF THIS IS PUNCHES -- PUNTED TO THE NEXT ONE. THERE COULD BE DEMOCRATIC MAJORITIES AFTER THE MIDTERMS IN NOVEMBER. THE INDUSTRY MAY HAVE REASON TO BE MORE PESSIMISTIC ON THE PROSPECTS OF SOMETHING IS FAVORABLE AS THEY THOUGHT THIS LEGISLATION WOULD BE CROSSING THE FINISH LINE.

JOE: THIS SEEMED TO COME DOWN TO CONFLICTS OF INTEREST, ETHICS LANGUAGE AROUND THE PRESIDENT'S OWN PERSONAL FINANCES. HE IS A FREQUENT TRADER. A DISAPPOINTMENT. WE SAW WHAT HAPPENED TO BITCOIN, A TUMBLE BASED ON NEWS, $75,000 RANGE. WE WERE LOOKING AT $80,000 ON HOPES FOR THE CRYPTO BILL TO PASS. THE TRADING DAYS SHOULD BE INTERESTING AS REALITY SETS IN. KAILEY: A LOT OF THIS CAME UP -- CAME DOWN TO THE PRESIDENT'S INTEREST IN THE SPACE WHERE HE HAS MADE BILLIONS OF DOLLARS TIED TO HIS CRYPTO HOLDINGS.

BLOOMBERG HAS INTERESTING REPORTING ABOUT THE NUMBER OF TRADES OUTSIDE CRYPTO THE PRESIDENT HAS BEEN ENGAGED IN. IT IS MORE THAN ALL OF THE MEMBERS OF CONGRESS IN AGGREGATE, WHICH IS A REMARKABLE FIGURE AS WE CONSIDER THE MOVES AND FINANCIAL MARKETS IMPACTING THE OCCUPANT OF THE WHITE HOUSE. JOE: 29,000. I THOUGHT I WAS READING A MISPRINT. IT IS NOT THE PRESIDENT IN THE OVAL OFFICE TRADING ON HIS PHONE MOST LIKELY, BUT TO HAVE AN ADVISOR MOVING THAT MANY TRADES IN A SHORT PERIOD OF TIME GIVES YOU A SENSE I GUESS OF WHAT HAS BEEN DRIVING THE CONVERSATION.

IF YOU TALK TO ELIZABETH WARREN, DEMOCRATS WERE NOT SATISFIED WITH WHAT THEY HAVE. YOU MADE A GOOD POINT, THE LAME-DUCK SESSION MAY NOT BE AN OPPORTUNITY IF DEMOCRATS TAKE THE HOUSE AND WE COME BACK TO A NEW CONGRESS. THIS IS A DIFFERENT CONVERSATION. KAILEY: THE CONVERSATION COULD BE DIFFERENT DEPENDING ON THE OUTCOME OF WHAT HAPPENS IN NOVEMBER. AS WE CONSIDER THAT CONVERSATION AND THE PRESIDENT'S PROMISE TO SEND $5,000 CHECKS TO VOTERS IF REPUBLICANS RETAIN THE MAJORITY, THAT IS ONE TOPIC OF CONVERSATION.

SCOTT SENT TESTIFIED -- BESSENT TESTIFIED THAT WAS A GOOD IDEA AND PROMISED A FISCAL CONSOLIDATION PLAN IS IN THE WORKS. HE WAS PRESSED ABOUT THE TREASURY'S RECENT INTERVENTION IN THE BOND MARKET BY EXPANDED BUYBACKS.

I CAN THINK OF NO ADMINISTRATION IN THE LAST 50 YEARS THAT IS AS COMMUNIST AS THE TRUMP ADMINISTRATION. CONSTANT INTERVENTIONS IN THE OPERATIONS OF THE FREE MARKET. WAS THE INTERVENTION SUCCESSFUL AND WILL THERE BE MORE?

IT WAS.

WAIT, WAIT. THE 10 YEAR WENT UP BY 20 BASIS POINTS. HOW CAN YOU SAY IT WAS SUCCESSFUL?

THERE IS THE COUNTERFACTUAL. WHAT WOULD IT HAVE DONE? WE PROCEEDED TO HAVE THE TWO MOST SUCCESSFUL TREASURY AUCTIONS IN 20 YEARS. KAILEY: WE SAW A LESS SUCCESSFUL 20 YEAR AUCTION THE TAIL THIS AFTERNOON. WE ARE JOINED FROM CAPITOL HILL BY SOMEONE WHO WAS IN THE HEARING, TROY DOWNING OF MONTANA, MEMBER OF THE FINANCIAL SERVICES COMMITTEE. WELCOME BACK. YOU ARE JOINING US ON A DAY THE 10-YEAR TREASURY YIELD AT THE HIGHEST LEVEL SINCE 2007.

THE TREASURY SECRETARY SAYS A FISCAL CONSOLIDATION PLAN TO ADDRESS CONCERNS IS COMING. WHAT WILL THAT NEED TO LOOK LIKE? DOES IT INCLUDE $5,000 CHECKS TO ALL CITIZENS? REP. DOWNING: I AGREE WITH THAT. I THINK SECRETARY BESSENT'S COMMENTS TOUCHED ON THAT A LITTLE BIT. OBVIOUSLY THAT WOULD BE A BIG EXPENSIVE THING, NOT KNOWING WHERE THE MONEY IS COMING FROM, WHICH WOULD ADD TO THE DEFICIT AND WOULD BE INFLATIONARY BUT I WILL HOLD OFF AND SEE WHAT THE ADMINISTRATION IS PLANNING.

SO WE WILL CONTINUE HAVING CONVERSATIONS BUT I THINK THE SECRETARY WAS APPROPRIATE AND SAYING WE ARE TRYING TO FIGURE OUT THE DETAILS OF THAT. IN TERMS OF THE BOND MARKETS, OBVIOUSLY THE YIELDS HIT HIGH. I THINK WHAT THE TREASURY IS DOING ON SOME OF THOSE PURCHASES BACK I THINK IS THE RIGHT POLICY FOR DEALING WITH THAT. IT IS OVERALL, WE WERE HAPPY WITH THE TESTIMONY WITH THE SECRETARY TODAY IN COMMITTEE. . JOE: IT IS GREAT TO HAVE YOU BACKJOE:.

THIS IS NOT THE FIRST TIME WE HAVE HEARD ABOUT DIVIDEND CHECKS. THE PRESIDENT SUGGESTED TO THOUSAND DOLLAR CHECKS WERE GOING OUT AND THERE WOULD BE A WINDFALL FOR AMERICANS BASED ON THE TARIFF INCOME. WE HAVE THE $5,000 DIVIDEND HE IS PROPOSING. I'M WONDERING IF THESE DON'T EVER COME TO FRUITION, WHAT THE IMPACT IS ON THE VOTER? WHO THINKS THEY ARE BEING PROMISED SOMETHING? REP. DOWNING: THAT IS SOMETHING WE NEED TO BE COGNIZANT OF.

EVERYBODY KNOWS THAT SOMETIMES, THE PRESIDENT HAS IDEAS THAT WE HAVEN'T REALLY GOTTEN THE DETAILS ON YET. AND I THINK THAT IS, A LOT OF US HAVE CONCERNS ABOUT THE PRICE TAG OF THAT AND THE INFLATIONARY PRESSURES WHEN WE ARE SEEING PESKY HIGH INFLATION NUMBERS RIGHT NOW. I THINK IT WOULD BE GOING THE OPPOSITE DIRECTION WHICH IS NOT GOOD POLICY FOR US. KAILEY: AS WE CONSIDER THE PESKY HIGH INFLATION NUMBERS, THAT IS SOMETHING THE FED IS GRAPPLING WITH.

THEY HAVE A RIGHT DECISION TOMORROW. THE PRESIDENT SUGGESTED THAT THE U.S. DESERVES TO HAVE THE LOWEST INTEREST RATES ANYWHERE IN THE WORLD. WOULD HE BE DISAPPOINTED IF THE FEDERAL RESERVE INCREASES THEM TOMORROW AFTERNOON? REP. DOWNING: I EXPECT AN INCREASE. WATCHING INFLATION NUMBERS NOT HITTING THE TARGET, AND ALL THE THINGS COMING IN TO CONTRIBUTE TO THAT, I THINK KEVIN MARSH REALLY HAS -- KEVIN WARSH HAS NO CHOICE BUT TO HAVE A SLIGHT INCREASE THEIR.

I DON'T THINK THE ADMINISTRATION WILL BE ENAMORED BY THAT BUT I THINK IT IS GOOD POLICY AND IT SHOWS THE FED IS TAKING THE POLICY SERIOUSLY AND IT IS ALWAYS DIFFICULT TO DO SOMETHING RIGHT BEFORE AN ELECTION BUT I THINK THIS IS SOMETHING THAT IS DUE AND WILL BE HELPFUL IN CALLING BACK DOWN AS WE SEE INFLATION THAT HAS NOT HIT TARGETS. JOE: IS THIS A CREDIBILITY PLAY? PETER NAVARRO TOLD US LIVE ON BLOOMBERG THAT THE WORST THING YOU COULD DO IN AN ENERGY CRISIS IS HIKE INTEREST RATES BECAUSE THAT WILL NOT GET TO THE PRICE OF GAS AND OIL,.

THE PRICE OF DIESEL IT COULD SQUASH PEOPLE WHO ARE PINCHING PENNIES. REP. DOWNING: EVERYBODY IS LOOKING AT ENERGY COSTS. EVERYBODY KNOWS THAT THIS IS A TEMPORARY SITUATION THAT HAS OTHER INFLUENCES GOING ON RIGHT NOW, NAMELY WHAT WE ARE SEEING IN THE MIDDLE EAST. IN TERMS OF THE INTEREST RATES, I THINK LOOKING AT WHAT WE HAVE SEEN IN INFLATION, I WOULD BE SURPRISED IF WE DIDN'T SEE A MODEST PROBABLY 25 BID INCREASE IN THE POLICY.

I DON'T HAVE A CRYSTAL BALL BUT THAT IS WHAT I AM EXPECTING AND I DON'T BELIEVE THAT IS BAD POLICY, I THINK THAT IS THE DIRECTION WE NEED TO GO. KAILEY: I WOULD LIKE TO ASK ABOUT SOMETHING ELSE THAT HAS BEEN DOMINATING THE CONVERSATION IN WASHINGTON AND BEYOND, ARTIFICIAL INTELLIGENCE AND WHAT SHOULD BE DONE TO POTENTIALLY PACE ITS DEVELOPMENT. THE PRESIDENT SUGGESTED THAT CONCERN OVER AI THAT COULD GROW OUT OF HUMAN CONTROL IS SIMPLY A HOAX.

DO Y

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