Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election - Ep. 680
As the 2024 elections approach, crypto voters are a real bloc that could be a deciding factor in what looks to be a tight race.
In this episode, Sheila Warren of the Crypto Council for Innovation and Justin Slaughter from Paradigm discuss the significance of Trump appearing at Bitcoin 2024, promising the crypto community pretty much everything on its bucket list, the Democrats’ seeming pro-crypto shift behind the scenes, and the game theory around Gary Gensler’s future (likely not at the SEC).
Plus, they cover the significance (and likelihood of passing) of the Bitcoin Strategic Reserve Bill proposed and to be introduced by Sen. Cynthia Lummis, what would it take for Kamala Harris to show that she truly is a crypto-friendly candidate, and what the Democrats would have to do to undo the damage done by Gensler and win some of the crypto vote.
Lastly, they explore the potential impact on the SEC of the Supreme Court’s decision to overturn the Chevron doctrine.
Show highlights:
00:00 Intro
02:08 The significance of a US Presidential candidate, Trump, embracing Bitcoin
04:59 What Justin’s and Sheila’s takes are on the Democrats' sudden shift towards embracing a pro-crypto agenda and whether they can catch up
15:03 The key factor in Trump's shift from giving crypto platitudes to making substantive promises that top the crypto community’s wish list
20:21 How significant crypto could be in influencing the election, particularly in swing states
23:52 Whether Trump would even be able to fire Gary Gensler as SEC Chair, as he has promised
33:23 How the dynamics between Elizabeth Warren and Kamala Harris differ from the relationship Warren has with Biden
42:48 What could happen with the SEC Commissioner if Harris wins the presidency
50:34 The meaning of the Strategic Bitcoin Reserve in the US
57:55 How JD Vance's status as a Bitcoin owner could influence crypto voters and whether Harris could pick a pro-crypto VP
1:05:43 The chances the Democratic Party adopts a crypto plank, and what it might include
1:09:9 Whether there’s a chance a crypto bill could be passed this year
1:14:49 How the Supreme Court's recent decision to limit agency power by overturning the Chevron doctrine could impact the SEC's approach to crypto regulation
1:20:45 How Harris can establish a new stance on crypto while distancing herself from Biden's administration, without appearing disloyal
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Guests:
Sheila Warren, CEO of Crypto Council for Innovation (CCI)
Justin Slaughter, Policy Director at Paradigm
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Rapid Response: Crypto’s new chapter, w/Crypto Council for Innovation’s Sheila Warren
For anyone skeptical about crypto hype, Sheila Warren explains why it is here to stay, and what you might be overlooking. As CEO of the Crypto Council for Innovation, Warren joins Rapid Response to take us inside today’s crypto resurgence, in which 1 out of 5 Americans hold crypto in some fashion. Warren shares the story behind Congress’ recent bipartisan crypto bill, and how the industry is cracking down on bad actors and get-rich-quick schemes. Plus, how crypto is part of the underlying tech behind a “new internet.”
Watch this episode on YouTube: https://www.youtube.com/watch?v=-MBe203ko2Q
For more info, visit: www.rapidresponseshow.com
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Why Many Democrats, Including the White House, Have Come Around on Crypto - Ep. 652
Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs.
Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.
Show highlights:
The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8
The bipartisan votes in the House and Senate to overturn SAB 121
Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto
Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs
Why Sheila is so proud of the passage in the House of the FIT21 bill
How Sheila and CCI approached their discussions with Democrats and what arguments they found effective
Whether the industry has survived the negative image of SBF and FTX
The sea change in the White House between the SAB 121 vote and the FIT21 vote
A high-level description of the FIT21 bill
What kind of authority the bill would give the CFTC over crypto
What the implications of the bill are for launching tokens
FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic
The overall political and legislation landscape and the next likely steps for crypto
Whether the ETF approval changes anything about the SEC’s investigation into Ethereum
What Sheila thinks about the 'crypto single-issue voter’ debate
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
VaultCraft
Guest:
Sheila Warren, CEO of the Crypto Council for Innovation
Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss
Links
Previous coverage on Unchained of the recent shift in the US political landscape:
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
SAB 121
Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
FIT21
CCI: FIT21 Coalition Support Letter
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto
Spot Ether ETFs
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
Ethereum Foundation investigation
Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim
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Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss - Ep. 450
Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023.
Show highlights:
why the current environment in Washington makes it difficult to pass new legislation
whether the opinion of members of Congress on crypto has changed in the aftermath of FTX’s alleged fraud
how Elizabeth Warren and others are using the FTX collapse to prove their anti-crypto stance
whether it’s possible to prevent a fallout like FTX from ever happening again
why Miller believes that this year Congress will be “absolutely obsessed” with crypto
what stablecoin legislation would look like, and why stablecoins are more likely to be regulated sooner
why Sheila thinks Ripple could win its case against the SEC
why they believe the SEC’s failure to approve a spot Bitcoin ETF is a logical inconsistency
why they think it’s not possible to apply TradFi rules to DeFi technology
how more policymaker education needs to be done
how OFAC sanctioning Tornado Cash sparked many conversations among researchers and policymakers
the role of the government in preserving national security
how MiCA took an appropriately slow approach to imposing DeFi regulations
the impact of China and India adopting digital currencies
why Miller thinks China’s digital yuan is “the apotheosis of a totalitarian technology”
Thank you to our sponsors!
Crypto.com
FTSE
Links
Previous coverage of Unchained on crypto legislation:
Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money
Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End
Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
Guests:
Sheila:
Twitter
Miller:
LinkedIn
FTX
CoinDesk:
After FTX: How Congress Is Gearing Up to Regulate Crypto
Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses
After FTX: How Congress Is Gearing Up to Regulate Crypto
CNBC: House Republicans move to regulate crypto industry with a new subcommittee
MiCA
CoinDesk:
Analyzing What's Next for Europe's Markets in Crypto Assets Law
EU’s MiCA Crypto Law Would Have Stopped FTX's Malpractice, Officials Say
Others
Project Hamilton - Building a Hypothetical Central Bank Digital Currency
U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
Tornado Cash is no “golem.” It’s a tool for privacy and free speech. - Coin Center
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Ruthless Ransomers
It’s a strange situation when someone can hold something hostage from halfway around the world. It’s tragic when your own pictures and files are remotely encrypted. But when it’s a hospital’s system? Ransomware becomes a problem about life or death.
Eddy Willems recounts his involvement in defeating an early ransomware attack that targeted AIDS researchers. At the time, there was a way to discover the encryption key. But as Moti Yung warned, asymmetric encryption would change everything. In the years since, ransomware attacks have become much more popular—thanks in part to the rise of cryptocurrencies. While criminals think it’s an anonymous way to collect payment, Sheila Warren tells us that the opposite is actually true.
If you want to read up on some of our research on ransomware, you can check out all our bonus material over at redhat.com/commandlineheroes. Follow along with the episode transcript.
Live From the World Economic Forum Industry Strategy Meeting: Breaking the Blockchain Hype - Ep.68
This is a live recording from a panel I moderated at the World Economic Forum Industry Strategy Meeting. The speakers included Shwetha Shetty Senior Director, Corporate Strategy Group, of SAP, Adam Ludwin, CEO of Chain, Brian Behlendorf, executive director of HyperLedger the Linux Foundation and Sheila Warren, project head of blockchain and distributed ledger technology at the World Economic Forum.We dive into the pros and cons of using blockchains for elections. which types of problems are best-suited to be solved by blockchain, why B2B applications of blockchain might come before B2C products and what kinds of identity-related data might be safe to put on a blockchain. Plus, Adam reveals some entertaining anecdotes about Silicon Valley safaris and how old World’s Fair tickets could have an analog to blockchain systems today.
Episodes I referenced during the discussion in case listeners want to dive more into the elections topic:
Tomicah Tillemann episode on the blockchain voting pilot in West Virginia: http://unconfirmed.libsyn.com/battling-corruption-with-blockchain-technology-tomicah-tillemann-of-the-blockchain-trust-accelerator-ep018
Alex Gladstein episode with more on blockchain-based voting: http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021
Tweets about blockchain-based voting:
Matt Blaze’s objecton to blockchain-based voting: https://twitter.com/mattblaze/status/1002921011854143488
Vitalik’s response: https://twitter.com/VitalikButerin/status/1004203105611726849
Tomicah Tillemann’s response: https://twitter.com/TomicahTD/status/1004325810252197888
To address the question at the end about blockchain-based passports:
2 Katie Haun episodes on using blockchain-based systems to solve the problems of "breeder documents" and fraud, waste and abuse:
Fraud, waste and abuse: http://unchainedpodcast.co/live-from-inforum-at-the-commonwealth-club-blockchain-and-cryptocurrency-the-basics-with-kathryn-haun
Breeder documents: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
Episode with Vinny Lighal, founder of Civic, which is working on a blockchain-based identity solution: http://unchainedpodcast.co/bitcoin-oracle-vinny-lingham-on-why-bitcoin-is-overpriced
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Blockchain Warehouse: https://www.blockchainwarehouse.com
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