The Politicizing of Crypto and Gensler’s Response to a Question of Law
Real people are getting hurt by unscrupulous actors in the crypto industry and no one is doing anything about it.
April 21, 2023
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On this episode of “Money Reimagined,” Michael Casey and Sheila Warren dive right into Gary Gensler's response to a question of law by Rep. Patrick McHenry during the House oversight hearing of Gensler’s Securities and Exchange Commission earlier this week. Sheila and Michael discuss partisanship, climate disclosures, and the role of the SEC.
A reshaping is taking place of what powers administrative agencies are allowed and the defined responsibilities of Congress and the courts.
In this episode Michael and Sheila discuss:
- Gensler's response to a question of law by Rep. Patrick McHenry
- Partisanship, climate disclosures and the role of the SEC
- The role of government
How crypto is getting politicized
- The role of regulators in the future
- Regulation by enforcement after the fact
- The second time in the crypto industry that unscrupulous actors are engaging in activities that hurt people
Pro-regulatory stance on regulation
- The progressive pro-regulator stance on this issue
- The shadow of the threat
- Responsible actors: good and bad
- No accommodation for innovation
- The sword of Damocles hanging over U.S. partners
- The CFTC action against Binance
Regulation and innovation
- Recognizing the pain that people felt in California
- The need for regulation and innovation
- Let open-source, permissionless innovation happen in a constructive way.
- Crypto is a proxy for other issues.
Inter-agency territoriality
- Inter-agency territorial conflict between SEC and CFTC
- Importance of context in these conversations
- Early warning sign with ICOs in 2017
- Regulation needs to differentiate between good and bad actors
Regulation of digital assets and licensing
- Bermuda's strict licensing requirements
- The massive erosion of trust after FTX
- Joint responsibility of regulators and the industry
- Crypto is not as partisan as it seems.
The problem with simplistic black-and-white solutions.
- Nuance always gets lost, and that's part of the problem.
See Also:
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Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “AITA” by Neon Beach.
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