YouSaid · the spoken record

Jason Brett

lines on the record: 63
first: 2022-04-13
most recent: 2022-04-13
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“No, I think that that's, I mean, just continuing to follow the space with what's happening in legislation. And I'll be putting out some information soon. I'm going to release on a website to really try to consolidate all the issues that are happening in Bitcoin so people just have kind of one place to go. you know, maybe I'll share that the next time I'm on your show as I have that more developed because there's just so much happening and to keep track of everything is hard. So I'm going to try to make at least one sort of location on the web for people to go to to really keep up with regulations and law.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That we now see in this order, but it's your chance to respond. And what I tell people is you have till May 9th to do it, and you should respond yourself or get together with a group of friends, talk about it and write in a response because this is kind of like one of those, if it was Brexit or if you're deciding who the next president is and you want to vote, this is your chance to get on the public record with the White House how you feel about whether Bitcoin uses too much energy or not and how it might influence their public policy. So if you don't take the time when we actually have this country that doesn't just ban cryptocurrency mining or ban Bitcoin, but actually says, hey, we're giving it a chance. We want science to rise to the top. You need to provide them that notice. So it's the White House opening its door for people everywhere to provide any kind of data that they want to provide. And I think people should take advantage of it. This is your chance to do that.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sure. So it's in our federal register. So, what that means is it's a public notice from the White House. And I can send a link later so everyone can check it out. And it's the White House looking for information about digital assets, the energy implications of digital assets, and how climate change might happen as a result. And anyone can reply by May 9th that gives you an email of who to reply to at the White House. You can write up to 10 pages with 11 plus size font or larger with one or any of a variety of subjects, including the protocol, meaning the type of protocol is it proof of work versus something else and what your opinion would be on that. They're looking for evidence from a scientific standpoint of the impacts potentially of what we always hear, right? Which is the”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The way they would with cows, right? If I was selling you 100 cows, they were all healthy, there's no problem with that. But if I'm trading futures and options contracts and there's cows that are sick or they're, you know, fake cows, whatever we want to call them, that's a problem. That's fraud. And that shouldn't be taken lightly. So I think at some point, we actually have a really good chance with the CFTC chairman right now, Benham, with the way he defended the FTX proposal of realizing, yeah, we have a role to also protect Bitcoin, not just the investors, but the commodity itself.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Emails that you don't know, or things that are really basic, right? But what that should tell you is, in a sense, is that there's a Bitcoin options and futures marketplace right now. They don't actually regulate Bitcoin itself. But if there are people who are creating things that pretend to be like Bitcoin or perhaps say it's Bitcoin and shitcoin kind of together and they're benefiting from that and that confuses investors or if you've lost money as the result, it very well could be considered a fraudulent scheme. And I know the altcoin community, I'll be polite, thinks that that's not okay to talk about stuff like this, but I'm not talking about it that you're a security or that with the SEC. Do whatever you want. Pretend to be a token. But when you associate it with Bitcoin, that's where Bitcoiners realize the CFTC actually has a role to protect it.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so if we decide that the CFTC is correct, which it's already been verified by law, that Bitcoin is a commodity, that means that for once, instead of the uphill battle where maybe we have a little bit of the underdog syndrome always as Bitcoiners, what we have to realize is that Bitcoin actually deserves some protections of its own. So instead of always just thinking, Bitcoin's going to be banned or Bitcoin's going to be this, the truth is If Bitcoin's a commodity, the CFTC regulates the options in future markets around commodities and also if there's fraud or anything that would relate to specifically affinity marketing and they speak to that the CFTC talks about the dangers of if you try to pass one product on to another and they have a lot of great safety tips on their websites for people like whether it's”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Up laws that, yeah, it really disincentivizes the federal government from coming down too hard. It won't mean that they won't do it, but you're going to have enough states that are finding the benefits of this technology and why they're leaning in. And absolutely, there's states like Kentucky and others that are trying to do much more support where there's big growth in Bitcoin mining. My home state in Pennsylvania, you know, we have Senator Toomey and there's lots of mining happening across this state. It's really, it's a great moment. And I think that's what is going to help us right now because it does seem like we're a little too federally focused. And the truth is when we look at something like Bitcoin and Bitcoin mining, you're talking about adding jobs, economies, you know, real impacts to families. And that's what the most important thing is, that the federal government sometimes loses sight of. I mean, we are a state and”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Wire, we're not going to use their ACH until we decide the risk is clear. It's like, yeah, you can join this country club, but don't swim in the pool and don't, you know, like don't eat in the dining room, just hang out in the front there and smile. So with that, though, that's really important because that's affecting a federal regulator, right? The Federal Reserve and how it's going to impact a lot of these companies as we move on to using maybe the ACH and wire systems as part of cryptocurrency more broadly. And that's big. That's when you see a state has created its own type of bank. And now what's even more important is that that state is now being reflected in probably what we're going to see in this federal bill from Lummis because she's from Wyoming. So the states are absolutely critical. And look, I mean, Texas is like the best place on earth, I think, if you're going to be a Bitcoin miner. And the way the governors embraced it, there's”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. Whoever said states or laboratories for democracy is absolutely right. And I mean, thank goodness there's folks like Caitlin Long and others leaving the charge and Jesse Powell at Kraken because they're making more headway than you realize. And it might be something that seems really, really insignificant. But with Wyoming, right, they have Krakenbank now and we have Caitlin's Bank. I think it was Avanti and now it's custodial bank. Kraken just got its first routing number with the Federal Reserve to work on ACH payments. That's a huge tectonic shift because Kraken applied for and got a Federal Reserve membership, right? Like you automatically become a Fed member. But then the Federal Reserve then takes a step back and says, well, we'll let you be a member, but we're not going to let you.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, no. Well, hey, the positive side is Bitcoin would be very large and maybe a little bit of the Bitcoin could be used to bail out some of these really large institutions. Kidding. That's not what this is about, right? It's about managing your risk, being the sovereign individual, understanding that. Look, the whole problem, the whole premise of the 2008 crisis that's got us to where we are today are these large institutions, right, that took on much more risk than they should have in playing games with other people's money. And it's not okay. So we got to change the system.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Chairman Rustin Benham of the CFTC that agreed to look at FTX US's proposal. He's changed it from 30 days to 90 days because it is very rare that you have these changes in the way you do margin requirements. So it would actually be pretty historic. And if you think about it now, I think it's about 97% of all Bitcoin derivatives are overseas, right? They're all finance and everything. A huge market, so not to your point, not only is it these larger players that have this different standard for collateralization, but to bring some of that to the US shore and have that marketplace, since it's going to be so big and it's just only going to get bigger, it's going to be really important. And it's really important to have those hedges available in the marketplace too, because that's what's going to help Bitcoin flourish in the US.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So FTXUS that bought Ledger X, they're trying to get a real time clearing for their 24-7 365 derivatives and it'll be directly with customers. I think it'd be like every 30 seconds they check your position and knock it down 10%. And it would be that way for everybody on their platform. And the people that are objecting to it are folks like ICE and CME and all the traditional players that have these things saying, no, we need to stick to having the FCM model, have the futures commissions merchant aggregate everybody's assets into one and then we'll figure out in three days what needs to be liquidated so you can have a nice Monday morning. So it's like, you know, and so what I think is great is that in this case you actually have a regulator that's really very forward looking.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you know, actually, it's interesting. You should tune into a hearing. It's going to come up in mid-May in the Agriculture Committee because the chairman, Congressman Scott from Georgia brought this up with what FTX is applying for at the CFTC.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I don't think they worry about that too much. What they worry about, the theme is always like not on my watch. You know, the modus operandi is what can I do in my job today to make sure I don't end up on the front page of the Washington Post for something blowing up. So regulators are very risk averse, right? So they're not necessarily going to over-regulate, but like if you look at how slow things are moving in the banking system with taking cryptocurrency and you kind of need special permission to do stuff. And it's always, you know, and putting a lot of investor protection notes out from the SEC and enforcement. It's all just not wanting anything to blow up. That's like the first step.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Followed up in a hearing soon after that. And what he said was when someone asked him, what is all this cryptocurrency stuff about? He said, look, there's Bitcoin and then there's everything else. Bitcoin is an asset. A lot of people believe. After Bitcoin, the way he described it was, which you and I'll think of as shitcoins, but he said it politely to Congress, is a bunch of networks that people are betting on. You know, you think this network might do well or that network might do well. And people are sort of taking bets at that point. You know, Michael Saylor says it all the time. He thinks most of the other stuff are, you know, securities, and that's sort of the way the law is built. But I'm very secure that Bitcoin's going to remain as a commodity for. Pretty much the rest of my lifetime in the US.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think if you look at what SEC Chair Gary Gensler said in the very beginning was he said, I'm trying to remember what it was exactly, but basically paraphrase that Satoshi's invention is real. And I think we have to remember what that means. In other words, he's saying the fact that it created this distributed ledger system, the fact that it has this money that's used on it, right? you know, through cryptographic proof is a real invention. That's the end of it. You know, it's a real invention. It's not something that's a security. It's decentralized. He made a joke during this asking if anyone was Satoshi Nakamoto to stand up. I don't know what that, but in a sense, it's given to me, and Brian Brooks, the former OCC comptroller who's now the CO Bitfairy.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Activities or listed activities, the price would go down. And it was basically correlating news articles. This isn't a trading strategy, by the way, but I've actually looked at it. And it is really true. Anytime you talk about regulation, you actually start to see the price of Bitcoin go up. But anytime you start to see big news about a terrorist threat or a ransomware, it starts to come down. And I think that goes to Lynaldin's point is that there's money on the sidelines, but they're not going to fully commit to it. And they feel like they have the regulatory clarity that they need. And I think that that's really, Bitcoin is definitely a commodity. It's been decided by the courts, the CFTC holds that the SEC is not interested in Bitcoin anymore. That ship has sailed. I mean, if you look at what Gary Gensler.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think regulation, the clarity of regulation is what any business craves. And remember, I mean, I'm an ex-regulator, but as a regulator, it's not really about what you want the rules to be. It's about where is the market and what is the financial market going to look like. And so if it's going to look like this, you have to move toward understanding this marketplace and coming up with regulations that can work. One of the things that has hurt the US is not having these clear regulations. A really interesting paper that I read was from the Federal Reserve Bank of Dallas, and they did a study with Bank of International Settlements in Europe, and they looked at whenever there's a news article that talks about the regulation coming and that there's going to be clearer regulations for Bitcoin, that the price of Bitcoin went up. Whenever there was an article in the paper that talked about terrorism,”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very hard to kind of have to get it out of committee. So it's really like the, and so the bill hasn't gone anywhere. He hasn't added any co-sponsors to it. Most bills don't get, you know, passed. The vast majority of bills don't ever become law. But what they can do is when you actually get the bill, it could be legislation that we're now starting to look like because of this executive order and because of all this attention on the digital asset space is people will pick and choose. So they'll look to the buyer bill. They'll look to this Lumis Guillant. Okay, how are they doing things with Bitcoin versus the shitcoins? How are they going to figure that market space out? And so these ideas are important because they can collectively end up being what the ultimate law will look like.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And he introduced that similarly introduced that right after the infrastructure bill, right? So that was sort of. His way of introducing something that was very comprehensive, but it's a little hard because what he's doing is he's introducing a bill that really has to get voted on in a committee that he doesn't even sit on, right? So he's not in the House Financial Services Committee.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right now, we kind of have the try control. We still have the Democrat House, Senate, and Presidents, all Democrats. So until they're sure they're kind of going to get what they want, they're also not want to do something against the Biden administration. So I think you'll like what I think you'll see is you'll see these introductions. You'll see that they're going to really push to get the bill passed. It might be a two-year, three-year thing sometimes this how long it takes. The important thing about the Gillibrand Lummis bill is that's like, you know, when you have a negotiation, that's like they're laying out all their cards. And I hear it's a massive bill. So, you know, it's sort of like, this is what we think we want. It's bipartisan. And then it's like everyone moving toward that. You ultimately need like, you know, Mitch McConnell kind of say, okay, let's go through with this with Schumer. And then you need.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It could be, but that would be unlikely. I think it might be in tandem with because the leading Democrats in the House and the Senate aren't really going to want to push forward with legislation if they're getting signals from the White House to hold off. Because remember.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, votes can happen very fast under certain circumstances. But I mean, you're probably looking more at like a next six month type of timeframe because”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The prediction on the hill is the most likely first bill will be about stablecoins because of the concerns that they have and regulating stable coins.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Senator Senator Toomey that just introduced last week a bill about stable coins and how it might have to go through OCC licensure or bank licensure. So these, you know, the senators are really starting to stand up and say, you know, it's great. You want to do all these studies, but we're going to dual track it because we're the ones that are actually going to make the law. So we're going to start introducing what we think it's going to be. when you see an executive order like this the writing the handwriting's on the wall that like the white house is probably going to get involved in the kind of legislation they want to do i mean one of the biggest lobbyists on capitol hill is in fact the white house so by the end of this year we could see biden administration saying this is what we want to see and so that's why you have all these senators laying down bills because it's going to be a big you know conversation big discussion to figure out what it might look like the prediction to your point about stable”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So this is a whole of government approach. Like, this is about Bitcoin and cryptocurrencies. This is about everything. And so for the next, now it's like five months in, you know, there's going to be just the most amount of reporting ever on the space from these different agencies. And you're starting to see the hill pick up a little bit. Like Senator Gillibrand and Senator Lummis that was at the Bitcoin conference. Gillibrand said, look, I think it's great that the White House wants to do an executive order about this stuff. But if there's going to be real change, it's going to be a new law. And you need lawmakers for that. There's a reason the White House does what it does. But then we have legislation. So she and I think Senator Lummis, they're planning to introduce they've told us really just the name of the bill, which is the responsible financial innovation act. And then you had another.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, I said that a long time ago. I thought stablecoins are like, I called stablecoins are like the new orange, you know, orange is new black, like stablecoins is a new bitcoin because it's representing a US dollar. And it's almost not fair when you think about the executive order when we're talking here about that it's maybe these three issues. I mean, Preston, this is executive order encompasses 20 different reports that over the next six months have to go to the White House, 20 different reports, wow from 23 different federal agencies.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“How do we help the companies get out of those situations? I don't think not letting them pay in Bitcoin is the right answer if there's a way out, then they need to have a way out. But right now, that's their biggest concern.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Vincent, you know, financial crimes enforcement unit from Treasury was the very first agency to chime in on this whole subject. And ever since then, there's always been this lens of looking at it from the, well, what if a terrorist took $100 worth of Bitcoin and rented a U-Haul truck and ran it into a building? You know, we have to stop every occurrence. And I think we've never really been able to pull away from that narrative. With the executive order, it doesn't just capture that part. It's now capturing, you know, like we were saying before the ransomware. That's really the concern, right? What if they try to do a shutdown of a colonial pipeline or anything? And obviously, you know, any other kinds of warfare would be obviously much more scarier. So this is what they're going to throw at us. We do have to figure out a solution to what do we do when we have these ransomware attacks from actors, whether it be North Korea or Russia.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So it's like we have this range of like 75% to 1%. You know, I don't know if Chain Allison has it right with the less than 1%, but the real question is, yeah, maybe it's like a few percent is part of this whole thing with the illicit finance. But I'm sorry, it's a new kind of money. It's a new value of money. We don't have the ability in our current system of stopping, we try to stop bad actors from using money, but we can't. I don't know what the expectation is of we're going to have a new form of money and, you know, maybe not the best advertisement for Bitcoin, but the idea that you can do tracing to figure out if something really bad has happened and follow where that went. Should I think give people more comfort about it, not less. But the illicit finance thing, you have to remember back in 2013.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you know, Chanalysis did a report and it showed that the number's gone quite down as far as how much is a percentage of the overall crypto economy is used for this type of illicit activity. I really struggle with a lot of this myself because I did some reporting where I looked at what the Secret Service was examining because they're out of Department of Homeland Security. And I had numbers from 1% to up to 75% of the market. And the 75% number supposedly came from the FBI because someone gave it in testimony at a house hearing. But then when I went back to the FBI and I looked at it, said no one could tell me where that number came from.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. And so, yeah, that's like, so the systemic risk piece really bothers me because there's this narrative now that somehow cryptocurrencies could be a systemic risk. This isn't real estate, right? With people coming up with synthetic CDOs that if it's Listen, at some point, with the Luna stablecoin and others, we might see all of this as the new financial markets. So then it's not a matter of what systemic risk there'll be systemic risks should really be like renamed like how we're going to kick out all the incumbent banks.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that was sort of my seed that was planted. I didn't have the benefit of realizing the Bitcoin paper and what came out at that point. But in 2016, I learned about Bitcoin. And I haven't looked back since. I love this space so much because now I'm accumulating Bitcoin. And for me, it's just, it's sort of like a second life for me of listening to everybody in the space. I feel better. I'm the same way.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like it wasn't like, hey, here's some gold or here's something reliable. It was like Preston, let me convince you keep your money in the bank. And that's what they sent folks out to do was to these people from the Great Depression who had seen their grandparents lose it all, showing up with a suitcase wanting to just walk out of the bank with like their life savings. And the job of the government was you don't have to do that. Your money's safe. Don't put it under the mattress. I mean, and when I realized that was like the plan. And then I started tracking what the Federal Reserve was doing with this balance sheet, which was part of my job too. I just thought something's wrong here. You know, something's not quite right.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That forces the taxpayer then to bear the burden of that cost. But the reason I'm so then the other part of it for me was realizing that there really is nothing behind the US dollar. We all come to accept that now in the Bitcoin community. But back then, it wasn't really original concept. And I'm watching like all these banks fail and I'm realizing that the plan that everyone was going to in the government was we have to shore up what public relations looked like for the US dollar.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the idea of systemic risk had to do with AIG because then I started looking at AIG, we started looking at the different countries that it was exposed to, the amount of exposures of what would happen if AIG failed right after we said Lehman Brothers could fail. And that's when I was really realized how these products, you know, if you have a concentration of risk, it really creates a risk that can just shut down the whole system.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Since it's all about About systemic risk. So I was a regulator at the FDIC in 08 and 09 during the financial crisis. And that's really what opened my eyes up to the idea of something maybe like Bitcoin, but I didn't discover it until 2016 when I started working in the industry. But I was in the capital markets and finance division starting in the summer of 2008 and I saw all the banks fail. Indec bank failure. I was on a Bloomberg machine figuring out everything with Wakovia, Washington Mutual. It was really scary. I remember looking, it would look like the matrix of my Bloomberg screen with some of the banks falling. And I had this one guy take me in this office, this older guy. He sat me down and was like, Jason, have you ever been through a financial crisis? I'm like, no. He's like, well, you're in one. So just relax, do your job, stay focused, you know, and we'll get through it. But then what really opened my mind.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You lose people, and it's like you have five or ten minutes most of the times with people who are influential in their decision making, then they're on to the next meeting.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin is growing. I mean, this is a new ball game from where we were five years ago. There are mainstream lobbyists from Brownstein and other top lobbyist chops in DC are going to the hill now talking about this stuff. In fact, they can't get past what Bitcoin and blockchain are. So what they're doing is they're bringing the people who are like the programmers with them to the meetings and just letting them explain it. And then the programmer goes so deep it goes right over the people's heads. We actually need to not just educate people on the hill, but these top paid lobbyists bring them into like a class with you and help them understand, look, this is just the basics, you know, get some understanding around the basics technology because you know better than anyone that if you start to go too deep in this stuff.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, I mean, you have a hard time differentiating Bitcoin from blockchain still. I mean, this is a very, a small subset of 100 different issues that the congressmen and senators face. Now, I will say with things like there was a recent bill on El Salvador and their use of Bitcoin that sort of forces them to kind of get more knowledgeable about it. But going that deep, you know, some of the staffers will understand that, but that's really a little too far of a reach. People in industry, though, like you said, can analyze it. The problem is the minute you start talking about a stable coin and then you get to the type and then you try to explain how Bitcoin could back it. It's advanced calculus at this point. They're still on the basic math. And I think that's one thing that people really need to recognize. In fact, Preston, one of the things that's been happening is because”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So that's the danger of thinking it that way. And that's what I mean when I say we have to figure out a new solution. And you have a lot of smart people on your show. I think that's going to be a great, fascinating thing that's going to have to be figured out over the next several years is what is it pegged to? And I mean it. Is it pegged to Bitcoin? What do we peg our dollar or units of currency in this country to? So it's more substantial than, I mean, look, fiat money decrees, we've proven I think in our lifetime it does not work.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's what I would really encourage everybody. And I've done that before. People have asked me, and I've brought them to meet with Congressmen or Congresswoman, as I typically do with policy. And I help explain what the message they're trying to get across. And I also try to coach people on who the right person in the office is to talk about, because you can kind of talk to anybody. But if you don't talk to the person that has the portfolio around cryptocurrencies, then it's probably not going to go anywhere. But I think that having those just basically explaining what Bitcoin is, that it's this decentralized form. And that if the US tries to create a CBDC on a central ledger, that's really copying what China's doing, right? Because China's already really done that.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What worked for Bitcoin with a CBDC, it's going to be very open. You're going to be just where you were before with the problems that we have with the Federal Reserve. And I think that at this point, explaining to people on the hill, like even wherever you are to your congressmen or congresswoman or senator, having an opportunity to talk a little bit about Bitcoin and just explaining what Bitcoin is and how it works and how you see it as hard money, just like gold or any other precious metal, I think explaining that notion, explaining it could literally back the US dollar, I think is something to start to have that conversation with because Bitcoin really has some positive momentum on its side right now. And I think the more people talk about it, you know, the one thing that's nice about this country is we have voters that can sway the politicians. And I think.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I think it goes back to a little bit, you know, like one of my favorite sayings from Albert Einstein is like, you know, if you have a more complex problem, you can't solve it the way you solved the first problem. And that's kind of where we're at right now. And I think that's the right way to explain it is, you know, we have this fiat currency. And if you try to apply”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Pulled out is people's fear of the CBDC. And I think the number one fear is privacy. I mean, I don't know about you, but if I had a CBDC as on my phone, I mean, I already think the government listens to everything I say anyway, but like they're going to know everything I spend money on. You know, I mean, I just don't think people just don't have that either they don't care or just people don't have the confidence that the government won't actually be watching what we're doing. So it's a big, that's the biggest hurdle for a CBDC, I think.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“FinTech companies or banks, and then be dispersed after that. There was another bill that was introduced mainly by progressives that talks about eCash or electronic currency. It was called the eCash Act. This one actually is created to specifically not give the Federal Reserve any powers to create some anonymous aspects of cash, but in digital form. And it tasks the U.S. Treasury with doing that. So it's interesting, right? Because the Treasury really is the one that printed notes before we sort of had the Federal Reserve involved. And, you know, that has a lot to do with not wanting to, some of that has to do with, I think, the MMTs, right? Modern monetary theorists and printing a lot of money and being able to do that in digital form. So it's a little suspect, but it is interesting, right, that to me, both on the Republican side, the Democratic side, the one thing that's really being”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Have gotten so much attention, right? Because it's the equivalent of a US dollar. And the bigger question here is how as we move to a digital economy that's really been accelerated by COVID-19. And that's why I think all of this is coming to fruition so fast is what do we have in the digital environment, the digital economy that's growing that can maintain the status of the US dollar? You know, it's really going back to the playbook of the fiat currency that we've used in this country to do regime change and so many things and to try and apply it electronically. You know, when you talk about the hill, it's interesting, right? Because there's a few different viewpoints on this. Some folks on the Republican side, Congressman Tommer specifically and now Ted Cruz have endorsed a bill that would have a CBDC's only be used the way it's used now, meaning no direct contact from the Federal Reserve right with retailers. It would have to go through some either, you know,”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, Press, and I think that CBDCs right now are considered the way that Janet Yellen and Powell at the Federal Reserve want to combat Bitcoin and other cryptocurrencies. Janet Yellen just gave a speech last week that said, you know, we really like parts of this technology and a lot of people in the Bitcoin space are really positive about what she said. But I think it's sort of like picking and choosing because I think they want to use like a distributed ledger for a CBDC, but really it's going to be centralized. The push on this is really from the international perspective. They want to keep the dollar as a way to enforce sanctions and benefit from its status as a global reserve currency. And there is the threat, right, that it could go away, whether through stablecoins. That's why stablecoins.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The executive orders usually are not like this. They're not usually studies. I was really worried what sometimes the executive order might come out and say, hey, we're just banning Bitcoin mining. Usually it's an order. So like the fact that we're getting this study is good, the question is, what's the next executive order going to look like in six months while all these studies go on? So that's why everyone needs to pay attention to how all these agencies are reacting and what the direction is because this could have really a foundation for the way the US treats Bitcoin for the next 10, 15 years.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In any way, you're breaking sanctions. So, cryptocurrencies really change the paradigm. Bitcoin's totally changed this paradigm now about how sanctions are enforced. I mean, theoretically, if what they were saying about Venezuela is true, if El Salvador has a fiat currency that's technically Bitcoin, does that mean that if you and I are spending Bitcoin, are we somehow breaking sanctions if we had sanctions against El Salvador? So it really opens up a lot of questions, right? Like how do you know if you're sending something to somebody in Russia or not with cryptocurrency? It also assumes that people are really actively using cryptocurrency to break sanctions. I don't know that really the evidence is in yet, and that's been one of the things I think that needs to be further examined. But it was very clear that with these offices quickly after the president's order doing these things, it was clear there was some top-down type stuff that had to happen as a result. I'll tell you, President.”
2022-04-13 · We Study Billionaires · BTC073: Bitcoin Policy Considerations w/ Jason Brett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT