The Politicizing of Crypto and Gensler’s Response to a Question of Law.

04/21/23 • 31 min

This episode is sponsored by EY and Brave.

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.

From our sponsors:

EY blockchain solutions can transform the business lifecycle for digital ecosystems, by promoting trust, transparency, privacy and efficiency. EY: Helping you build a better working world. Find out more at blockchain.ey.com

Brave is the privacy browser used by almost 60 million people worldwide. The built-in Brave Wallet is your secure passport to Web3. It supports over 100 chains, fiat purchases, swaps, NFTs, and even connects with other wallets and DApps. All right in your browser. No risky extensions, no spoofing. Learn more at brave.com/wallet.

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.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code MONEYREIMAGINED to get 15% off your pass. Visit coindesk.com/consensus.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode is sponsored by EY and Brave.

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.

From our sponsors:

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.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Previous Episode

The Intersection of AI and Crypto

This episode is sponsored by EY and Brave.

In the last few months, artificial intelligence (AI) has grown exponentially and rapidly, raising concerns over its safety and the adverse consequences it may have on society if it is not addressed.

However, the application of artificial intelligence in the crypto space has many exciting advantages. With artificial intelligence, trading algorithms can analyze vast amounts of data and make informed decisions about buying and selling cryptocurrencies. Cryptocurrency fraud can be detected and prevented using artificial intelligence. Blockchain networks can be optimized using artificial intelligence. Furthermore, AI can even enhance the privacy and security of cryptocurrency transactions.

So what is all the fuss about if AI can bring all this good?

There are potential drawbacks and negative aspects to consider. Some of the main negatives of AI include job displacement, bias and discrimination, privacy concerns, dependence and overreliance, ethical concerns, and lack of transparency and regulation.

On this episode of “Money Reimagined,” to help unpack this important topic of AI ownership and distribution, Michael Casey and Sheila Warren speak to Jacob Steeves, founder of Bittensor, an open-source protocol that powers a decentralized, blockchain-based machine learning network.

Casey jumps right into the discussion of the controversial op-ed of Eliezer Yudkowsky, author, founder, and leading thinker in the AI space, and its impact on the AI community.

On this show Michael and Sheila discuss:

Connective threads of drama. 2:38
What happens when you know that you’re right? 4:54
The rise of Ai and the potential for regulation. 5:29
How do we establish a decentralized world? 7:15
What is the difference between absolute and extreme thinking? 9:27
Ethical and intellectual perspectives. 10:50
The core thesis of the paper. 14:26
The core premise of Bittensor.io. 15:33
The governance question around open AI. 19.03
The problem with Web 3.0. 25:28
Capitalism vs. Governance. 28:50
The bias of people who get into cryptocurrency. 33:47
The positive vision of AI. 35:35
Protecting the status quo vs. imperialism. 38:19

See Also:

General documentation: https://docs.bittensor.com

Bittensor whitepaper: https://drive.google.com/file/d/1VnsobL6lIAAqcA1_Tbm8AYIQscfJV4KU/view

Academic paper (NeuralIPS 2022 publication): https://ai-secure.github.io/DMLW2022/assets/papers/6.pdf

Slideslive Video: https://nips.cc/virtual/2022/62821

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.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and i...

Next Episode

CONSENSUS 2023: The Solution to Poverty Is Prosperity, With Magatte Wade

This episode is sponsored by EY and Brave.

“Money Reimagined” comes to you from the Brave Podcast Studio at Consensus 2023. Brave is the privacy browser used by almost 60 million people worldwide. It has everything you need to stay safe online. Check them out at brave.com.

Sheila Warren is live from Consensus 2023 in Austin, Texas, talking to Magatte Wade, author, entrepreneur and CEO of “Skin Is Skin,” focusing on creating positive change in Africa.

See Also:

Skin Is Skin

Money Reimagined has been produced by senior producer Michele Musso, edited by Ryan Huntington and our executive producer is Jared Schwartz. Our theme song is “AITA” by Neon Beach.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.