YouSaid · the spoken record

Perianne Boring

lines on the record: 49
first: 2023-08-09
most recent: 2023-08-09
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

“Thank you. Everything's on our website. We're very, very transparent. We publish all of our policy positions, all of our members are listed on our website. Our whole team is listed on our website. So we believe in operating in a space of transparency. So there's a ton of information on our website, a digital chamber.org. And if you want to support our efforts and make it either become a member of the chamber or just make a donation to support the work of our team, you can go to digitalchamber.org backslash support. And then we're also very active on Twitter. So you can get real-time updates on Twitter at DigitalChamber.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Cares about the future of this technology to make sure you meet with your elective representatives. This could be your mayor, your state representative, your U.S. representatives. Make sure they know who you are and they understand why Bitcoin is important to you. That way, when you have these very real battles, at least you have some kind of touch point and they have some, you know, hopefully they start that education now. I do think this community has been very effective over the past 10 years. We have a lot more work to do. But thanks to a lot of the amazing people who have supported us and who are part of our work, we've been able to bring very real resources to the public policy process to make sure that Bitcoin's voice is a part of the conversation in Washington.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As a community to address very, very real threats facing our community. In doing so on the chamber's platform. So I think the bigger challenge, like when it comes to public policy and the Bitcoin space is that so many people in this space are just individuals, right? Where in the financial services space or the banking space, the real stakeholders are companies. So you have this very, real dichotomy between the users of the technology and some of them are very big investors versus the companies that are building infrastructure for this space. And we really strive to represent everybody. Every year we host an education day for the whole community. We invite anybody in the space to come to DC and go meet with their elected representatives and tell them about why they support this technology and why they should too. So we try to work everybody in and we definitely encourage anybody who”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Be a part of our work. And we have built incredible consensus across the Been incredibly effective in our policy work, not just from bringing oversight to the SEC and how it's handling spot Bitcoin ETFs, or getting the accounting issues fixed. We've gone head to head with the Treasury Department on self-hosted wallet rules. And if you remember a couple of years ago, but there was a huge scare that Treasury was going to require KYC of self-hosted wallet rules. We threatened to sue the U.S. Treasury for violations of the”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Traditional financial services lobby is very sophisticated. These are companies that have been regulated for a very, very long time. So they've just had a lot more time to build these types of operations. And they invest heavily in their government affairs and lobby efforts. And while you have all the banks and the financial services companies, they compete heavily in the market. One thing that when it comes to DC, when it comes to talking, communicating with their regulators, they get on the same page. They coordinate very, very well and they have a unified message. For Bitcoin, I mean, this is the whole reason why we started the Chamber of Digital Commerce. When we started in 2014, Bitcoin, the whole market was just Bitcoin. You had a couple different cryptocurrencies that were out there, but we were founded by very early Bitcoin pioneers. And those people are still a part of our organization today. And we managed to bring in 200 other companies.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Regulator, which means the FCC is operating outside of its statutory jurisdiction. And so we have made Congress aware of this. We have delivered our report to every single member office on Capitol Hill. We've given briefings to the Financial Services Committee and the Banking Committee. And we have spurred an oversight response. You may have seen there's been multiple members of Congress that have sent letters to Chairman Gary Gessler asking for more information about how they've come to these decisions. Is this Congress's job to hold the SEC account and make sure they're operating within their jurisdiction and they're not? And so we're helping Congress get to the bottom of that and to support bringing a spot Bitcoin ETF to market as soon as possible.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely right. Is really how Congress designated how the SEC should operate. And the SEC is very clearly a disclosure. Meaning companies are required to make specific disclosures with respect to regulated products they're going to bring to market. The FCC has the authority over that process, but they are not supposed to pick the winners and the losers. That's what merit regulators do. The SEC is very clearly defined as a disclosure regulator. And by picking the winners and losers, by saying this commodity ETF is okay, but that one is not.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we documented in our paper, it's called the crypto conundrum and it's available on our website. Anybody can review it. We documented how the SEC continues to move the goalpost of what the industry needs to provide in order to bring a spot Bitcoin ETF to market. We also document how the SEC is holding Bitcoin to a completely different standard than other commodity ETF markets. Approach has been arbitrary and capricious because they treat To What this is discriminating. That's just my personal Arbitrary and capricious. It's because of political. What is it going to take to bring a spot? Bitcoin in which he Unfortunately, into really he's holding Bitcoin hostage Jurisdiction as And that's why that's We supported an amicus brief and grayscale's case against the SEC.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So it's a when not if. There will be a spot Bitcoin ETF in the United States. It will happen. Unfortunately, this process is now being handled by the courts. And the reason why is because the SEC has unjustifiably blocked every single attempt to bring a spot Bitcoin ETF to market. The first time anyone tried to bring one was in 2013, the Winkleboss twins filed the very first botcoin ETF. There's been dozens of attempts over the past 10 years. Last year, we did a big study. We looked at every single application and denial, and we analyzed those in detail, and then we also interviewed over 30 market participants. That was the issuers plus other infrastructure providers in the ETF markets to really understand from a comprehensive perspective, like how just what's happened and why are we in the place we are now.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We hope that never happens, and that's why we are on the ground every day with our policy, our energy policy experts, educating everybody about Bitcoin mining so it never gets to that point. And so far, we've been able to hold that ground. And we've actually been able to turn the dialogue. We have multiple pieces of legislation that have been introduced that promote proof of work mining in the United States, the blockchain regulatory clarity act, which was introduced by Congressman Tom Emmert, that just passed out of a markup last week as well. So we have made as a community very, very real progress on this anti-environmental kind of narrative towards Bitcoin just through education. And the narrative has really changed from Bitcoin's bad to the environment to Bitcoin can play a role in enhancing our energy security. And we need to study and understand that better.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was going on. It was reporting on this. Every single member, while not all of them were fully informed, a lot of them had been through the education, but not everybody. All of them fell and walked away of like, I may not understand Bitcoin and Bitcoin mining, but I know it's important because it was such a big event. And I need to understand it. So even though that bill was passed, we still have a team doing education in New York and that team has gotten considerable inquiries from all sorts of numbers coming out of the woodworks saying, yes, we want to learn because we don't want to be caught flat-footed where we have to vote on something and we're in the middle of a big fight and we don't understand how to make the right decision because we don't understand what we're working, you know, what we're voting on. So education is our biggest tool. And we've seen big battles for Bitcoin mining in New York. We haven't seen those on the federal level yet. There hasn't been any big effort, real effort to pass a bill that would hurt Bitcoin mining in the United States.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In getting to the right answers and doing what's best for their community. So we saw just a tremendous amount of people who ultimately became supporters. So when that bill came for a vote, it was brought to the assembly floor in the state of New York. The assembly is the equivalent of the House. We had created such awareness and both with educating people on the ground in Albany, but also we had thousands of people across the country call and write the state of New York and tell them this is not good. This is why Bitcoin's important and urging them not to support the bill. It led to the largest debate or I'm sorry, the longest debate in the New York legislature in decades. And so every single member of the New York legislature, and it was all over the news because the phones were going off, we did a whole press campaign where we made sure every member of the press knew.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To inform them so they can make the best decision for their community. And we saw unbelievable support from that group of people. The people who were willing to sit down and have a conversation, who were willing to take the time to learn so many of those people ended up moving to the champion side. We didn't have anyone that we sat down ever, sat down and go through the education series where they came out and went to the other side as full-on critics and skeptics. So my analysis is that the critics and the skeptics are purely political in nature. Because if you debate them, which a lot of times they will not debate their position, they can't win them because their positions are not rooted in data or facts. They're rooted in a political motive. But most policymakers, the mass majority of them are there for the right reasons. They pride themselves.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Kind of made up, and they were just going to be anti Bitcoin. And there was really no conversation or information or education that you could provide to change them. That group of people was maybe three people. It was not the majority. There were a handful of people that were big champions for Bitcoin, like Clyde Vinnell, who really did understand how Bitcoin worked, who really did understand why Bitcoin mining is important and how it can lead the transition to renewables. And they were champions for us in really making sure that the community got fair debate as this bill was being pushed through the legislative process. But the majority of the people are in the middle. These are people that they just haven't had an opportunity to understand it, to look into it, and they're not sure they're undecided. And that's really been the focus of our advocacy in our education work is focus on the people in the middle and take the time to give them resources.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Related specific to Bitcoin. We've had tremendous success with this. I'll tell you a story in the state of New York. So New York was the first state to pass an anti-Bitcoin mining bill that happened last year. This bill is not technology neutral. It specifically targets proof of work mining and it restricts a certain type of Bitcoin mining in the state of New York. We opposed that bill because we felt like it was pushing the policy conversation in the wrong direction. And it ultimately became law. So we did lose the battle, but the war is still ongoing. We had put a whole team on the ground in the state of New York that team is still there. And the whole goal was just educating every member that was going to vote on this bill and making sure that they were fully informed. There were a couple of offices that their minds were”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The energy conversation is one that's very important to us at the Chamber of Digital Commerce. We started a mining initiative just over two years ago with a specific energy policy focus to address the energy conversations related to Bitcoin. And that group has grown considerably just in two years. Today we represent over 20 Bitcoin mining companies, and those companies are generating over 50% of the hash rate on the Bitcoin network in the United States. So we have a huge interest in this topic and it's something we've invested in heavily and we're investing more in every day. When we really started, we felt like Bitcoin was in this very contentious defensive posture where you had seen all these crazy kind of environmentalist arguments come out saying Bitcoin is bad for the environment. And we really wanted to approach that from a policy perspective with more facts and data about how Bitcoin works and what are the energy policy considerations.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that was ultimately one of the strongest advocacy points that was made to the FASB of that, the financial statements no longer fully represent. And give the full picture of the company that you're investing in. So, companies like MicroStrategy were also publishing additional documents for investors to better understand their financials because the official financial statements didn't tell the whole picture. And of course FASBI has an incentive to make sure that the financial statements are the main and the key documents that investors use as they're reviewing the financials of companies. So that ended up being, I think, a really important part of the conversation. And that really resonated with the board of saying, okay, if we're, you know, at the integrity of the statements is now declining because we're not taking action. That is a problem. And that definitely helped in getting them to move forward.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That potentially can knock down a very big barrier for corporations to add Bitcoin to the balance sheet in a way that we can help grow the Bitcoin ecosystem in a whole new way.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And they put on their agenda to develop the accounting standards for Bitcoin. This does take time because the financial accounting standards board does not move very fast and they're incredibly thorough, but they are in the process and we're hoping these will be done. The designation should be changed by the end of the year and the standards, those could take up to a couple years, but hopefully it won't take that long. We've really encouraged them to keep the scope as narrow as possible so we can just start getting standards out and we can expand the scope over time. But this is really the result of a lot of engagement. So we drove over 50 companies to contact the FASB and explain why this was a hindrance to their company. And it really wasn't until we were able to get so many people to reach out directly and to express why this is a problem for their business that we were able to get the treatment change. So this is a really good win for Bitcoin.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“More accurate than treating it as an intangible. We started petitioning the FASB almost five years ago. It's not just this particular issue of the intangible versus fair market value, but it's also the lack of accounting standards. Today, we do not have any accounting standards for digital assets. And that's been a big problem for some companies, particularly public companies. This issue was first brought to us again five years ago. We had a company. It was a Bitcoin mining company. that wanted to go public in the United States and they could not get an external auditor to audit their financial statements because there was no accounting standards. So we've been asking for these accounting standards for almost five years. And just this year, FASB announced that they are changing the jurisdiction so that they're changing it to fair market value right now that should be implemented within the next before the end of the year.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can't mark it up. So it's very punitive today to have Bitcoin on your balance sheet because Bitcoin is still quite volatile. This has been called the number one issue to the corporate adoption of Bitcoin by Michael Saylor. He has met, and we have as well with a number of public companies that are very interested in putting Bitcoin on their balance sheet for Treasury management purposes. Michael Saylor micro strategy were really the pioneer of that concept. There's a lot of other companies that are interested in following suit, but one of the reasons they have not is because it can be very impactful to the balance sheet and to your financial statements. So we've petitioned the FASB to change the accounting treatment from an intangible to fair market value, which means you would mark the value of the Bitcoin of whatever value it is in the markets at that given time, which is a lot.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All right, Fazby, for if we have any like CPAs or accounting nerds, this is the talk for you. It's funny. When we started getting into what are all the policies that we can be involved in to help Bitcoin grow, I never really thought accounting would be such a front and center issue, but it really is. So FASB, that's the financial accounting standards board. They are required for setting the accounting standards for public and private companies in the United States. Unfortunately, the way that they have looked at Bitcoin and other digital assets is they require companies to treat it as an intangible, which means if your company puts Bitcoin on its balance sheet, if the value of the Bitcoin declines, you have to market down on your balance sheet. And then if it declines again, you have to keep marking it down. But if the value over time rises,”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On the backing of Treasury bills with Bitcoin and other precious metals, that's not something I've looked into in terms of how they would have to go about doing that. I would assume the Treasury has the authority to, I mean, they're the ones that issue the Treasury bills and bonds. So I would assume they would be able to do that if he directs the Treasury to do so, they would have the authority. But I'm not sure if Congress would want to step in or not. But there's a lot. There's a significant amount of power that the executive office holds. So I do think if we had a pro Bitcoin president, they would be able to make a lot of very real changes in law that could create more sustainable environment for people to build and invest and operate in the Bitcoin space that could allow the United States to be a lot more competitive jurisdiction for this important technology.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There it can be looked at very similar to VoIP, which is protected under that act from federal taxes, where you have voiceover IP. Some people talk about Bitcoin as money over internet protocol. It's a peer-to-peer system to allow the transfer of digital assets. And VoIP is a peer-to-peer system to allow communications across the internet. So the way his team has looked at it is you don't need an active.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Permanent in recent years under the Obama administration. So it is a legal to discriminate and add taxes specific to internet transactions. This bill was enacted into law as a way to encourage the growth and innovation and development of the internet, which led to the United States leading and dominating and commercializing the internet, which created one of the biggest booms in our nation's history. And a lot of those ideas and concepts really should be. That's what has been one of our big messages to policymakers is we should be looking at Bitcoin the same way we looked at the internet several decades ago. We should be encouraging and incentivizing the private sector to develop this technology so the US leads in developing this. Under that act, his kind of the way he was thinking of it is that Bitcoin has been taxed wrong this entire time because Bitcoin is in”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, on the tax policy piece, there has been some debate about that. We've had conversations directly with the IRS about how do we change the designation because we think they, you know, they got it wrong. And taxing Bitcoin as property means it can't operate as a currency, so it restricts its usage in the United States. And the IRS has said this requires Congress to change the designation. Well, in RFK's position, he was looking at the freedom, the internet tax freedom act. Sorry if I get the name wrong. I believe that's what it was. But this was the bill that was passed during the advent of the internet, which made discriminating on any type of internet taxes illegal. And VoIP is one, the voiceover internet protocol is protected under that act. And that act, it was a three-year moratorium, but it was made.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so he and one of his recent speeches had noted the Bernstein case, Bernstein against the Department of Justice, where the case identifying software code and protecting it under the First Amendment of free speech that went all the way to the Supreme Court. So he had recognized that because Bitcoin ultimately is software, that it is also protected as free speech under the First Amendment. And this is something we've talked about a lot in our legal work at the chamber. We've referenced this case many, many times. We've really shut down a lot of like potential calls or ideas to try to ban Bitcoin. You can't because it's protected under free speech. So having our elected officials or policymakers and presidential candidates recognizing this, I think is incredibly important to continue to protect, to protect Bitcoin for what it is, which is it's not just free speech, just the freedom to communicate and transact.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's not just DeSantis. You also have Vivek, Ramaswamy, and Tulsi Gabbard. So it's pretty much almost all of the presidential candidates are talking about this issue except Trump and Biden. I think that says a lot”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is that it's finally pushing this technology to a national platform where we can talk about these really important issues on a much bigger stage? So for me, that's really exciting as someone who's been talking about Bitcoin policy for almost 10 years to have people carrying that on these national platforms. That's important. And we should engage in more thoughtful dialogue on these topics.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's a 100 year plan. So year one, you back 1%, year two, two percent in over 100 years. You can be fully backed by hard assets. So it'd be a very, very slow and smooth transition, which I think is important to think about too. I mean, if you think of the current fiat system, it's a relatively volatile system and it's an experiment. The whole global fiat experiment has only been around for a couple of decades. And there's many other nations that are looking to transition out of the fiat system. And one of the things that we need to think about is going from a fiat system back to hard assets could create a lot of volatility in the market. So you want that transition to be very, very smooth. You don't want crazy changes happening overnight. You want that done very, very slowly. So I think that is a really interesting way to think about it. And I think we should be talking about this more. I think what's really exciting about all these presidential candidates running on pro, Bitcoin, and pro blockchain policy platforms.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That and if he was president, how would he go about doing that? So I thought he thought about this really interesting. You know, if you think about it, you know, a big challenge right now, its interest rates are so high. And that doesn't affect just the treasury markets. That impacts everybody. I just bought a house this year and highest interest rates in a multi-year time period, we all feel that. So how do you bring those interest rates back down? Well, there's an inverse relationship between interest rates and demand for bonds. So because demand for bonds is low, that's why interest rates are high. So the problem you're really solving for is how do we create more demand for bonds? How do you make bonds, treasury bills, more attractive to investors? And his idea is to back them a very small amount with hard assets.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“anything including a cup of coffee you have to calculate you know your gains from when you acquired that bitcoin from when you sold it and a gain or a loss and and you have to record that and file taxes on that so it really makes it just logistically pretty much impossible to use it for payment so removing capital gains would allow bitcoin to circulate more freely you know in a free society and on backing the us dollars with bitcoin the way that he thought about this i think really was smart so it's not just backing the us dollar he said backing treasury bills and bonds with bitcoin as well as other precious metals so a basket of scarce assets and when he shared this it was you know the goal is how do you strengthen the us dollar you know the dollar is dwindling in the international markets and how do we correct”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, for those who are following RFK Jr.'s campaign just a couple of weeks ago, I mean, when he was at the Bitcoin conference, that's really when he came out as supporting Bitcoin. He was running on a pro-Bitcoin campaign. And he updated his policies to some new very bold policies for Bitcoin. One was related to tax, where he vows to remove the capital gains tax on Bitcoin. And the other was to back the US dollar with Bitcoin. On the tax side, removing capital gains for Bitcoin would put the US on par would make our landscape more competitive to other jurisdictions that allow Bitcoin to operate as a currency. This would be extremely bullish for Bitcoin. For those who have followed the tax policy, in 2014, the IRS issued guidance saying that Bitcoin would be taxed as property. So that means if you want to buy”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“While the current situation is really untenable and it's also making the United States markets very uncompetitive, this is pushing innovation, it's pushing talent, it's pushing investment overseas. And you're absolutely right. This current environment of regulation through enforcement, it takes a very particular type of company and leadership team to be willing to operate with those types of pressures. Most companies, they want to follow the law. They want to make sure that they are following the law and they're not going to go to market until they have that clarity and that certainty. And we just don't have that right now. And that's why so many businesses, you know, American Bitcoin and digital asset companies are going overseas. And that's a big part of our message is we want to strengthen the United States national security and its economic security and its technological advantages internationally. And a big part of that is having robust markets. And you have to have sound legal.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, again, because of the blockade that currently exists in the Senate, unless we're successfully able to break that down, it may be until the next Congress. And the current Congress, the session, every Congress goes for two-year session. So this one goes to the end of 2024. So if possible that we will not have the political climate until 2025 to actually pass something into law. But it's really important. I mean, this is why we exist at the Chamber of Digital Commerce, and that's why we encourage everybody who is a user and operator, someone who supports Bitcoin and the digital asset market to be active in the political process. Things can change if we are successful with putting enough pressure on the Senate to bring forward smart policy. It's possible right now. It's not, there's significant challenges to making that happen, but ultimately our Congress is a reflection of the will of the people, and that's why it's really, really,”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that's why it's really important that Congress passes the law really clarifying and defining the jurisdiction of these different agencies so businesses just know what the rules of the road are so they can operate in a legally compliant way without being subject to the whims of these partisan politics that have really taken the regulatory process hostage, particularly for our industry.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Just taking on the SEC, but this one has really been very problematic for the digital asset space because it's really subjected to very large political pressures, the agency, you see very strong changes from administration to administration. So in the previous administration, which was a Republican administration, the FCC had said that Bitcoin and Ethereum were commodities. They had also put out the famous Hinman speech, which had said that a digital asset could first be introduced as a security and it could over time turn into a commodity. Well, the SEC has really changed its mind. They now have, you know, we're now under a Democrat administration, a Democrat-controlled SEC, and the speeches and the statements and the rules that came out in a previous administration no longer apply. So how does it, you know, this creates a lot of confusion and a very significant amount of risk for businesses?”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think the bigger issue that we're seeing, like the bigger theme, the challenge that I think everybody is having with the SEC today is that it's turned into a highly political organization. And it didn't used to be like that. The commissioners really used to be experts in the markets and equities and understand how these companies operate, that they oversee and that they regulate. Today, you know, the commissioners are all placed by the president of the United States. They're confirmed by Congress, of course. But they're largely political appointees. And what we have seen is just a huge change in that you no longer really have market experts at the helm. You have people sitting at the helm who really don't have a lot of experience in these markets. And they're perpetuating a political agenda, not sound and safe oversight of the markets. And that's the bigger challenge. And so the SEC, and this goes for a lot of the agencies as well.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Whoever chairs the committee sets the agenda. So they decide which bills get voted on. So, if the chairman of the committee doesn't want to bring a bill forward, he doesn't have to That's exactly what's happening for Bitcoin in the Senate. We don't, you know, we're getting a blockade from very specific members. Without them changing their mind or having a change of heart, they're really standing in the way of smart policy getting passed into law.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We've already heard from Sherrod Brown, who chairs the Senate Banking Committee, who would have to put this on the agenda for a markup and pass it out a committee that he has no interest in bringing any bills, particularly any digital asset bills through the legislative process in his committee. So he is particularly a big sticking point and standing in the way of getting legislation passed. So we are at this point.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To get at both the House and a Senate bill passed, they'll have to be reconciled, so they'll have to kind of figure out what is the same and can they get one thing in you to send that will pass both chambers before it can go to the president's desk for signature. Now we have a lot more challenges on the Senate side. So the House is controlled by Republicans and there's a lot of interest in getting a bill passed as fast is absolutely possible by Republicans. Democrats not as much.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is where legislative process is really important to understand. So the fit for the 21st century act, this market structure bill, this was introduced by members of the House of Representatives. The Lumis Gillibrand Bill, the responsible financial innovation act, that was introduced in the Senate. It was introduced in the previous Congress. It did technically die because it didn't make its way through the legislative process before the end of the session. So when that happens, technically all the bills die. But it was reintroduced just a couple of weeks ago. That bill, there's a lot of overlap between the House version and the Senate version. The Loma Schiller brand is a little bit more comprehensive. There's sections including an entire tax section that's not in the House version. But all eyes are on the Senate at this point. So the House has passed their bill. It's kind of to be determined what the legislative process is for the Senate bill.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But particularly, one reason why I think this is good for Bitcoin in addition to creating that legal framework that's going to allow more companies to invest in building the space that needs a more conservative risk profile is it also provides consumer protections, particularly for retail purchasers of digital assets. So the digital commodity exchanges that will be regulated under the CFTC for the trading of Bitcoin and other digital commodities. It will subject them to segregate customer funds. I think overall that's something we can all attest is important given all of the catastrophes we've seen at exchanges over the past year. And it also provides additional disclosures for retail customers. So it creates a lot more formal protections, consumer protections, particularly for retail investors. And again, I think from our perspective, we want to grow the Bitcoin community as fast.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's because they feel like they don't have the regulatory clarity that they need. And they're right. Today, the way that we've defined digital assets, Bitcoin and other cryptocurrencies is really through the speeches and statements of the people that work at these regulatory agencies. This bill really codifies that in law by creating a definition of a digital commodity. It also creates a definition of a restricted digital asset. Those are the cryptocurrencies that will be regulated by the SEC. And it also defines a payment stablecoin. These are cryptocurrencies that can trade on both SEC and CFTC regulated exchanges, but the SEC and the CFTC will not have the authority to regulate the operations of stablecoin operations. That's defined in a separate bill. So it defines digital commodities. It defines what tokens are going to be regulated by the FCC. It carves out those stablecoins and makes sure that those are defined as well.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of the things that are really important to understand is just why is the bill necessary? Today, there's a lot of confusion and there's a lot of clarity in terms of how these assets are regulated today. That is the number one challenge. That is the number one complaint that we get when we talk to any type of institutions. Bigger companies, particularly public companies, have very, very different risk profiles than startups or young technology companies. It's really important that we have a legal environment that's welcoming to larger companies because they can invest very real resources in building very real infrastructure that can help bring more people into this community, which is the goal, right? To grow Bitcoin, to get as many people buying and operating and living within the Bitcoin community, we need as many on-ramps and off-ramps as possible to get all types of people involved in the Bitcoin space. And I believe institutions will play a part of that, but they're really sitting at the sidelines right now. And if you talk to them why.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we have never had comprehensive legislation make it this far through the legislative process ever. So it's very encouraging in the fact that it had strong bipartisan support was also really, really important. So we've been very, very busy the summer and this is really the culmination of many years of work from our team and many other people working in the policy domains in Washington, DC to get to this point.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“For digital assets at the SEC and the CFTC. So there's been a lot of legislation introduced over the past, you know, give it five years related to digital assets, cryptocurrencies, including Bitcoin. This one's a little bit different because it's a comprehensive regulatory framework. So for the entire digital asset space, including Bitcoin. And the big hurdle was getting it through committee. So for those well-versed and legislative process, members can introduce a bill. It has to pass out of the committees of jurisdiction. This bill has two committees of jurisdiction. That's the Agriculture Committee who oversees the CFTC and the Financial Services Committee that has jurisdiction over the CFTC. And it passed a markup out of both committees on a bipartisan basis. So now it is ready to go to the full House floor for a vote.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Been on the ground since early, early days promoting Bitcoin and making sure that our policymakers are well informed as they're navigating this space. We've had a very, very eventful summer. This has been one of the busiest summers ever at the Chamber of Digital Commerce. And for anybody working in Bitcoin policy, so President, as you noted, just right before the August recess, one of the very last tasks that the House Financial Services Committee and the House Agriculture Committee took on was marking up the market structure bill, the formal name of the bill as the financial innovation and technology or fit for the 21st century act, HR 4763. This bill we previously were just calling it the market structure bill, but they gave it a formal name just over the past couple of weeks. This creates the comprehensive regulatory framework”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, absolutely. Well, I'm period boring. I'm the founder and CEO of the Chamber of Digital Commerce. We're a nonprofit trade association that's representing the digital asset and blockchain technology ecosystem. We're headquartered in Washington, D.C. and we're helping to lead the adoption of this technology. We've always been very convicted about Bitcoin as well as digital assets in general, and we want to see this ecosystem be successful. One of the big challenges that we always felt we would see for this space is public policy and regulation. And fast forward a couple years and the policy conversations are front and center for every company trying to build and innovate in this space. We were founded in 2014, so we just celebrated our nine-year anniversary last month. So we were the first trade association in the United States to represent this industry.”
2023-08-09 · We Study Billionaires · BTC142: Bitcoin Policy Update Q3 2023 w/ Perianne Boring (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT