Crypto Chaos in the Senate 🤯

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Oh, the drama that unfolded in the hallowed halls of the Senate! 🏛️ It was a day like any other, with the esteemed members gathered to discuss the finer points of digital assets. But little did they know, a storm was brewing, and it would soon turn the proceedings into a farce. 🌪️

Senator John Kennedy, a man known for his… let’s say, “passionate” outbursts, took umbrage with Richard Painter, a former White House ethics lawyer. The good senator, it seems, had taken offense to a report by BeInCrypto, which suggested that a certain senator had received a substantial sum of money from crypto firms. 💸

Yesterday, a BeInCrypto exclusive report sparked a bizarre outburst at the US Senate

In May, BeInCrypto’s @c_grigera reported how Senator Gillibrand’s campaign received $217,000 from crypto-related donors. @RWPUSA, like many other influential figures, shared the news on…

— BeInCrypto (@beincrypto) July 10, 2025

Kennedy, in a fit of pique, accused Painter of calling the senator in question a “crook.” Ah, but dear senator, it seems you got your facts mixed up. Painter had done no such thing. 🙅‍♂️

As the drama unfolded, Painter remained calm and collected, pointing out that the real issue at hand was not personal attacks, but rather the influence of money in politics. Ah, a voice of reason in a sea of chaos! 🙏

A Senate Hearing Fallout

But, alas, the damage was done. The hearing, which was meant to discuss the CLARITY Act, had devolved into a shouting match. The act, which aims to regulate digital assets, was all but forgotten in the melee. 🤯

Tim Massad, a former chair of the Commodity Futures Trading Commission (CFTC), did manage to get a word in edgewise, pointing out that the act, in its current form, presents several legal loopholes that could further deregulate crypto markets. 📝

Painter, too, expressed his concerns, noting that the tokenization carve-out and waiver authority in the act could allow centralized platforms and large corporations to escape oversight from the Securities and Exchange Commission (SEC). 🚫

“Tesla stock is, of course, a security, and if I want to trade it, I trade it on an exchange that’s regulated by the SEC. But if I issue a token that is a stablecoin that’s tied to a share of Tesla stock, is that going to be exempt from regulation?” Painter described. 

Could a Trump Court Challenge Weaken Regulator Independence?

But, dear friends, the plot thickens. A recent Supreme Court ruling has granted the President the authority to remove members of independent commissions, including the SEC and CFTC. 🤯

SCOTUS grants Trump the power to fire huge swaths of the government without recourse.

The unsigned ruling didn’t bother including a vote count or even a legal rationale. This is how the Court makes decisions now.

— Max Burns (@themaxburns) July 8, 2025

This, Painter notes, could undermine the autonomy of these key institutions. Ah, the separation of powers, how you are being eroded! 🌟

Trekking Forward on an Uncertain Path

And so, dear friends, we find ourselves at a crossroads. The CLARITY Act, with all its flaws and loopholes, will continue to make its way through the legislative process. But will it be enough to regulate the wild west of crypto? 🤠

Only time will tell, but one thing is certain: the drama, the intrigue, and the shenanigans will continue to unfold. Stay tuned, dear friends, for the next episode of “Crypto Chaos in the Senate”! 📺

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2025-07-14 20:46