1/ house hearing on cryptocurrencies
brad sherman just stated he believes it is more beneficial to society that people play the California lottery than invest in cryptocurrencies, ladies and gentlemen this is your elected representative
brad sherman just stated he believes it is more beneficial to society that people play the California lottery than invest in cryptocurrencies, ladies and gentlemen this is your elected representative
2/ now on to witness testimonies - Eva Su from the Congressional Research Service reminding everyone that bitcoin and ethereum are *not* securities, good start
she's focusing on securities regulation and potential changes to securities laws
she's focusing on securities regulation and potential changes to securities laws
3/ ok next witness @alexisgoldstein
kicking off with archegos capital and form 13-F issues and then extrapolating to crypto - this is nonsensical since exposure today is on-chain and fully collateralized?
she claims "dire risks" from forced liquidations in crypto (how?)
kicking off with archegos capital and form 13-F issues and then extrapolating to crypto - this is nonsensical since exposure today is on-chain and fully collateralized?
she claims "dire risks" from forced liquidations in crypto (how?)
4/ she's now talking about rug pulls but calls them "honeypot tokens"
she says she's a user of @PancakeSwap and is now talking about yield farming. mega chad move.
quoting a tweet about $DOGE APY on pancakeswap - "the longer you wait, the less free money you get" 🤣
she says she's a user of @PancakeSwap and is now talking about yield farming. mega chad move.
quoting a tweet about $DOGE APY on pancakeswap - "the longer you wait, the less free money you get" 🤣
5/ ok next is Christine Parker from @reedsmithllp
opening statement - blockchain / distributed ledger technology is good, crypto is the "fuel" (?)
now articulating a case for a new financial regulator as well as more industry SROs (self regulatory organizations)
opening statement - blockchain / distributed ledger technology is good, crypto is the "fuel" (?)
now articulating a case for a new financial regulator as well as more industry SROs (self regulatory organizations)
6/ ooh hard hitting statement - "every representative has a law-abiding constituent who trades crypto"
good voice of reason against the likes of brad sherman who opened by saying all crypto users evade taxes and engage in crime lol yes this is a congressman
good voice of reason against the likes of brad sherman who opened by saying all crypto users evade taxes and engage in crime lol yes this is a congressman
7/ ok next "blockchain lab" person from @Wharton
she's talking about "enterprise blockchain" and "addressing climate change" with blockchain (unclear as to what she means by blockchain?)
"impossible to estimate crypto market cap" - m'am plz @MessariCrypto @coingecko
she's talking about "enterprise blockchain" and "addressing climate change" with blockchain (unclear as to what she means by blockchain?)
"impossible to estimate crypto market cap" - m'am plz @MessariCrypto @coingecko
8/ she estimates a $200T market cap for crypto (bullish!) but we need MORE REGULATION and coordination and cites Dodd-Frank as an example
mmmyah Dodd-Frank was one of the worst pieces of financial regulation EVER
in the words of the FSC republicans:
…publicans-financialservices.house.gov/issueshome/iss…
mmmyah Dodd-Frank was one of the worst pieces of financial regulation EVER
in the words of the FSC republicans:
…publicans-financialservices.house.gov/issueshome/iss…
9/ now @valkenburgh from @coincenter is up
he's highlighting how much regulation there already is in the crypto space, and how existing laws are being applied to the crypto space
"we don't need new regulations" - the ones we have are working, he gives clear examples
he's highlighting how much regulation there already is in the crypto space, and how existing laws are being applied to the crypto space
"we don't need new regulations" - the ones we have are working, he gives clear examples
10/ wow Peter just cited the Nigerian Feminist Coalition / #EndSARS movement as an example of bitcoin powering freedom and censorship resistance around the world - love this being on the congressional record
(see this amazing podcast w @AnitaPosch - bitcoinundco.com/en/nigerian-fe…)
(see this amazing podcast w @AnitaPosch - bitcoinundco.com/en/nigerian-fe…)
11/ ok now @alexisgoldstein is citing 100:1 leverage not understanding the difference between a levered product and actual cash leverage - hard cringe as this is a fundamental difference between crypto-fi and tradfi
they're pushing form 13-F hard woof woof
they're pushing form 13-F hard woof woof
12/ can someone send Sarah Hammer a link to @MessariCrypto pls i'm hurting
now talking about central clearing as the solution - the whole point is decentralized clearing re: @xmargintrading - we really should have more technologists testifying, so many mischaracterizations
now talking about central clearing as the solution - the whole point is decentralized clearing re: @xmargintrading - we really should have more technologists testifying, so many mischaracterizations
13/ @RepTomEmmer is helpfully pointing out that application of laws has not been consistent
US regulators are picking winners and losers - not enforcing with consistency in court of law as intended
US regulators are picking winners and losers - not enforcing with consistency in court of law as intended
14/ ok side bar @RepAdams has some serious style and i am here for it
she's now talking about crypto twitter and our arch nemesis @elonmusk and investor risk - not really sure how this ties back but let's see
eva su claiming lost keys require regulation?
she's now talking about crypto twitter and our arch nemesis @elonmusk and investor risk - not really sure how this ties back but let's see
eva su claiming lost keys require regulation?
15/ ok now @RepLoudermilk saying we need to look at blockchain / crypto as a solution to poor stewardship of federal government data which is a far bigger systemic risk
i like him - states decentralization feature of crypto is a solution to US gov't data / cybersecurity risk
i like him - states decentralization feature of crypto is a solution to US gov't data / cybersecurity risk
16/ ok prof hammer needs to stop saying "blockchain" it's grinding my gears so hard rn - WHAT BLOCKCHAIN
she keeps saying "blockchain decentralizes x" but in her opening statement cited private, permissioned blockchains
UGH SHE JUST SAID BLOCKCHAIN NOT CRYPTO lol wut
she keeps saying "blockchain decentralizes x" but in her opening statement cited private, permissioned blockchains
UGH SHE JUST SAID BLOCKCHAIN NOT CRYPTO lol wut
17/ now she's flipping - USD stablecoin needs to be resilient to systemic risk re: gov't control of private keys - i'm not really sure how that aligns with prior statements but ok, i'm here for it, and yes, decentralization requires an economic incentive ie cryptocurrency
18/ ok i'm going to stop listening - its getting repetitive and off track
@fscdems how can the industry address some of the statements presented by witnesses as fact which are incorrect and fundamentally mis-characterize how crypto markets function? thank you in advance
@fscdems how can the industry address some of the statements presented by witnesses as fact which are incorrect and fundamentally mis-characterize how crypto markets function? thank you in advance
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