Bankless Are Democrats Against Crypto? Rep. Ritchie Torres Answers
May 11, 2023
Ritchie Torres, a U.S. Representative from New York's 15th district, champions crypto within the Democratic Party. He explores the polarized landscape of cryptocurrency legislation and the generational divides evident in Congress. Torres highlights blockchain's potential to benefit underserved communities and critiques the current regulatory environment. He also addresses the implications of central bank digital currencies and emphasizes the need for congressional oversight to safeguard civil liberties. This conversation reveals the complex interplay between politics and cryptocurrency.
AI Snips
Chapters
Transcript
Episode notes
Crypto's Decentralization Potential
- Rep. Torres is intrigued by crypto's potential to decentralize the internet and finance, empowering workers and creators.
- He likens Big Tech's control over Web2 to the mafia's historical control, highlighting their high take rates.
Crypto Polarization
- The polarization around crypto stems from a lack of education and understanding among policymakers.
- Rep. Torres observes that pro-crypto members tend to be more knowledgeable about the technology.
Generational Divide
- The crypto divide is generational, not partisan, with younger Democrats more open to its possibilities.
- Rep. Torres emphasizes the government's role in ensuring innovation is safe, not sabotaging it.