The recent Congressional hearing was one of the most bullish events for crypto in all of 2021.
It represented a clear change in momentum, as legislators begin to understand the true magic of the blockchain…
In this thread I’ll compile the best highlights from the hearing! 🥐
I couldn’t help but begin this with Mr. Sherman, a Democratic House member.
In this clip, he claims that Bitcoin is at risk of being replaced by Hamster coin, Mongoose coin, among many other ridiculous names.
This one is just hard to watch.
Next up, we have Republican Congresswoman Ann Wagner agreeing with Coinbase CFO Ms. Haas about regulatory clarity on digital assets.
The clip ends with the Congresswoman firing shots at Gary Gensler. 👀
In this clip, Former United States Acting Comptroller of the Currency Brian Brooks grills legislators for their hypocrisy shown towards digital assets…
Why are spot Bitcoin ETFs safe in Germany, Brazil, Singapore, and not in the US? 🤔
While speaking to Brian Brooks, Congressman Ted Budd calls out Gary Gensler…
“It seems like Chairman Gensler thinks that everything is a digital asset that he can regulate”
Congressman Budd pt2:
“The U.S. has a huge opportunity with crypto, but my fear is that this regulatory state is going to crack down on an industry that the regulators really don’t understand yet
It’s going to force the next gen of fin-tech to be created outside of our country”
Former Acting Comptroller of the Currency Brian Brooks lays out the best advice for regulation of crypto assets in 90 seconds.
Are the legislators listening?
Again, Brian Brooks come with pure heat in this clip during a passionate discussion with Patrick McHenry, the Republican Leader of the House Financial Services Committee
Listen to him eloquently explain the ecosystem for the leaders in the U.S. House of Representatives:
In this video, Congressman Ritchie Torres discusses the potential ability for stablecoins to propel the dollar on a wider scale while questioning SBF.
They argue that stablecoins offer greater inclusion, availability, & more for the dollar
This is an extremely important convo👀
Here we have Sam Bankman-Fried brilliantly laying out the use cases for cryptocurrency.
He mentions remittances, financial inclusion, and more in a compelling argument:
In this clip Congressman Tom Emmer fires shots at the SEC:
“Regulators simply aren’t capitalizing on the opportunity here and it’s my constituents, and all of your constituents, who are taking the hit because of this.”
Republican Leader of the House Financial Services Committee, Patrick McHenry states that the goal is to ensure that the crypto revolution happens in the United States
“regulating before understanding will only stifle American ingenuity & put us at a competitive disadvantage.”
If you took the time to watch these clips, I hope you enjoyed!
All of these videos indicate a clear inflection point for Congress and their approach towards legislating digital assets.
These are truly incredible times for crypto…
Expect more from the croissant soon! 🥐
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