BREAKDOWN: 'We Want to Make Sure America Is the Place for Innovation in FinTech'
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 January 2023
⏱️ 14 minutes
🧾️ Download transcript
Summary
Interviews with new Republican leadership show how the U.S. Congress is thinking about crypto regulation.
On today’s episode, NLW examines recent interviews with Republican congressional leaders including Representatives Patrick McHenry, Tom Emmer, Warren Davidson and French Hill, around the state of crypto in Washington, D.C. NLW argues that the key plans and talking points are pretty clear when the interviews are looked at as a whole.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Anna Moneymaker/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big |
| 0:12.3 | picture power shifts remaking our world. The breakdown is produced and distributed by CoinDesk. |
| 0:20.5 | What's going on, guys? |
| 0:21.7 | It is Thursday, January 26th, and today we're doing a bit of a U.S. regulatory |
| 0:26.5 | preview as relates the crypto industry. |
| 0:30.1 | Before we dive into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:33.5 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:36.7 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
| 0:41.1 | breakdown pod. Well, listen, even if FTX hadn't righteously imploded, ripping to shreds |
| 0:48.8 | a huge amount of goodwill in Washington, 2023 was already set up to be a big year for crypto |
| 0:53.7 | regulation. |
| 0:54.7 | Part of it was that it was just time. |
| 0:56.9 | Part of it was that many of those processes were started last year, |
| 1:00.1 | between Biden's executive order, numerous bills introduced in the House and Senate, |
| 1:04.1 | including thoughtful, well-considered legislation like the Lummus Gillibrand |
| 1:07.0 | Responsible Financial Innovation Act, and some considerably less good legislation as well. |
| 1:12.1 | Part of why this year was poised for regulation even before FTX was that the Republicans were |
| 1:16.6 | taking power in the House, which meant that Representative Patrick McHenry would be moving from |
| 1:20.6 | ranking member to chair of one of the most important congressional committees when it comes to the |
| 1:24.5 | industry, the House Financial Services Committee. While crypto has remained remarkably bipartisan compared to most other political issues, |
| 1:31.6 | there's no denying that McHenry is one of the most important advocates for the space, |
| 1:35.2 | and, importantly, the principles that underlie it. |
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