Aaron Day, a man with the grit of a dust bowl farmer and the fire of a preacher, roared against the CLARITY Act and Senate crypto bills, calling them “worse than the Patriot Act in terms of surveillance” during a recent interview on the Paul Barron Network.
Day argued that no crypto legislation is needed. For 16 years, the crypto community has tilled its own fields, unshackled by the heavy hand of Congress. The real fight, he said, is not crypto versus banks. It is large exchanges like Coinbase, those gilded colossi, lobbying for rules that strangle the little guy.
What the Bills Actually Include
The proposed legislation is a web of real-time trade surveillance, five-year memory of transactions, and the sharing of secrets with foreign powers. It’s a monster with a clipboard, ready to freeze your funds in an emergency-because nothing says “freedom” like a government with a key to your wallet.
Day flagged something most crypto holders missed. Treasury, with a wink and a nod, lowered the threshold from $10,000 to a mere $200 in 30 zip codes across California and Texas. This happened through a memo, not a vote-because why let the people vote when you can whisper in a backroom?
The original $10,000 limit was set in 1970. Adjusted for inflation, that would be $80,000 today. But who needs inflation when you can just print more rules?
Follow the Money
Day pointed a finger at the true victors: banks, traditional custodians, Coinbase, and Circle. Not DeFi, small projects, and not retail investors. “Nobody’s paying me to oppose these bills,” he said. “So you have a massive machine with media, crypto media that’s aligned with wanting the outcome of this because they directly benefit.”
“So you have a massive machine with media, crypto media that’s aligned with wanting the outcome of this because they directly benefit.”
Crypto companies spent over $20 million on lobbying. Banks spent $50-70 million. It’s a game of who can shout louder, and the loudest shouters? They’re the ones with the most money.
History Repeats
Day warned that protective limits in legislation never stay limited. Income tax started at 1% in 1913. Within five years, it hit 77%. The Patriot Act was sold as a tool against foreign terrorists in 2001. By 2003, it was being used in domestic drug cases. “I want somebody to demonstrate to me a bill that started out with protective provisions where there wasn’t scope creep,” he added.
“I want somebody to demonstrate to me a bill that started out with protective provisions where there wasn’t scope creep,” he added.
DeFi and Self-Custody Under Threat
Day foretold that if these bills pass, Coinbase, the titan of crypto, might one day be swallowed by the leviathans of JPMorgan Chase or BlackRock. He expects DeFi to be killed either immediately or through future rule changes once the framework is in place. “It’s like a snake eating its own tail,” he said, “but the tail is the little guy.”
The Senate Agriculture Committee is set to release its own draft crypto bill next week, which could widen the divide further. Because nothing says “progress” like another layer of bureaucracy.
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2026-01-24 12:21