CD264: Cryptocurrencies and Blockchain

Congressional Dish

Jennifer Briney

News, Congress, Government, Politics, Corporations

4.8 • 1.1K Ratings

🗓️ 11 December 2022

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

FTX, a large cryptocurrency exchange, recently went bankrupt, leading to calls for government regulation of cryptocurrencies. But you might be wondering, what are cryptocurrencies? In part one of this two-part series, listen to expert testimony provided over a four-year period informing Congress about the cryptocurrency industry, the promise of blockchain, problems - both real and overblown - with this new technology, and how best to regulate this complicated industry. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: [email protected] Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or [email protected] Use your bank’s online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Recommended Congressional Dish Episodes Proof of Work Jake Frankenfield. May 2, 2022. Investopedia. Initial Coin Offering (ICO) Jake Frankenfield. Aug 18, 2022. Investopedia. Sherwin Dowlat. Jul 11, 2018. Satis Group. Madison Cawthorn The Associated Press. Dec 7, 2022. NPR. Regulations Cheyenne Ligon. Dec 5, 2022. CoinDesk. Bills Sponsor: Sen. Debbie Stabenow Audio Sources January 20, 2022 House Committee on Energy & Commerce, Subcommittee on Oversight and Investigations Witnesses: , Weill Family Foundation and Joan and Sanford I. Weill Professor, Jacobs Technion-Cornell Institute, Cornell Tech , Chief Executive Officer, Soluna Computing, Inc. , Chief Executive Officer, BitFury , Former Chief Executive Officer, Chelan County Public Utility District and Bonneville Power Administration , Shareholder Jordan Ramis P.C. June 16, 2021 House Committee on Financial Services, Subcommittee on National Security, International Development and Monetary Policy Witnesses: , Global Head of Policy & Regulatory Affairs, Chainalysis , Senior Director, Center on Economic and Financial Power, Foundation for Defense of Democracies February 25, 2021 House Financial Services Committee, Subcommittee on National Security, International Development and Monetary Policy Witness , Former Assistant Secretary for Terrorist Financing and Financial Crimes, U.S. Department of the Treasury July 30, 2019 Senate Committee on Banking, Housing, and Urban Affairs Committee concluded a hearing to examine regulatory frameworks for digital currencies and blockchain, including S. 2243, to amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time. Witnesses: , Co-Founder, Chairman and Chief Executive Officer, Circle, on behalf of The Blockchain Association , Specialist in International Trade and Finance, Congressional Research Service , Professor of Law, University of California, Irvine School of Law October 11, 2018 Senate Committee on Banking, Housing, and Urban Affairs Committee concluded a hearing to examine the cryptocurrency and blockchain ecosystem, including S. 3179, to require the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking. Witnesses: , Professor of Economics and International Business, New York University Stern School of Business , Director of Research, Coin Center Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: by (found on by mevio)

Transcript

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0:00.0	The amazing thing about blockchain is it operates as a distributed computer, meaning it can do all the things that a traditional computer can do.
0:11.0	So, as I said in my opening statement, right now there are about five companies that really control the internet as we think of it.
0:19.0	And they have their own servers and our information is in those servers.
0:24.0	Well, the great thing about blockchain is it distributes that power across the network.
0:28.0	So, you can think of the entire network as the computer that is doing the transactions.
0:33.0	And in that circumstance, individuals own their own data. They control their own data.
0:38.0	And they choose if they want to sell it to someone, if they want to pass it on to someone.
0:42.0	All of that is under the control of the consumer and no one else can monetize their data.
0:47.0	So, in many ways that innovation, turning distributed computers into a giant server, is one of the most radical and potentially transformative innovations in our lifetime.
0:59.0	I am so damn tired of being lied to.
1:07.0	I don't think I can deny it anymore.
1:15.0	You can stick to your story if you think it flies.
1:23.0	But I'm not gonna buy it anymore.
1:29.0	Hello, my friend, and thank you for listening to the 264th episode of Congressional Dish.
1:35.0	I'm your host, Jennifer Braini.
1:37.0	If this is your first time listening to my podcast, thanks for checking it out.
1:41.0	This is a podcast that is created by a regular taxpayer just like you who wanted to know what Congress was doing with my money and in my name.
1:49.0	And I kind of got into all of this because I was watching a lot of CSPAN and I found hearings to be fascinating.
1:57.0	And then that got me into also looking at what was going on in the House and Senate floor.
2:01.0	And I saw crazy things being slipped into bills and laws.
2:05.0	And here we are about 12 years after I started watching CSPAN obsessively.
2:10.0	And now I have this podcast where I tell you what's in bills and laws.
	...

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