Fourteen days. That's the window the crypto industry has to get the CLARITY Act through the Senate — or wait until the 2030s for another shot.The combined draft dropped last week for the first time, merging the Senate Banking and Agriculture committee text into one bill. It added a law enforcement title (the Fraternal Order of Police endorsed it the same day). It added an ethics provision. And Democrats are rejecting that provision outright.This week on The Defiant, we're bringing three people living this fight from the inside: Miller Whitehouse-Levine (Solana Policy Institute), Amanda Tuminelli (DeFi Education Fund), an...
In today's episode, Santi is joined by Rebecca Rettig and Miller Whitehouse to update us on the latest policy concerns impacting crypto. They cover the origins of the DeFi Education Fund and the realities of educating regulators on the novelty of DeFi. They then shift gears and discuss onchain illicit activity that exists, how to find a compromise between permissionless systems and state control, the role stablecoins like USDC play, and reactions to the SEC’s proposed dealer rule that threatens DeFi participation. Rebecca breaks down her recently published paper “Genuine DeFi as Critical Infrastructure” offering a conceptual framework for regulation that leverages DeFi’s transparency while allowing permissionless systems to thrive. Stay tuned for all of this and much more!
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Timestamps
(0:00) Origin of DeFi Education Fund
(6:10) DeFi Regulatory Framework Paper
(12:35) Educating Regulators
(17:45) Onchain Illicit Activity
(28:59) Chainalysis Ad
(30:04) Compromise for States
(41:52) How Important is US Policy
(51:17) Role of Coinbase & Circle
(1:00:42) SEC Proposed Rule
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Resources
Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4607332
DeFi Education Fund
https://www.defieducationfund.org/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
🚨LEAVE A COMMENT🚨 https://treasuryraid.lexpunk.army/
We need to stop the US from killing crypto. The new IRS proposals could effectively destroy DeFi and other crypto use cases.
The good news? We can change this. 5 minutes is all it takes to leave a comment and get the interpretation delayed.
In this episode, we bring on Miller Whitehouse-Levine of the DeFi Education Fund and tax lawyer Jason Schwartz to discuss the proposed rules and their catastrophic implications.
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------ TIMESTAMPS
0:00 Intro 6:30 Miller and Jason 8:15 The Broker Laws 15:30 Proposed Regulation 20:50 Endgame Oversight 26:00 They Hate Crypto 31:00 The Comment Process 36:40 New Crypto Tax Tools 42:00 So What Happens… 46:30 Pressuring the Departments 50:50 How We Can Win 56:20 What We Have to Do
——— RESOURCES
Miller Whitehouse-Levine https://x.com/millercwl?s=20
Jason Schwartz https://x.com/CryptoTaxGuyETH?s=20
Get Involved https://x.com/LeXpunK_Army/status/1713186443445629429?s=20 https://x.com/CryptoTaxGuyETH/status/1695603888957641154?s=20 https://x.com/fund_defi/status/1713929569030275285?s=20
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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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