BREAKDOWN: The First Comprehensive US Crypto Legislation Is Here

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4.7 • 698 Ratings

🗓️ 7 June 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Lummis-Gillibrand Responsible Financial Innovation Act was released today. This episode is sponsored by Nexo.io, NEAR and FTX US. After months of anticipation, new landmark crypto legislation has arrived. Senators Cythnia Lummis (R-Wyo.) and Kirsten Gillibrand (D-NY) released their Responsible Financial Innovation Act today. The bill covers a huge swath of the digital asset space, from stablecoins to tokens. In this episode, NLW recaps the key features of the bill as well as shares the community’s first impressions. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: JTSorrell/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, June 7th, and today we are discussing the most significant
0:28.3	attempt yet at comprehensive U.S. crypto legislation. Before we dive into this important topic,
0:35.9	I have just a couple housekeeping notes. There are two ways to
0:39.6	listen to the breakdown podcast. You can hear it on the Coin Desk podcast network feed, which comes
0:44.6	out every day in the afternoon, and features the breakdown alongside other great Coin desk shows,
0:49.3	or you can listen to it on the breakdown only feed, which comes out in the evening.
0:54.0	Wherever you listen,
0:55.0	if you're enjoying, I would so appreciate it if you take the time to leave a rating or a review.
0:59.7	And finally, as always, in addition to them being a sponsor of the show, I also work with FTX.
1:05.0	So a little over a week ago, I did a show called Bitcoin Isn't A Political, but it is Nonpartisan.
1:11.5	The point of the show was pretty well encapsulated by the title, but one of the main examples
1:15.6	I pointed to of this nonpartisan nature or bipartisanship in practice was legislation in the
1:22.4	works from Senator Cynthia Lummis, a Republican from Wyoming, and Senator Kirsten Gillibrand,
1:27.4	a Democrat from New York. Just to give a sense of Senator Lummis, a Republican from Wyoming, and Senator Kirsten Gillibrand, a Democrat from New York.
1:29.3	Just to give a sense of Senator Lummis' history with Bitcoin, Bruce Fenton today tweeted,
1:35.1	Senator Lummis is a Bitcoin OG. She attended our third Satoshi Roundtable seven years ago,
1:40.6	and was in the room when attendees like Roger Verre and Adam Back debated the block size.
1:45.5	Given this, it might not surprise you that Senator Lummis has been working for a while on
1:49.8	comprehensive crypto legislation. But in March, we found out that she was being joined as a co-sponsor
	...

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