Yesterday's Hearing Was Crypto's Most Positive Interaction with the US Government, Ever

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 10 December 2021

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Yesterday the House Financial Services Committee held a hearing on the future of digital assets. Shockingly to almost everyone, the tone was respectful, collegial and considered, and lawmakers seemed genuinely interested in working toward a greater understanding of the industry. In today’s episode, NLW covers why the hearing felt different as well as key themes like U.S. dollar hegemony and the rebranding of crypto to “Web 3.” 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 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. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, 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: Stefani Reynolds/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	I have to imagine that for a lot of folks, it's finally just the point at which they can no longer
0:05.5	ignore crypto. They finally have to take the time to form an actual opinion on that.
0:10.8	It may be that a lot of what we're seeing is just that shift happening, the fact that it is
0:14.9	no longer ignorable, and people finally being able to and willing to allocate the time to figure
0:20.2	out how they actually feel
0:21.6	about an industry that is clearly not going away.
0:26.1	Welcome back to The Breakdown with me, NLW.
0:30.2	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:37.4	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:43.3	What's going on, guys? It is Thursday, December 9th, and today we are talking about why yesterday's
0:49.3	hearing in Congress was crypto's most positive interaction with the U.S. government ever.
0:56.3	And as you might be able to guess, the title sort of says it all. I tweeted something much
1:00.9	to the same effect yesterday, and I really believe it. I have been watching these hearings for
1:07.0	years, and the tone is always, always, mostly antagonistic or disinterested or
1:14.0	grandstanding and just trying to weave these issues into someone's personal political talking
1:18.7	points or what have you. I think yesterday represented a fundamental tone shift, and what I'm going
1:24.1	to do is go through some of the themes that came out to try to convey that.
1:28.3	Now, first the setup.
1:29.7	Yesterday's hearing was called digital assets in the future of finance, understanding the
1:33.8	challenges and benefits of financial innovation in the United States.
1:37.6	The crypto industry was represented by Jeremy Aller, the co-founder, chairman, and CEO of
1:41.6	Circle, which of course, as part of the center consortium issues USDC, the stablecoin, Samuel Bankman-Fried, chairman, and CEO of Circle, which of course, as part of the Center Consortium
	...

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