WEBVTT 1 00:00:00.360 --> 00:00:02.439 And it seems like there's a decent amount of executive 2 00:00:02.520 --> 00:00:05.080 orders on deck. Now the question is, well, this would 3 00:00:05.080 --> 00:00:08.080 be a day one executive order, a week one executive order, 4 00:00:08.199 --> 00:00:10.720 or sometime in the first hundred days. It seems like 5 00:00:10.720 --> 00:00:14.039 acre in initial reports, we'll probably get next week. And 6 00:00:14.080 --> 00:00:16.280 if I had to imagine what these executive order would be, 7 00:00:16.519 --> 00:00:19.079 I imagine SAT one twenty one is right on the 8 00:00:19.120 --> 00:00:21.000 top of the list. As well as kind of creating 9 00:00:21.039 --> 00:00:22.920 the actual crypto council. 10 00:00:28.079 --> 00:00:30.199 This episode is brought to you by bidgo, which is 11 00:00:30.239 --> 00:00:32.679 a top tier crypto custodian that has been in the 12 00:00:32.719 --> 00:00:36.039 industry since twenty thirteen. 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They're giving away 32 00:01:44.879 --> 00:01:47.359 at least one bitcoin every quarter, So if you sign 33 00:01:47.480 --> 00:01:49.599 up and have funds on the platform through the last 34 00:01:49.640 --> 00:01:52.959 day of each quarter starting December thirty first, twenty twenty four, 35 00:01:53.319 --> 00:01:56.359 you can be eligible to win some free bitcoin here. 36 00:01:56.439 --> 00:01:59.079 So if you'd like to learn more about bidgo, go 37 00:01:59.159 --> 00:02:01.719 to bidgo dot com. Link will be in the description. 38 00:02:02.040 --> 00:02:05.359 Welcome into the Thinking Crypto podcast. You're home for cryptocurrency 39 00:02:05.400 --> 00:02:08.000 news and interviews. I'm your host, Tony Edward and my 40 00:02:08.120 --> 00:02:11.599 guest today is Ron Hammond, Director of Government relations at 41 00:02:11.599 --> 00:02:14.159 the Blockchain Association. Ron, great to see you. 42 00:02:14.159 --> 00:02:16.800 Happy New Year, Happy new Year, Tony. Always great to 43 00:02:16.840 --> 00:02:18.840 be chatting. So got a lot of dive into so 44 00:02:18.919 --> 00:02:19.719 looking forward to it. 45 00:02:20.120 --> 00:02:23.960 Yeah, Ron, I saw your post yesterday recapping what's going 46 00:02:24.039 --> 00:02:26.280 to happen this week or what you expect for crypto 47 00:02:26.759 --> 00:02:29.840 and boy, there's so much going on, Ron, how about 48 00:02:29.879 --> 00:02:33.759 we start about the new Digital Assets Subcommittee in the Senate. 49 00:02:33.840 --> 00:02:36.879 This is huge, it's massive, and this is kind of 50 00:02:36.879 --> 00:02:38.759 the precursor to what we saw in the House two 51 00:02:38.840 --> 00:02:41.120 years ago where they formed their Digital asset subcommittees and 52 00:02:41.159 --> 00:02:43.319 that became kind of the basin where a lot of 53 00:02:43.360 --> 00:02:46.120 the legislation that became Fit twenty one stable coins formed. 54 00:02:46.280 --> 00:02:48.840 But we've never seen that in the Senate. And Tim 55 00:02:48.840 --> 00:02:52.120 Scott establishing the Senate Banking Committee on a Digital Aid 56 00:02:52.159 --> 00:02:55.759 subcommittee is a major major milestone. And even better, it's 57 00:02:55.800 --> 00:02:58.759 a really good lineup it folks we have on that subcommittee, 58 00:02:58.800 --> 00:03:01.280 especially on the Republican side. The so we have Centered 59 00:03:01.319 --> 00:03:03.840 Lummits is chairing it right now, and then we have 60 00:03:03.879 --> 00:03:06.280 a lot of good other folks like Bill Haggerty for example, 61 00:03:06.360 --> 00:03:10.759 Tom Hillis, Bernie Morino and several others. So really looking 62 00:03:10.759 --> 00:03:12.639 forward to what's going to come out of that subcommittee. 63 00:03:12.800 --> 00:03:14.639 The hearings are going to get happening, as well as 64 00:03:14.680 --> 00:03:17.560 the legislation that likely would be going through that committee 65 00:03:17.639 --> 00:03:18.479 hopefully pretty soon. 66 00:03:19.319 --> 00:03:19.560 Yeah. 67 00:03:19.599 --> 00:03:24.039 Absolutely, And some big champions of crypto in that subcommittee, 68 00:03:24.199 --> 00:03:27.360 Senator Lumbus, you mentioned Haggerty, and I saw even Tim 69 00:03:27.400 --> 00:03:30.000 Scott this morning release a statement about his priorities for 70 00:03:30.120 --> 00:03:32.520 one hundred and nineteenth Congress. They want to get some 71 00:03:32.560 --> 00:03:35.719 sort of framework around digital assets through. So are you 72 00:03:35.800 --> 00:03:39.599 anticipating this subcommittee will help get some sort of bill 73 00:03:39.680 --> 00:03:40.639 through the Sendate this year? 74 00:03:41.479 --> 00:03:41.879 Correct? 75 00:03:41.879 --> 00:03:44.319 And just for a little history lesson for those who 76 00:03:44.360 --> 00:03:46.520 may not be following this as much. You know, we've 77 00:03:46.520 --> 00:03:48.400 had a lot of issues with the Senate in the past, 78 00:03:48.439 --> 00:03:50.960 and now, mind you was usually under Democrat control. But 79 00:03:51.039 --> 00:03:53.319 even any bill that moved out of the House, for 80 00:03:53.360 --> 00:03:55.639 the most part, that was pro crypto, it ended up 81 00:03:55.719 --> 00:03:58.360 dying usually in the Senate, or there was enough pressure 82 00:03:58.479 --> 00:04:01.879 in political you know, I guess I see in gateways 83 00:04:01.960 --> 00:04:04.000 at the Senate that the House just decided not to 84 00:04:04.039 --> 00:04:07.960 go forward at all. So having that barrier gone is huge, 85 00:04:08.000 --> 00:04:10.520 and I think a lot of the legislation that usually 86 00:04:10.520 --> 00:04:12.120 forms in the House, we're going to see some of 87 00:04:12.120 --> 00:04:14.560 that now forming in the sentence it takes in her lumbs. 88 00:04:14.599 --> 00:04:19.319 For example, she's really advocating heavily for the Bitcoin Stugut Reserve. 89 00:04:19.399 --> 00:04:22.560 That's her passion project, and it is very likely since 90 00:04:22.560 --> 00:04:24.720 she's the subcommittee chair, we're going to have hearings on this. 91 00:04:25.199 --> 00:04:27.120 And you know, for a long time a lot of 92 00:04:27.120 --> 00:04:28.920 people on Twitter have been following a lot of our 93 00:04:28.959 --> 00:04:31.399 pro crypto champions and they've been saying some great things. 94 00:04:31.439 --> 00:04:33.839 But the reality now is that these are folks who 95 00:04:33.839 --> 00:04:36.560 are now in charge of these subcommittee souse the tweaks 96 00:04:36.600 --> 00:04:37.199 matter a lot. 97 00:04:37.279 --> 00:04:38.560 What they view matters a lot. 98 00:04:38.600 --> 00:04:40.439 It's going to dictate what hearings happen, as well as 99 00:04:40.480 --> 00:04:42.680 what bills move forward and what bills don't move forward. 100 00:04:42.879 --> 00:04:45.480 And so we have a lot of good allies and 101 00:04:45.560 --> 00:04:49.040 allies and power positions, and that really does pave a 102 00:04:49.079 --> 00:04:52.639 way for potentially a really positive pro crypto Congress. But 103 00:04:52.759 --> 00:04:55.360 still there will be political hurdles in the way, so 104 00:04:55.639 --> 00:04:57.199 we'll help the deal with that as time comes on. 105 00:04:58.120 --> 00:05:02.199 Speaking of hurdles, yesterday I saw Elizabeth Warren send some 106 00:05:02.279 --> 00:05:07.199 topics or questions for the Scott was sent confirmation hearing 107 00:05:07.639 --> 00:05:10.360 seems like she's trying to ramp up her anti crypto 108 00:05:10.839 --> 00:05:14.079 sentiment and talking points again exactly. 109 00:05:14.120 --> 00:05:16.439 I mean, it was probably the worst blunder, I would 110 00:05:16.439 --> 00:05:18.519 say of the campaign cycle, at least in our very 111 00:05:18.600 --> 00:05:21.720 niche area, was making the anti crypto army and really 112 00:05:21.800 --> 00:05:24.720 leading into it, and that just backfired tremendously, where even 113 00:05:24.720 --> 00:05:26.920 when Van Jones was on CNN the other day saying 114 00:05:27.360 --> 00:05:29.199 the war on crypto is one of the reason why 115 00:05:29.199 --> 00:05:31.560 the Democrats lost, which is crazy to hear about that, 116 00:05:31.720 --> 00:05:34.680 and again years ago not thought that'd be possible. But 117 00:05:34.879 --> 00:05:38.360 the facts speaking themselves and the votes speak themselves too, 118 00:05:38.360 --> 00:05:41.480 And so the question kind of was, where's Listen Warring 119 00:05:41.519 --> 00:05:44.319 to go next. She's just gonna let this go off 120 00:05:44.319 --> 00:05:45.959 to the side and focus on other issues that she 121 00:05:46.120 --> 00:05:49.399 has more priority on, or is she really gonna le 122 00:05:49.600 --> 00:05:51.680 double down And that's kind of what we've see. And 123 00:05:51.720 --> 00:05:55.560 she's doubling down on crypto, on the idea that's only 124 00:05:55.600 --> 00:05:58.439 used for money laundering, and I think that's going to 125 00:05:58.480 --> 00:06:00.959 present a couple challenges and hurdles and the Senate, you know, 126 00:06:00.959 --> 00:06:04.000 mind you again, the Senate for example, there's only a 127 00:06:04.040 --> 00:06:07.279 three vote majority I believe in the Republicans have right now, 128 00:06:07.600 --> 00:06:09.279 but for a lot of bills, they're gonna need sixty 129 00:06:09.839 --> 00:06:11.639 members of Congress in the Senate to vote for it, 130 00:06:11.759 --> 00:06:14.199 and so you're going to have to work with Democrats here. 131 00:06:14.240 --> 00:06:16.480 And when Elizabeth Warren is leading the set of band committee, 132 00:06:16.839 --> 00:06:18.439 she will have a lot more power in terms of 133 00:06:18.439 --> 00:06:21.720 whipping Democrats to be anti crypto or voting against certain 134 00:06:21.839 --> 00:06:24.959 pieces of legislation. So she's definitely going to be a hurdle. 135 00:06:25.000 --> 00:06:27.720 And that was definitely an opening salvo in terms of 136 00:06:27.759 --> 00:06:30.639 how she's going to view the Tcharnity secretary nomination and 137 00:06:30.879 --> 00:06:33.600 most likely pretty soon the sec nomination that comes her 138 00:06:33.600 --> 00:06:35.639 Senate banking that's gonna be her committee as well. So 139 00:06:36.920 --> 00:06:38.519 get ready for that because I think e lizebth Warren 140 00:06:38.560 --> 00:06:40.759 is doubling down. And you know, the good thing is 141 00:06:40.800 --> 00:06:42.360 that we have the facts on our side, and we 142 00:06:42.439 --> 00:06:45.040 have a lot of momentum, and I think she is 143 00:06:45.120 --> 00:06:47.519 going to be the naysayer, but for the most part 144 00:06:48.000 --> 00:06:49.560 she's in minority. So the good thing is that we 145 00:06:49.600 --> 00:06:52.079 can move forward with the pro crypto members and the majority. 146 00:06:52.680 --> 00:06:55.560 Yeah, absolutely, a good, great point, she's in the minority. 147 00:06:56.240 --> 00:06:58.519 And and I remember Chuck Schumer part of the Senate. 148 00:06:58.560 --> 00:07:01.000 Of course, at the end of twin twenty four, he was, 149 00:07:01.639 --> 00:07:04.279 you know, on the side of getting legislation through. So 150 00:07:04.319 --> 00:07:08.120 I'm hoping he can raise his voice and get some 151 00:07:08.120 --> 00:07:10.759 more Democrats to back him in the Senate exactly. 152 00:07:10.800 --> 00:07:12.399 I mean, you take the SAB one twenty one vote 153 00:07:12.720 --> 00:07:15.600 that happened a couple months ago. Chuck Schumer and several 154 00:07:15.639 --> 00:07:18.160 other Democrats in the Senate, they bucked Liz of Warren 155 00:07:18.319 --> 00:07:20.800 and they voted to repeal SAB one twenty one. It 156 00:07:20.839 --> 00:07:22.959 was actually Joe Buying new vetoed. It's still but that 157 00:07:23.040 --> 00:07:25.639 bill itself was the most by Parson Bill Joe Bying 158 00:07:25.759 --> 00:07:28.680 ever vetoed in his administration, which is crazy to think about, 159 00:07:29.319 --> 00:07:31.519 but that out of all the bills out there, that 160 00:07:31.680 --> 00:07:33.360 was the one that had the most by parts in support. 161 00:07:33.480 --> 00:07:36.160 So internally, we're feeling pretty good in terms of, you know, 162 00:07:36.199 --> 00:07:38.519 we educate our allies, We've reached out to, you know, 163 00:07:39.199 --> 00:07:41.839 maybe different constituencies that we want to care about Crypto 164 00:07:42.399 --> 00:07:44.399 U and it's worked in the past, and now we 165 00:07:44.480 --> 00:07:46.560 have a much better field and chessboard in terms of 166 00:07:47.079 --> 00:07:51.879 getting legislation through blocking big bad rules or bad legislation, uh, and. 167 00:07:51.800 --> 00:07:54.560 Then getting things done. This is the crunch time here. 168 00:07:54.680 --> 00:07:56.160 Next year and a half two years are going to 169 00:07:56.199 --> 00:07:59.000 be really really busy here in DC, and we want 170 00:07:59.040 --> 00:08:02.240 to get as much accomplished can before you know, whatever 171 00:08:02.240 --> 00:08:04.000 happens the election next go around. 172 00:08:04.759 --> 00:08:07.879 Now, speaking of SAB one to one, there are talks 173 00:08:08.000 --> 00:08:12.480 about Donald Trump, who's the inaugurations next week, that we 174 00:08:12.560 --> 00:08:15.720 may see day one some sort of crypto executive order, 175 00:08:15.879 --> 00:08:18.439 possibly the repeal ASAB one to one. Are these just 176 00:08:18.519 --> 00:08:22.279 rumors or are there any valid validity to them? 177 00:08:22.759 --> 00:08:22.839 So? 178 00:08:22.879 --> 00:08:25.560 I've been talking with the executive director for the Hubble 179 00:08:25.600 --> 00:08:29.800 Crypto Council BOHINES pretty extensively through the past couple of 180 00:08:29.839 --> 00:08:32.879 weeks as well. My boss is David Sachs, and it 181 00:08:32.879 --> 00:08:35.639 seems like there's a decent amount of executive orders on deck. 182 00:08:36.240 --> 00:08:36.399 Now. 183 00:08:36.440 --> 00:08:39.159 The question is will this be a day one executive order, 184 00:08:39.200 --> 00:08:41.559 a week one executive order, or sometime in the first 185 00:08:41.639 --> 00:08:44.440 hundred days. It seems like, according to initial reports, we'll 186 00:08:44.440 --> 00:08:47.279 probably get next week. And if I had to imagine 187 00:08:47.279 --> 00:08:49.879 what these executive orders would be, I imagine SAV one twenty 188 00:08:49.960 --> 00:08:52.279 one is right on the top of the list, as 189 00:08:52.279 --> 00:08:56.559 well as creating the actual Crypto Council. It's unclear still 190 00:08:56.720 --> 00:08:59.320 to this extent if it's going to be ten companies, 191 00:08:59.360 --> 00:09:02.879 twenty companies, executives one hundred. There's been reports in all 192 00:09:02.919 --> 00:09:05.600 three numbers, but overall they need to make an executive 193 00:09:05.679 --> 00:09:07.480 order to make this council. So I think we're sure 194 00:09:07.519 --> 00:09:09.960 we'll see a council formation in the details of that 195 00:09:10.200 --> 00:09:12.559 unfold next week. We could see us that one twenty 196 00:09:12.639 --> 00:09:15.519 one repeal. We could see something on dbanking, or we 197 00:09:15.559 --> 00:09:17.879 can also see something about changing the ethics rules for 198 00:09:18.360 --> 00:09:21.200 White House employees or administration employees that they can actually 199 00:09:21.279 --> 00:09:23.519 hold crypto, because when I was a Hill staffer, I 200 00:09:23.559 --> 00:09:26.080 didn't hold crypto, but it was very detrimental to me 201 00:09:26.360 --> 00:09:29.080 personally just to learn the issue. And I think that's 202 00:09:29.519 --> 00:09:31.679 one of the education encounters we've had is just a 203 00:09:31.720 --> 00:09:34.360 lot of people refuse to touch it because they don't 204 00:09:34.399 --> 00:09:37.240 want to be you know, in law or a flaw 205 00:09:37.279 --> 00:09:39.399 I guess of the epics law. So that tweak is 206 00:09:39.399 --> 00:09:41.320 going to need a lot as well. So there's a 207 00:09:41.360 --> 00:09:43.039 wide variety of issues that they could probably do the 208 00:09:43.080 --> 00:09:46.000 executive order on and then probably will be multiple, but 209 00:09:46.120 --> 00:09:47.480 for sure it seems like we're going to sell you 210 00:09:47.519 --> 00:09:48.159 next week. 211 00:09:49.000 --> 00:09:51.960 When you say Crypto Council, and you know, we got 212 00:09:51.960 --> 00:09:56.120 a white house, cryptos are and all these people. Almost 213 00:09:56.519 --> 00:09:58.879 I feel I have to pinch myself because it doesn't 214 00:09:58.919 --> 00:10:02.120 feel real, like I couldn't have expictured this. 215 00:10:03.360 --> 00:10:05.720 The crazy thing is in DC is I mean again, 216 00:10:05.799 --> 00:10:07.799 I've been in the policies hide when like no one 217 00:10:07.840 --> 00:10:10.320 cared about Crypto. Man, I was twenty seventeen, twenty twenty, 218 00:10:10.799 --> 00:10:12.960 twenty twenty one. Things are change a little bit, but 219 00:10:13.080 --> 00:10:15.159 now we are kind of the hottest player in town. 220 00:10:15.799 --> 00:10:18.159 You know, if we have a lot of allies in Congress, 221 00:10:18.440 --> 00:10:19.759 the administration is. 222 00:10:21.200 --> 00:10:22.399 Head over heels of Crypto. 223 00:10:22.519 --> 00:10:25.720 A lot of folks are donating to the inauguration as 224 00:10:25.720 --> 00:10:28.120 well as just more to the campaign itself. And there 225 00:10:28.159 --> 00:10:30.360 seems to be a whole revital here and Crypto is 226 00:10:30.440 --> 00:10:33.080 leading the charge. And so we'll see how long that 227 00:10:33.120 --> 00:10:35.279 you know, honeymoon period lasts. But at least right now 228 00:10:36.039 --> 00:10:38.240 there's a lot of optimism in DC and just generally 229 00:10:38.240 --> 00:10:40.840 with the community, and Crypto is making a huge impact 230 00:10:40.879 --> 00:10:42.480 in DC and the social scene. I mean, we have 231 00:10:42.559 --> 00:10:45.360 the Crypto ball coming up on front Snoop Dogg is 232 00:10:45.360 --> 00:10:50.519 performing at where do we go over here? And you know, 233 00:10:50.679 --> 00:10:52.919 I'm glad everyone's going to be celebrating stuff. We had 234 00:10:52.960 --> 00:10:55.240 a lot of work ahead of us. But it's weird 235 00:10:55.240 --> 00:10:58.320 how crypto is now a major force in DC and 236 00:10:58.759 --> 00:11:01.120 DC is welcoming it right now, and that's been very 237 00:11:01.120 --> 00:11:02.639 different in the past couple of years. 238 00:11:02.919 --> 00:11:07.440 Oh, absolutely complete one eighty. You mentioned that the inauguration 239 00:11:07.559 --> 00:11:10.600 ball is that hosted? Who's putting that together? And is 240 00:11:10.600 --> 00:11:11.639 Donald Trump gonna attend? 241 00:11:12.639 --> 00:11:15.159 To my knowledge, no, we won't have any vans or 242 00:11:15.159 --> 00:11:17.919 Trump will not be there, but it's apparently Sacks's events. 243 00:11:18.200 --> 00:11:20.919 I think Bitcoin Magazine I believe is one of the 244 00:11:21.000 --> 00:11:22.720 organizers as well as well as Bitcoin Media. 245 00:11:23.440 --> 00:11:25.000 There's a couple other inauguration events. 246 00:11:25.039 --> 00:11:27.679 Every state society does their own events, so it's you know, 247 00:11:27.960 --> 00:11:30.759 the time for balls and pageants all during an auguration 248 00:11:30.879 --> 00:11:34.480 week and then come next week after Trump's in office, 249 00:11:35.159 --> 00:11:37.440 the real work begins and there's a lot So we 250 00:11:37.519 --> 00:11:40.919 have nominations, we have bills moving forward, we have committees 251 00:11:40.960 --> 00:11:43.360 being formed, so you know, this is the honeymoon period, 252 00:11:43.360 --> 00:11:45.480 but it's gonna be very briefly over and it's going 253 00:11:45.519 --> 00:11:47.840 to get really really busy soon. 254 00:11:48.360 --> 00:11:48.559 Yeah. 255 00:11:48.559 --> 00:11:51.320 Absolutely. I think after all this got to be heads down, 256 00:11:51.399 --> 00:11:53.960 get to work right, and we got some opposition to 257 00:11:54.000 --> 00:11:57.120 Elizabeth Warren, so we got definitely put the work in. Now. 258 00:11:57.559 --> 00:12:00.240 Gary Genser a current SEC chair, but he is going 259 00:12:00.279 --> 00:12:02.120 to be out by next week. He's been doing some 260 00:12:02.200 --> 00:12:05.879 exit interviews this week. Seems he's trying to save some 261 00:12:06.039 --> 00:12:09.440 face here. But it comes in the week that another 262 00:12:09.759 --> 00:12:14.320 judge calls the SEC arbitrary and capricious, second time under 263 00:12:14.399 --> 00:12:17.600 Gary Gainster's tenure. This is kind of crazy. What are 264 00:12:17.600 --> 00:12:18.360 your thoughts on all this? 265 00:12:19.720 --> 00:12:21.679 It's I think one of the main facts is that 266 00:12:22.000 --> 00:12:24.559 the arguments of the industry has been having for years 267 00:12:24.639 --> 00:12:27.799 has now gone mainstream. He's seeing CNBC anchors pushing him 268 00:12:27.840 --> 00:12:31.320 back against Kensler and trying to have his legacy of sorts. 269 00:12:31.799 --> 00:12:34.440 We've seen the judges in the third circuit to the 270 00:12:34.440 --> 00:12:37.320 coinbase case. It was two Democrats and one Republican judge, 271 00:12:37.320 --> 00:12:40.639 and they all voted that it was arbitrary and capricious 272 00:12:40.679 --> 00:12:43.399 on the SEC end, not to provide clear rules of 273 00:12:43.399 --> 00:12:46.000 the road and to explain their reasoning. So I'm excited 274 00:12:46.039 --> 00:12:48.519 to see what the SEC reasoning is for not providing 275 00:12:48.519 --> 00:12:50.159 the rules of the road, because we've been asking this 276 00:12:50.200 --> 00:12:52.440 for years and Coinbasse has done a hell the job 277 00:12:53.000 --> 00:12:54.519 both on the legal front, but I was well in 278 00:12:54.559 --> 00:12:57.879 the lobbying policy front, educating members and really leading the 279 00:12:57.960 --> 00:13:00.320 charge here. So we're really excited from all the work 280 00:13:00.320 --> 00:13:03.039 they're doing on the court side, and it's going to 281 00:13:03.159 --> 00:13:06.240 yield them, hopefully some really positive results with a new 282 00:13:06.399 --> 00:13:09.600 SEC at the helm and so against is a wounded animal. 283 00:13:09.960 --> 00:13:11.279 You know, we'll see if he does anything else in 284 00:13:11.320 --> 00:13:13.440 the last few days, but that was a major blow, 285 00:13:13.559 --> 00:13:15.720 and you know, I think his PR press tour for 286 00:13:16.159 --> 00:13:18.720 his waning days are not going as well as maybe 287 00:13:18.720 --> 00:13:19.240 he predicted. 288 00:13:19.799 --> 00:13:20.080 Yeah. 289 00:13:20.080 --> 00:13:24.679 Absolutely, Now Paul Atkins, of course is the next SEC chair. 290 00:13:25.000 --> 00:13:27.080 When do you think he might be confirmed? Is it 291 00:13:27.120 --> 00:13:28.279 towards the end of January? 292 00:13:29.200 --> 00:13:29.840 I believe so. 293 00:13:29.840 --> 00:13:31.799 So it seems like he's still work on some paperwork 294 00:13:32.240 --> 00:13:34.679 from internal sources, and we're having some of the nomination 295 00:13:34.759 --> 00:13:37.639 hearings this week. So Hegsek was yesterday that a lot 296 00:13:37.639 --> 00:13:40.080 of folks we're you know more spout around in the 297 00:13:40.120 --> 00:13:43.559 media for we have best on Thursday, we have plenty 298 00:13:43.600 --> 00:13:47.320 of other ones for other agencies and posts, but it doesn't. 299 00:13:47.000 --> 00:13:48.200 Have any yet for the SEC. 300 00:13:48.279 --> 00:13:50.679 So I do think either next week or the week after, 301 00:13:50.759 --> 00:13:53.840 we'll probably see hopefully Atkins in front of Set and Banking. 302 00:13:54.080 --> 00:13:56.480 But again, liztid Warren is going to be the Democrat 303 00:13:56.600 --> 00:13:59.200 lead on that committee, and so how heavy does she 304 00:13:59.240 --> 00:14:01.360 go into crypto much to focus on other issues are 305 00:14:01.399 --> 00:14:03.279 going to be really telling for the next two years 306 00:14:03.279 --> 00:14:05.679 where Warren's really gonna you know, dig in. But already 307 00:14:05.679 --> 00:14:07.600 we've seen crypto as one of our topics she's going 308 00:14:07.639 --> 00:14:09.600 to be doubling down on, so we're really excited to 309 00:14:09.600 --> 00:14:11.200 see kind of how that goes forward. It seems like 310 00:14:11.279 --> 00:14:13.840 Atkins is viewed as a non controversial pick and so 311 00:14:14.360 --> 00:14:16.480 likely move forward and hopefully he can get into place 312 00:14:16.559 --> 00:14:19.120 very soon. So folks like Hesser, Purse and market Wada 313 00:14:19.399 --> 00:14:21.440 and several other than the staff side who've been waiting 314 00:14:21.440 --> 00:14:22.480 for years for this moment. 315 00:14:22.519 --> 00:14:24.960 It can start working on rulemaking and uh, you know. 316 00:14:24.879 --> 00:14:27.279 Getting the clarity of the industry needs and working with 317 00:14:27.320 --> 00:14:30.200 Congress to get a legislation pass absolutely. 318 00:14:31.320 --> 00:14:35.440 Now, I know government moves slow. You know, we're talking 319 00:14:35.480 --> 00:14:38.399 about obviously a pro crypto president coming into office, pro 320 00:14:38.440 --> 00:14:43.960 crypto Congress, they Senate subcommittee. Are you viewing possibly some 321 00:14:44.000 --> 00:14:47.360 sort of bill getting through Lake qu two or possibly 322 00:14:47.360 --> 00:14:48.320 towards the end of the year. 323 00:14:49.120 --> 00:14:51.559 So french Hill, who's leaning the Final Service Committee, he 324 00:14:51.559 --> 00:14:53.840 said he wants a stable coin bill done the first 325 00:14:53.840 --> 00:14:54.559 one hundred days. 326 00:14:54.759 --> 00:14:56.720 Now does dun mean out of the committee? 327 00:14:56.759 --> 00:14:59.559 Does that done mean out of the House or do 328 00:14:59.679 --> 00:15:02.480 the press since desk It's a little unclear. Obviously, a 329 00:15:02.519 --> 00:15:05.320 lot of these timelines can be very valuable considering that 330 00:15:05.320 --> 00:15:07.440 there's a lot that's facing Congress right now again all 331 00:15:07.440 --> 00:15:09.600 the nominations, they have to avoid a budget or a 332 00:15:09.600 --> 00:15:11.919 budget fight in March, and then they're going to be 333 00:15:11.919 --> 00:15:13.759 trying to push a tax bill, which cryptos will be 334 00:15:13.799 --> 00:15:16.399 trying to push a lot of pieces as well there. 335 00:15:16.440 --> 00:15:18.879 So it's likely we'll probably see some movement in the 336 00:15:18.879 --> 00:15:22.120 committees from french Hill on both market structure and stable coins. 337 00:15:22.480 --> 00:15:25.360 But I imagine stable coin goes first, and we'll probably 338 00:15:25.360 --> 00:15:28.200 have hearings early on in March, so maybe in February 339 00:15:28.200 --> 00:15:31.320 as well, and now probably progress to a committee vote 340 00:15:31.320 --> 00:15:34.200 on stable coins. I'm hoping in Q one, but it 341 00:15:34.200 --> 00:15:37.519 could be early Q two as well. So this is Congress. 342 00:15:37.519 --> 00:15:39.440 It doesn't move a little slow in the firste hundred 343 00:15:39.519 --> 00:15:41.960 days and in mid April, so you know, I think 344 00:15:41.960 --> 00:15:44.799 we we'll see some progress there, but when it comes 345 00:15:44.840 --> 00:15:47.039 to fit and market structure, that might take a little 346 00:15:47.080 --> 00:15:49.919 longer time because that bill was still not as flushed 347 00:15:49.919 --> 00:15:52.360 out and we haven't seen really the same work in 348 00:15:52.399 --> 00:15:54.799 the Senate in terms of moving that bill forward. 349 00:15:54.879 --> 00:15:55.879 So I would look at. 350 00:15:55.799 --> 00:15:57.879 Stable coins first, but also we look at a lot 351 00:15:57.879 --> 00:16:00.320 of hearings. You know, we've always seen Cen I want 352 00:16:00.320 --> 00:16:02.159 to say, she wants to do a hearing on dbanking 353 00:16:02.279 --> 00:16:04.639 and they'll probably a hot topic in the House as well, 354 00:16:05.159 --> 00:16:07.159 finding out what happened with Operation show point two point 355 00:16:07.240 --> 00:16:09.480 zero that folks are calling it and going over to 356 00:16:09.480 --> 00:16:12.519 the FDIC records that have been coming out through Coinbase's 357 00:16:12.519 --> 00:16:15.600 efforts and several others on Twitter. So I think that's 358 00:16:15.600 --> 00:16:17.200 gonna take aou a lot of their time early on, 359 00:16:17.519 --> 00:16:20.440 but they're gonna they're dedicated to move something pretty quickly. 360 00:16:20.480 --> 00:16:22.759 So french Hill especially is someone who likes to get 361 00:16:22.759 --> 00:16:25.440 something across the finish line, and so I would look 362 00:16:25.440 --> 00:16:27.600 to him to be the first mover here. And I 363 00:16:27.639 --> 00:16:29.879 would see the House hopefully done in the first hundred 364 00:16:29.960 --> 00:16:32.120 days moving a stable coin bill, or you can at 365 00:16:32.159 --> 00:16:33.120 least out of the committee. 366 00:16:34.039 --> 00:16:36.759 Final question, and this one's a hard one, but I'm 367 00:16:36.840 --> 00:16:40.159 curious of what you're hearing in the DC circles. Do 368 00:16:40.200 --> 00:16:43.639 you anticipate under Paul Atkins that the SEC may drop 369 00:16:43.679 --> 00:16:47.720 some of the non fraud cases and even speed up 370 00:16:47.720 --> 00:16:50.039 some of the settlements things that are you know, like, hey, 371 00:16:50.120 --> 00:16:53.519 let's settle with Ripple and done right, move forward. Do 372 00:16:53.519 --> 00:16:55.759 you think you might we might see stuff like that? 373 00:16:55.759 --> 00:16:57.799 That's a hope. I mean, there were some talks potentially 374 00:16:57.840 --> 00:17:00.360 of the EO that I mentioned earlier. Maybe there's something 375 00:17:00.399 --> 00:17:03.159 on the current litigation that they can do there. It's 376 00:17:03.159 --> 00:17:06.920 still unclear, to be honest, but I'm pretty sure we 377 00:17:06.960 --> 00:17:09.519 will see actins at least have some push to resolve 378 00:17:09.559 --> 00:17:12.039 as many of these cases quickly. Some of them have 379 00:17:12.119 --> 00:17:14.440 progressed pretty far in the courts, and that does create 380 00:17:14.480 --> 00:17:17.400 a couple of other problems and issues, and so at 381 00:17:17.440 --> 00:17:20.119 least a couple of lawyers I'm talking to, it's a 382 00:17:20.119 --> 00:17:22.400 little unclear exactly where the litigation is going to fall 383 00:17:22.440 --> 00:17:25.200 with actions at the HELM, but overall, it does seem 384 00:17:25.240 --> 00:17:27.519 again more in a positive direction. It does seem that 385 00:17:27.519 --> 00:17:30.200 there will be a settlement and then hopefully we'll get 386 00:17:30.200 --> 00:17:33.319 some clear regulation from the SEC as well as legislation. 387 00:17:33.559 --> 00:17:36.480 But it's not a guarantee, so we'll have to wait 388 00:17:36.480 --> 00:17:37.200 and see what happens. 389 00:17:37.960 --> 00:17:40.920 Yeah, I mean, just the end of regulation by enforcement 390 00:17:40.960 --> 00:17:43.519 itself is such a great thing. But if they can 391 00:17:43.599 --> 00:17:46.720 drop some of these non fraud cases where they're waiting 392 00:17:46.759 --> 00:17:50.720 on Congress, like okay, crypto staking, well we need Congress 393 00:17:50.720 --> 00:17:53.319 to probably tell us if staking itself is a security 394 00:17:53.400 --> 00:17:57.400 or not. Gary Ginser says stable coins is a security. Well, 395 00:17:57.519 --> 00:17:59.880 cases are on stable coin, maybe told drop that and 396 00:18:00.079 --> 00:18:02.759 let wait for the stable coin legislation and all these things, right, 397 00:18:03.119 --> 00:18:06.839 which once again not fraud. When someone stole money and 398 00:18:06.880 --> 00:18:09.519 they did bad things, you know, do what you gotta do. 399 00:18:09.920 --> 00:18:12.480 But some of these cases are just bs, like the 400 00:18:12.519 --> 00:18:16.000 one against coinbase and crack and so forth, Robinhood, these 401 00:18:16.000 --> 00:18:17.480