Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss - Ep. 450

Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023.

Show highlights:

• why the current environment in Washington makes it difficult to pass new legislation
• whether the opinion of members of Congress on crypto has changed in the aftermath of FTX’s alleged fraud
• how Elizabeth Warren and others are using the FTX collapse to prove their anti-crypto stance
• whether it’s possible to prevent a fallout like FTX from ever happening again
• why Miller believes that this year Congress will be “absolutely obsessed” with crypto
• what stablecoin legislation would look like, and why stablecoins are more likely to be regulated sooner
• why Sheila thinks Ripple could win its case against the SEC
• why they believe the SEC’s failure to approve a spot Bitcoin ETF is a logical inconsistency 
• why they think it’s not possible to apply TradFi rules to DeFi technology
• how more policymaker education needs to be done
• how OFAC sanctioning Tornado Cash sparked many conversations among researchers and policymakers
• the role of the government in preserving national security
• how MiCA took an appropriately slow approach to imposing DeFi regulations
• the impact of China and India adopting digital currencies 
• why Miller thinks China’s digital yuan is “the apotheosis of a totalitarian technology” 

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Links

Previous coverage of Unchained on crypto legislation:

• Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money
• Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End
• Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto

Guests:

Sheila:

• Twitter

Miller:

• LinkedIn

FTX

• CoinDesk: 
• After FTX: How Congress Is Gearing Up to Regulate Crypto
• Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses
• After FTX: How Congress Is Gearing Up to Regulate Crypto

• CNBC: House Republicans move to regulate crypto industry with a new subcommittee

MiCA

• CoinDesk:
• Analyzing What's Next for Europe's Markets in Crypto Assets Law
• EU’s MiCA Crypto Law Would Have Stopped FTX's Malpractice, Officials Say

Others

• Project Hamilton - Building a Hypothetical Central Bank Digital Currency
• U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
• Tornado Cash is no “golem.” It’s a tool for privacy and free speech. - Coin Center

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