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Unchained

Congressman Patrick McHenry: 'Bitcoin Will Be of Enormous Value' - Ep.142

Unchained

Laura Shin

Business News, News, Tech News

4.61.3K Ratings

🗓️ 22 October 2019

⏱️ 31 minutes

🧾️ Download transcript

Summary

Congressman Patrick McHenry, or 'Mr. Fintech' to his peers in the House, is announcing the reintroduction of the Financial Services Innovation Act, a bill that would create what he calls "permanent beta testing," or many jurisdictions call "regulatory sandboxes," in which entrepreneurs can apply for regulatory approval to conduct innovative experiments. The bill is intended to get regulators into a position where their default leans more toward yes than no. He describes how this would affect teams that want to conduct ICOs, how it would square with the phenomenon of some token teams trying to raise through Reg A+, and whether it would allow exchanges without BitLicenses to operate in New York. He also discusses what type of digital currency he believes is best suited to compete against a Chinese digital yuan, and says the government is currently looking into whether or not the Federal Reserve has the authority to issue a digital dollar. Thank you to our sponsors!  CipherTrace: http://ciphertrace.com/unchained Crypto.com: https://crypto.com Kraken: https://www.kraken.com Episode links:  Congressman McHenry: https://mchenry.house.gov/ On Twitter: https://twitter.com/PatrickMcHenry The House Libra hearings from July 2019: https://www.youtube.com/watch?v=9-ZTkCNW0w8 Financial Services Innovation Act explainer: https://www.alta.org/file.cfm?name=McHenry-Bill-Explainer Introduction of the bill in 2016: https://www.wsj.com/articles/u-s-house-bill-aims-to-set-up-sandbox-for-fintech-innovation-1474539893 https://www.natlawreview.com/article/financial-services-innovation-act-us-wants-sandbox-too Congressman McHenry’s interest in fintech: https://www.politico.com/agenda/story/2016/09/patrick-henry-mr-fintech-interview-000214 CNBC article on how Libra is being slowed by regulation while China’s central bank digital currency speeds ahead: https://www.cnbc.com/2019/10/15/china-races-to-launch-a-cryptocurrency-that-could-rival-facebooks.html Fortune article: https://fortune.com/2019/10/16/if-libra-fails-china-wins-the-ledger/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi everyone, welcome the Unchained, your no-hype resource for all things crypto.

0:08.0

I'm your host, Laura Shin.

0:10.0

Heads up everyone, in case you missed it, a weeks ago. I rolled out a new feature and

0:14.2

unconfirmed a weekly news recap through my survey you listener said you'd be interested

0:19.5

in hearing about the weekly news on the show now you can listen to my take on the top stories of the week

0:25.4

after my guest interview at the end of every unconfirmed. So if you haven't yet, go subscribe now.

0:31.4

crypto.com, get their app and buy crypto at true cost with no fees or markups.

0:37.0

Get a medal MCO visa card with up to 5% back on all your spending.

0:41.0

Want more? Download the crypto.com app today.

0:44.8

Cracken is the best exchange in the world for buying and selling digital assets.

0:50.0

It has the tightest security, deep liquidity, and a great fee structure with no minimum or hidden fees.

0:57.0

Whether you're looking for a simple Fiat on-ramp or futures trading, Krakan is the place for you.

1:04.0

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1:08.0

powers anti-money laundering, blockchain analytics, and threat intel.

1:12.0

Leading exchanges, virtual currency, blockchain analytics and threat intel.

1:13.0

Leading exchanges, virtual currency businesses,

1:16.0

banks and regulators themselves

1:18.2

use ciphertrace to comply with regulation

1:21.0

and to monitor compliance.

1:23.2

My guest today is Congressman Patrick McHenry, the ranking member of the House Financial Services

1:27.8

Committee.

1:28.8

Welcome Congressman McHenry.

...

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