It is a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. On this episode, they’re joined by Jason Brett and Dusty Daemon to clarify how the White Home is planning to control the cryptocurrency trade, how they view Bitcoin and Lightning, and the plan for a central financial institution digital foreign money.
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Jason Brett: What I can inform you is that the White Home simply did a closing report from FSOC, which is the Monetary Stability Oversight Council, which is just like the excessive council of all of the regulators that look over what all the opposite regulators just like the SEC does. There was additionally the White Home framework on digital property for the primary time and I feel it is essential to simply dissect a bit bit about what this implies.
The important thing takeaways are that there is doubtless going to be a push to control the exchanges extra and concentrate on the subsidiaries and associates of exchanges that regulators have a look at, just like the way in which they now have a look at banks for the Federal Reserve, after they have a look at a financial institution holding firm or Financial institution of America, they have a look at what all the opposite associates and subsidiaries are doing. What’s fascinating is the important thing takeaways and themes of this new kind of framework that we’ve from the White Home is to focus closely on analysis and improvement into CBDCs (central financial institution digital currencies).
That is like No. 1 is with the very best precedence and by the very best precedence, the Federal Reserve, the White Home and the U.S. Treasury have shaped a CBDC working group. So they’re pushing all of the levers to see what analysis and improvement must occur if america ought to select to introduce a CBDC. One factor that was not made public is the Division of Justice additionally did a report consistent with the manager order on digital property, the place they only transmitted a report, which is a findings as to what kind of laws america would possibly have to introduce so {that a} CBDC can’t be licensed by the Federal Reserve.
That is primary, and I wanna harp on that for a second as a result of I feel there’s nonetheless a real perception. I feel between Secretary Janet Yellen of the Treasury and in addition Jerome Powell on the Fed and others on the Fed, who imagine that if america can introduce a central financial institution digital foreign money, not solely to take care of the energy of the greenback when it comes to what China’s doing, however on the similar time, they imagine it will basically quiet crypto/ bitcoin, proper? Folks is not going to be as excited by bitcoin, essentially. They’re actually attempting to go after the stablecoin market. To be sincere, bitcoin actually is not on the checklist; it is extra they’re nervous about these international stablecoins like Circle’s USDC, however there nonetheless is a elementary perception that’s the reason they’re pushing on all levers: to see if america can introduce the CBDC as a result of they see it as a problem-solver for all the problems they all the time describe come from issues like bitcoin and different cash.
