What We Learned From Congress' ‘Demystifying Crypto’ Hearing

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 November 2021

⏱️ 14 minutes

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Summary

This episode is sponsored by NYDIG. Yesterday’s show was a global regulatory roundup, but today’s is all about the U.S. The Joint Economic Committee held an event this week all about “Demystifying Crypto.” In this episode, NLW looks at: The overall shift in tone in government crypto hearings The specific questions and topics that JEC members asked The beginnings of a partisan hardening of the crypto discourse New legislation to undo the problematic provisions of the Infrastructure Bill NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Bloomberg/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Thursday, November 18th, and today we are discussing what we
0:28.3	learned from Congress's demystifying crypto hearing. So last week, a bunch of hay was made
0:35.4	about Congress and the Senate holding this hearing
0:38.2	called demystifying crypto. There were many who pointed out that it was actually quite a good
0:43.6	panel of expert witnesses and that it seemed that the tone might be different.
0:49.0	My critique at the time was that broadly, yes, it was a good panel, but there was no one there who represented
0:55.0	a builder or an investor, as much as I love Coin Center and appreciate their constant presence
1:00.3	at this type of thing. It's very hard, I think, for the U.S. government to get a full picture of the
1:05.4	crypto industry when you're only having academics and advocacy groups as part of the dialogue.
1:11.0	But what we're here to talk about is what actually happened.
1:13.9	And there was, you might say, shockingly little commentary on Twitter about this, which
1:19.9	either means, one, no one was paying attention, or two, that there wasn't a lot of controversy.
1:26.2	And either way, that tells us something about
1:28.4	how the regulatory conversation in the U.S. is changing. Now, this was an event held by the Joint
1:34.2	Economic Committee. The Joint Economic Committee actually includes both members from Congress
1:38.7	and the Senate. The chairman is Democrat Don Beyer, whose name you might recognize as the person
1:44.0	who introduced the
1:44.8	digital asset market structure and investor protection act over the summer. Now, at the time
1:50.3	that Congressman Byer introduced that legislation, it was notable because he hadn't really
	...

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