Rep. Dean Phillips Says Crypto and AI Innovation Should Not Be Stifled

Somewhat apologize because this is the dysfunction of government that is causing havoc in so many ways. It's not doing its job. It's not anticipate this should have been well behind us already, a regulatory environment, uh a protective environment, but also an environment that fosters innovation. And by the way, I'll apply that same lens to artificial intelligence. You know, we should make sure we don't stifle innovation and we don't stifle stifle uh uh dere realization when it is thoughtful and, and supportive of uh our national interests. Uh And that's true in crypto as it should be in A I. So I do think the fit 21 bill is one that should be considered. I'm doing it right now. Uh which is one of my invitations to all of you. I want perspective. Uh when I'm president, uh I will not know everything and I will surround myself with people on both sides of an issue and make a decision that I think is in the best interest of the country. I will say this. Well, so, so that's the answer to your question is um uh I would understand how frustrated you must be and I do think that it is time to identify, to clarify even, you know, do you want it to be a currency? Do you want it to be an asset? Do you want it to be overseen by the SEC or not? Should it be a new agency? Um I do believe that that the US dollar should remain uh the reserve currency. I think that is a lever that is very important to the United States in this day and age. It's not one I want to lose. I love the privacy elements of, of crypto. I love the fact that it eliminates so many hands in the pot that take little bits out here and there that add costs in a time where life is so unaffordable. But I also want to ensure that that privacy doesn't come at a cost as well as it relates to nefarious use. Uh So I hope I'm sure you all would agree with that. And I think that's why we have to make thoughtful decisions and that's why I certainly don't come to you with my uh hardened heart if you will because I think these are the conversations we need to start having and it's getting awfully late in the game to do so.