Hey Guys,
As all of you no doubt know, last week the CEOs of some of the largest companies in cryptocurrency were asked to testify in front of US politicians. The hearing was nearly 5 hours. I watched the whole thing so you don’t have to. Here are a few of the key takeaways:
First, there are pro crypto politicians on both sides of the aisle. Republicans and Democrats both see the value of cryptocurrency and the benefits it can bring to their voter base. They definitely have different approaches about how to regulate it, however.
Second, the primary concern of politicians seems to be the dollar’s status as the world’s reserve currency. The dollar has been losing ground as its share of bank reserves around the world and this is being accelerated by the record inflation we’re seeing.
This ties into the third theme, and that’s the obsession about stablecoins. Politicians are super concerned that stablecoins will displace the US dollar, but it looks like most them didn’t know stablecoins are collateralized by dollars and treasuries until the hearing! π€¦ββοΈ
Last but not least, the close relationship some people in the crypto industry have to the government is helping a LOT. These include the likes of Brian Brooks who used to be the head of the OCC. Sam Bankman-Fried also seems to be collecting on his 5 million dollar investment into the Biden campaign in 2020.
This barely scratches the surface of the crypto stuff that happened during the hearing, and I’ve summarized it all in a half hour video just for you! Enjoy!
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βοΈ π Useful Links π βοΈ
βΊ House Cryptocurrency Working Group: https://www.coindesk.com/markets/2021…
βΊ Crypto CEO Hearing Press Release: https://financialservices.house.gov/n…
βΊ Sam Bankman-Fried VOX Interview: https://www.vox.com/recode/2021/3/20/…
βΊ FTX Regulatory Framework: https://blog.ftx.com/policy/ftx_key_p…
βΊ Coinbase Regulatory Framework: https://blog.coinbase.com/digital-ass…
βΊ Whatsap Tests Payments With Novi And USDP: https://cointelegraph.com/news/whatsa…
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π Disclaimer π
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
