CLARITY ACT SHOWDOWN! ELIZABETH WARREN VS TRUMP ETHICS! BIG BITCOIN COLDCARD HACK!
August 1, 2026
AI Summary
5 min readThe Clarity Act stablecoin bill is hurtling toward a Senate vote next week, but Elizabeth Warren is mounting a fierce last-minute attack over ethics provisions, while the National Sheriffs' Association has reversed course to oppose the bill. Meanwhile, a $40 million hack of Coldcard hardware wallets has shaken the self-custody community, and Circle has secured a New York trust charter that lets it offer banking services.
The Clarity Act Showdown
Time is running out for the Clarity Act, and the battle lines are hardening. Former Barclays CEO Bob Diamond called on all of Wall Street to support the bill, saying "I think we are very close to passing it" and arguing it would unlock innovation. Most of Wall Street is on board—the holdouts are Jamie Diamond's JP Morgan and some smaller banks fighting over stablecoin yield provisions. A compromise on that issue was already brokered in the Senate Banking Committee by Senator Angela Alsobrooks, but the banks "got a cookie and now they're asking for a glass of milk," as Tony Edward put it.
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What you'll learn
- 1 (01:52) **Clarity Act Momentum and Wall Street Support** - The host opens with the Clarity Act, noting time is running out but endorsements are growing.
- 2 (03:18) **Elizabeth Warren's Ethics Attack and Scaramucci's Response** - Anthony Scaramucci weighs in on the ethics debate, warning that crypto's war chest will target any politician who blocks the bill.
- 3 (04:51) **Senate Timeline and House Prospects** - The host shares insights from his interview with Cody Carbone of the Digital Chamber about the legislative path forward.
- 4 (05:43) **Cynthia Lummis Takes the Gloves Off Against Elizabeth Warren** - Senator Lummis publicly calls out Elizabeth Warren on X, nicknaming her "Big Bank Beth" and refuting her claims point by point.
- 5 (08:39) **Lummis on CNBC: Banks Are Trying to Kill the Clarity Act** - Senator Lummis goes on CNBC and accuses JP Morgan and big banks of opposing the bill because they can't compete.
- 6 (09:28) **National Sheriffs Association Flips Again on Clarity Act** - The host reports that the National Sheriffs Association has reversed its position, now opposing the bill after previously going neutral.
- 7 (12:39) **Circle Granted New York Trust Charter** - Circle, the issuer of USDC, receives a trust charter from the New York Department of Financial Services.
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Guests on this episode
Show Notes
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⏰ Time Stamps ⏰
00:00 Intro
00:23 Clarity Act news
10:09 Circle USDC NY Bank charter
12:44 Bitcoin Coldcard wallet hack
16:50 Uniswap Crypto Earn
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