Unchained Rep. Ritchie Torres on Why Congress Should Make Clear Crypto Laws - Ep. 524
Jul 28, 2023
Ritchie Torres, U.S. Representative for New York's 15th district, is a rising pro-crypto advocate. He discusses the SEC's overreach and the need for clear, coherent crypto regulations amid a divided Congress. Torres highlights how stablecoins pose less risk than traditional banking practices. He addresses the inequities in investor protection, particularly after the FTX collapse, and critiques the 'regulation by enforcement' approach. Through a generational lens, he calls for responsible innovation in the crypto landscape.
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Episode notes
Generational Divide on Crypto
- The divide on crypto is not ideological or partisan, but generational, with older politicians opposing it.
- Crypto and blockchain's potential to decentralize finance and the internet is seen as progressive.
Regulatory Clarity in Crypto
- Rep. Torres supports the market structure bill as it offers regulatory clarity, distinguishing good from bad actors.
- This bill defines a process for digital assets to become commodities, under CFTC jurisdiction.
Stablecoin Regulation
- Stablecoins are the truest form of cryptocurrency, functioning like currency and needing a regulatory framework.
- Rep. Torres advocates for dual federal and state regulation of stablecoins, similar to banking.
