Last year the Lummis-Gillibrand Responsible Financial Innovation Act set the template for comprehensive crypto legislation. Now, the act has been reintroduced but there are some changes the community doesn’t love.
This episode is sponsored by Nexo.io, Circle and Kraken.
Today’s guest is Kristin Smith, executive director of the Blockchain Association.
Find our guest on Twitter: @KMSmithDC
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Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet – a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet.
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Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.
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Kraken, the secure, trusted digital asset exchange, is our sponsor for today’s show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our holiday theme music is “Spike The Eggnog” by Two Dudes. Music behind our sponsors today is “Back To The End” by Strength To Last. Image credit: ANDREY DENISYUK/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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⚠️ Important ⚠️ The opinions and information presented in this video are strictly my own, or those of the interviewee featured in the episode, and are not representative of any other individual or entity. The content provided in this video is informational in nature and does not constitute financial advice, advice of any other nature, nor a call to action to purchase cryptocurrency assets of any kind. It is the responsibility of the viewer to conduct independent research and due diligence before making any financial or investment decisions related to the subject matter published on this channel, whether sponsored or unsponsored. Sponsorships, which are clearly disclosed, are informational in nature and do not constitute a call to action to purchase cryptocurrency, nor a direct endorsement from Hashoshi. This channel does not offer the purchase or sale of securities.
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Hashoshi breaks down the latest crypto bill to land in US Congress, which outlines the most draconian crypto regulation plan to date. But, is this bill likely to garner support and pass?
🔺 This description box may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission.
⚠️ Important ⚠️ The opinions and information presented in this video are strictly my own, or those of the interviewee featured in the episode, and are not representative of any other individual or entity. The content provided in this video is informational in nature and does not constitute financial advice, advice of any other nature, nor a call to action to purchase cryptocurrency assets of any kind. It is the responsibility of the viewer to conduct independent research and due diligence before making any financial or investment decisions related to the subject matter published on this channel, whether sponsored or unsponsored. Sponsorships, which are clearly disclosed, are informational in nature and do not constitute a call to action to purchase cryptocurrency, nor a direct endorsement from Hashoshi. This channel does not offer the purchase or sale of securities.
Hashoshi is not responsible, directly or indirectly, for any damage or loss caused by, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this published media.
⏰ // Timestamps // ⏰
0:00 This crypto bill is a total disaster
0:48 The Digital Asset Anti Money Laundering Act
2:06 Classifying developers and node operators as financial institutions
3:40 Miners, validators and developers cannot physically comply with these rules
5:15 An even worse outcome: the end of self-custody & privacy
6:18 An attempt at regulatory clarity should be pre-requisite
7:07 Does this bill have support? Will it pass?
9:15 Alternative solutions are available…
11:46 Learn about the DETAILS of the FTX collapse
Charles Hoskinson EDUCATES Congress on best crypto regulations for America.
This affects the WHOLE crypto industry!!!
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Timestamps:
0:00 – Watch Cardano Founder Opening Remarks on Crypto Regulation
4:56 – Charles Hoskinson helping WHOLE crypto industry (in America)
5:57 – How do you determine which of the 20,000 cryptos should be regulated?
8:04 – Cardano Founder Explains Crypto Regulation & Charms the hell out of US Congress
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
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Most of my crypto portfolio is Bitcoin, then Ethereum, but I hold many cryptocurrencies, possibly ones discussed in this video.
Coins I hold or will hold more than $1k worth (in no particular order): BTC, ETH, ADA, SOL, DOT, AVAX, EGLD, MINA, SUPER, FEAR, CELL, DON, VPP, XCAD, RUNE, XDEFI, OPUL, LINK, RFOX, INJ, XPLOT, REALM, NIF, VPAD, SENATE, SIDUS, FORM, DON, CELL, BICO, SIS, MATIC, IMX, METIS, BNB, MANA, SAND, THETA, TFUEL, GMT
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