Insight into U.S. House Hearings On Cryptocurrency
House Agriculture Committee Holds Hearing On Cryptocurrency
Topic:Cryptocurrencies: Oversight of New Assets in the Digital Age
Statesman:Mike Conaway
Position:House Agriculture Chair
Institution:Congress
Views:
1.While digital assets are often thought of as ‘payment systems’ or ‘digital gold’, I believe the promise that token networks hold is more universal — and more exciting — than that. Providing a strong, clear legal and regulatory framework for digital assets is essential.
2.If it’s necessary, Congress and regulators may want to consider developing a new framework
Focus:Regulation
Tone:Negative
Statesman:Collin Peterson
Position:Republican Congressman
Institution:Congress
Views:
1.Much of the cryptocurrency ecosystem “seems like a Ponzi scheme” and he asked what backs the funds.
Focus: Endorsement
Tone: Negative
Statesman:Jerome Powell
Position:Chairman of the Federal Reserve
Institution: Regulation(Macro)
Views:
1.Cryptocurrencies aren’t big enough to pose a threat.
2.Investors and consumers are at risk due to the volatile price and lack of protection
Focus: Regulation
Tone: Negative
Statesman:Gary Gensler
Position:Former CFTC Chair
Institution: Regulation(Micro)
Views:
1.Cryptocurrencies aren’t big enough to pose a threat.
2.Investors and consumers are at risk due to the volatile price and lack of protection
Focus: Regulation
Tone: Negative
Statesman: Daniel Gorfine
Position:Director of LabCFTC and Chief Innovation Officer of the CFTC
Institution: Regulator (Micro)
Views:
1. Nobody is able to predict exactly where innovation is heading, and, accordingly, it is incumbent on a 21st century regulator to continue studying, learning, and keeping pace with change. We all have the shared goal to bring clarity and certainty to the market but we also need to be sure that we are thoughtful in our approach and do not steer or impede the development of this area of innovation.
2. While some may seek the immediate establishment of bright lines, the reality is that hasty regulatory pronouncements are likely to miss the mark, have unintended consequences, or fail to capture important nuance regarding the structure of new products or models.
3. It’s important that we’re not hasty in figuring out what the contours are of applying securities law and then the commodities framework.
4. Twelve Russian nationals were charge for using crypto to fuel their efforts to “interfere” in the 2016 U.S. presidential elections thanks to the traceability of Bitcoin.
Focus: Regulation
Tone: Positive
Statesman: Joshua Fairfield
Position:William Donald Bain Family Professor of Law, Washington and Lee University School of Law
Institution:Academic
Views:
Blockchain is ideal for traffic analysis to help capture criminals.
Focus:Effectiveness(crime)
Tone: Positive
Statesman: Scott Kuporr
Position:Managing partner at Andreessen Horowitz
Institution:Entrepreneur
Views:
1. Encrypted networks provide a new way for innovative developers to create new digital services without the risk of establishing a centralized platform;
2. The encrypted network introduces strong economic incentives to community participants through tokens. Using an encrypted network, as a user can own the data, choose the date to be disclosed to the advertiser and promote the flow of economic value;
3. The issuance of tokens should be regulated;
4. The value of tokens is its functionality and practicality;
5. Bitcoin is actually the worst tool to money launder, because every transaction is registered and [recorded]
Focus:Regulation, effectiveness(crime)
Tone: Positive
Statesman: Amber Baldet
Position:Co-Founder and CEO of Clovyr startup
Institution:Entrepreneur
Views:
1. The work of cryptocurrency involves “R&D, transformation of enterprises and financial industry, digital privacy and public cryptocurrency advocacy”;
2. The revolutionary theme of cryptocurrency, or more extensive cryptographic assets, is the ability to send people what they own over the Internet, and then indisputably no longer own it, without relying on third-party intermediate products;
3. The public chain is a digital public area, usually also means that open source software “allows code audition and increase trust in the code”;
4. The cryptocurrency can build bridges for people in trouble. “
Focus:Effectiveness(others)
Tone: Positive
Topic:The Future of Money: Digital Currency
Statesman: Bill Foster,
Position: US Congressman,
Institution: Congress
Views:
1. If a central bank had the ability to issue a digital currency, it could supplant the dollar around the world.
2. Hope to hear not only about cryptocurrencies, but also digital fiat currencies.
Focus: Fiat
Tone: Negative
Statesman: Brad Sherman
Position: US Congressman
Institution: Congress
Views:
1. U.S. persons should be prohibited from buying or mining cryptocurrencies
2. Cryptocurrencies can currently be used by tax evaders and rogue states seeking to bypass U.S. sanctions.
Focus: Effectiveness (Crime)
Tone: Negative
Statesman: Jerome Powell,
Position: U.S. Federal Reserve Chairman，
Institution: Regulator
Views:
1. Cryptocurrencies could be especially harmful for “relatively unsophisticated” investors, putting their money in crypto tempted by surging prices.
2.Cryptocurrency is not really a currency and has no intrinsic value.
3. There’re investor or consumer protection issues as well.
Focus: Volatility,
Tone: Negative
Statesman:Rodney J. Garratt
Position:Professor of Economics, University of California Santa Barbara
Institution:Academic
Views:
1.The adoption rate of bitcoin, will depend not only on its performance as a money, but also on the alternative forms of digital
money (if any) that the central bank provides.
2. If the central bank offers a digital form of central bank money to the public with sufficient cash-like properties, then perhaps this will appease those who miss cash.
3.The potential for illegal behavior is not unequivocally increased by cryptocurrencies.
4.A retail central bank cryptocurrency would not suffer from the high price volatility that undermines the usefulness of bitcoin
Focus:Legal Currency and volatility
Tone:Positive
Statesman:Eswar S. Prasad
Position:the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University
Institution: Academic
Views:
1.New financial technologies — including those underpinning nonofficial cryptocurrencies — herald broader access to the financial system, quicker and more easily verifiable settlement of transactions and payments, and lower transaction costs.
Focus: Payment
Tone:Positive
Statesman:Alex J. Pollock
Position:Distinguished Senior Fellow R Street Institute
Institution: Entrepreneurs
Views:
1.The appeal of this idea to central banks is natural: it would vastly increase their size, power and role in the economy.
Focus:Legal Currency
Tone: Negative
Statesman:Norbert J. Michel
Position:Director of the Center for Data Analysis at the Heritage
Institution: Entrepreneurs
Views:
1.Wider adoption of bitcoin could lessen the volatility
2. The establishment of Bitcoin has a lot to do with its own volatility
3. The tool itself cannot be judged to be illegal only because the criminals have used Bitcoin.
Focus: Payment and Volatility
Tone: Positive
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