THE HASH: Sam Bankman-Fried's Political Outreach and the Fate of DCCPA; Concerns Over Privacy Coins in the EU

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4.7 • 698 Ratings

🗓️ 15 November 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by minima.global, Circle and Pastel Network. The most valuable crypto stories for Tuesday, Nov. 15, 2022. The swift and surprising collapse of FTX last week continues to send shockwaves across the crypto industry and beyond – and Capitol Hill is not immune. "The Hash" team discusses what could happen to the bipartisan Digital Commodities Consumer Protection Act (DCCPA), a bill Bankman-Fried supported. Plus, the European Union could ban banks and crypto providers from dealing in privacy-enhancing coins per a leaked draft of a money laundering bill obtained by CoinDesk. See also: The ‘SBF Bill’: What’s in the Crypto Legislation Backed by FTX's Founder FTX Accounts Drainer Swaps Millions in Stolen Crypto, Becomes 35th-Largest Ether Holder Privacy-Enhancing Crypto Coins Could Be Banned Under Leaked EU Plans NFT-Linked Sandals Worn by Steve Jobs Sell for $218,000 - This episode has been edited by Nia Freeman. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” - Minima is a new layer 1 blockchain, designed to run in full on a smartphone. Join over 300,000 Minima node runners on the Incentive Program today, to start earning $MINIMA every day until Mainnet launch. Get your node setup and earn $MINIMA at minima.global/get-involved. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - SmartMint by Pastel Network is a no-code NFT minting platform that allows creators to seamlessly create, mint and manage NFTs on custom smart contracts that they own. SmartMint also protects creators’ NFTs from fraud, copymint, and asset loss through Pastel’s mission critical Web3 infrastructure. Start creating today: https://smartmint.pastel.network/?utm_source=coindeskhash. 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	This episode of The HASH is sponsored by Minima.global, Circle, and Pastile Network.
0:12.0	This is The HASH podcast.
0:14.7	Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more,
0:19.7	with stories that matter to the crypto world,
0:22.0	all on the hash for your ears. You're listening to the Coin Desk podcast network.
0:32.5	Hello and welcome to The Hash. You are watching us on CoinDest TV or listening to us on the podcast network.
0:39.3	Thank you so much for being here. I'm Zach Seward. We got Wendy O. Jensen, Asie, Will Foxley, here to get you up to speed on all that is going on in the wild world of crypto.
0:49.7	Jen, take us to D.C. will you?
0:52.1	Yeah, so we've been talking about FTX for about a week, and there is no end in sight.
0:59.1	So senators are planning to push forward with crypto legislation backed by Sam Bankman-Fried,
1:05.3	despite the FTX founders fall from grace.
1:08.7	Now, as we know, Bankman-Fed frequently met with lawmakers to weigh in on how
1:13.1	the industry should be regulated. The Bipartisan Digital Commodities Consumer Protection Act
1:18.6	is backed by Senator Debbie Stave now and ranking member John Boosman. Both have received donations
1:25.7	from Bankman Freed. The bill would give the CFTC oversight of
1:30.0	the crypto spot market and crypto broker dealers would be required to register with the CFTC.
1:37.7	A lot to unpack here. Zach, I'm kicking it right back to you. What do you think of this? BCCPA is still alive after all these
1:48.5	implosions. We're still talking about this. In some ways, I think this sort of catalyzed some of the
1:52.7	blowback that Sam Bangorfried caught from big figures in the crypto world. You know,
1:58.3	Eric Voorhees of ShapeShift, CZ, we're certainly taking him to
2:02.5	task over this bill because it was unfavorable to defy, to centralize exchanges, to on-chain
2:09.2	trading activity that may be some of the transparency of that would have prevented what we saw
	...

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