Money Talks: How should crypto be regulated?
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 27 July 2022
⏱️ 43 minutes
🧾️ Download transcript
Summary
The crypto winter has left many investors out in the cold. People have lost money as lending platforms have gone bust and complex stablecoin systems have unravelled. The push for better guardrails to be put in place has accelerated. But how do you protect consumers without stifling innovation?
This week hosts Alice Fulwood, Mike Bird and Soumaya Keynes hear from Senator Cynthia Lummis, co-author of a bill that would split oversight of crypto in the US between existing agencies. They then speak to the head of one of those agencies, Rostin Behnam from the CFTC, about the role it can play. And our editor Kim Gittleson heads to an industry gathering in Paris, to find out how European crypto insiders are reacting to attempts to regulate them.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:30.0 | Sam DeGregory was a molecular biology graduate at UCLA, |
| 0:41.0 | studying microbes in fish when he first started investing in cryptocurrency. |
| 0:46.0 | I first came across crypto in 2016, right when I started my PhD. |
| 0:52.0 | And I think it was like $700 at the time, like one Bitcoin. |
| 0:56.0 | He's currently finishing up his PhD research, which is where we caught up with him, |
| 1:00.0 | in a shack on a beach in Ecuador. |
| 1:02.0 | And so I bought a full Bitcoin, yeah, and then I just kind of forgot about it. |
| 1:07.0 | I went back on Coinbase about three years later and I saw that I had like $5,000 in my wallet. |
| 1:13.0 | Sam then sold roughly 75% of his crypto in the crypto bear market of 2018. |
| 1:19.0 | But the coin he kept ballooned in value along with the rest of the crypto market in 2021. |
| 1:25.0 | And then my assets went up to like $20,000 I think. |
| 1:29.0 | But that return wasn't enough. |
| 1:31.0 | But then, yeah, then my brother told me like, hey, |
| 1:34.0 | there's a new thing called Celsius. |
| 1:36.0 | Instead of keeping it in Coinbase, you can put it in Celsius and make 10% interest. |
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