Facebook's Libra sent shockwaves through Washington D.C. when it was announced with much fanfare last summer. Indeed, it sparked a conversation among policymakers and legislators about the benefits of cryptocurrency, and stablecoins specifically, as well as broader questions about what money is and the implications of a Facebook rival to the U.S. dollar. Since this summer, a number of countries have announced their intentions to digitize their own sovereign currency. In China, the country has ramped up its own efforts to launch a blockchain-based version of their currency. None of this is going unnoticed on the Hill and on this most recent episode of The Scoop, Perianne Boring explores why concerns about China are driving lawmakers to focus on the space.
In this episode we discuss:
The history of blockchain and cryptocurrency policywork in the US
China's 84 blockchain patents and its plans for a digital currency
Lawmakers concerns about China being the leader in blockchain and central bank digital currencies
Former CFTC chair Christopher Giancarlo's plan for a digital currency
If U.S. crypto regulation seems incredibly convoluted, this is the episode for you. Perianne Boring, the founder and president of the Chamber of Digital Commerce, and its global policy director and general counsel Amy Kim, discuss why U.S. regulation calls crypto assets currency, property, commodities and securities, and how that results in agencies enforcing their own laws without a higher level understanding of the technology. They also discuss what they call the "failure" of the regulatory regime that requires certain types of crypto companies to get licenses from 53 different states and territories and why no firms have so far even gotten close. They also advocate for the technology to be taxed more like currency than property, claiming that the current classification stifles usage of cryptocurrencies as currencies. We also dive into juicy questions like whether ether, which was sold in what we would now call an initial coin offering, is a security and what self-regulation of the crypto space could look like.
Chamber of Digital Commerce: https://digitalchamber.org/
Token Alliance: https://digitalchamber.org/initiatives/token-alliance/
Previous episodes on Unchained and Unconfirmed that touched on regulation:
Live from SXSW: Michael Casey and Paul Vigna, Co-Authors of The Truth Machine, on Why the SEC Has Issued Subpoenas to ICOs
http://unchainedpodcast.co/live-from-sxsw-michael-casey-and-paul-vigna-co-authors-of-the-truth-machine-on-why-the-sec-has-issued-subpoenas-to-icos
Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming
http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming
SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean
http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean
The Tax Rules That Have Crypto Users Aghast
http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast
How Crypto And Blockchain Technology Should Be Regulated
http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users?
http://unchainedpodcast.co/is-the-irs-justified-in-demanding-information-on-millions-of-bitcoin-users
Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law
http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law
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