Latest / The Paul Barron Crypto Show / Biden Failed Crypto Voters🔥Perianne Boring | Digital Chamber

Transcript

Biden Failed Crypto Voters🔥Perianne Boring | Digital Chamber · The Paul Barron Crypto Show

0:06
They were going to take a little bit of a deeper dive obviously into what's
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happening in the Democratic Party, how this may apply to the crypto and blockchain
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industries, and really dive deep on some of none of the issues, but
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what are the strategies being used to really kind of go forward from here.
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It's going to be a good one. I think you guys don't want to
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miss it. My name is Paul Barrow, Welcome back into tech Path.
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Joining me is the founder and CEO of the Digital Chamber, Miss PERRYM.
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Boring. Great to have you on the show. Hey, Paul, thanks
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for having me. Great to see we've had a couple of year colleagues on
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before, so awesome to have you on. I want to kind of start
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per in with a couple of things. Obviously, we had the roundtable that
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occurred yesterday. I don't know if it was at the White House, but
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we were looking at the room that it was in, but it appears that
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there were White House representatives there for the attendees. This of course was a
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list of the people that were there. Obviously, Rep Rocana was one kind
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of leading it along with Mark Cuban, Anita Dunn who is the Biden senior
1:03
advisor, etc. What has been the feedback that you've heard from DC on
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how that roundtable went. Yeah, this was an interesting conversation. You saw
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from that list who was there. It was a lot of senior executives from
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the cryptocurrency space, and it was primarily lifelong Democrats and a lot of big
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donor to the Democratic Party who also work in the cryptocurrency space. So there
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was only one person from the White House that attended, which was Innita Done
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And according to my sources, so we had a number of our members that
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were present in the meeting, and according to the debriefs I've done with them
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thus far is it was not a lot was advanced. Unfortunately, there are
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a number of lifelong Democrats that work in the cryptocurrency space, but really pleaded
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with the White House, with President Biden, with the party to take a
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more forward leaning approach to cryptocurrency. Anita Dunn is in a communications role.
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She serves in a communications capacity for the White House. They did not send
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any type of policy sarrogate or anybody who actually effectuates public policy, so she
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was really there to just reiterate the party's position, which is we are anti
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crypto, and our members really left that meeting feeling like there wasn't even an
2:37
opportunity or a message for the administration to even reconsider it's very hostile position on
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cryptocurrency. So, unfortunately, the anti crypto army is still alive and well
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within the Democratic Party as of today, and nothing was pushed forward as a
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result of the conversations this week. President Biden is right now. I was
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just looking at his potential of dropping out of the race when you look at
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that and a crypto roundtable where all of these people spend time and money to
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come to DC to possibly meet with the administration and essentially get snubbed, is
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what it sounds like to me. Do you think that there is any chance
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whatsoever that the Biden administration pivots on their position on crypto and blockchain? As
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of right now, we don't have any data that would point to that.
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My personal theory is that Senator Elizabeth Warren continues to hold significant influence in this
3:37
administration. She really has been operating in a position of power. A lot
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of her former employees have been placed in different roles within the White House,
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and she is the leader of the anti Crypto Army. So until Elizabeth Warren
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is either voted out of office or has less influence in the administration, there's
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really nothing that is indicating that the Democratic Party in this administration would change its
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position. In fact, I think it's going to double down. So,
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as you noted, there's been a lot of controversy with President Joe Biden continuing
4:19
to campaign going into the election in November, and as we've all seen across
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the news every day over the past several weeks, there's more and more Democrats
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that are calling for President Biden to step down and to end his campaign.
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And it's really those people on the far left that hold that extremely the extreme
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position of being anti crypto and wanting to ban cryptocurrencies in this country altogether.
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So I think it's potential they'll double down on their anti crypto strategy given so
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many moderates are no longer supporting the president for reelection and I mean gos that's
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just around the corner here, and it looks like we may not get an
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address from Joe Biden if he is in fact going to take that route of
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stepping down, and whether it's Vice President Harris that would step into that role.
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That is a big concern for me. How big of an issue would
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that be if Vice President Harris did become the nominee. You know, it's
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a really good question. The Vice President has not made many statements on cryptocurrency.
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We do not We don't really know where she is today. So obviously
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we're in very unprecedented waters and it's hard to even understand kind of just what's
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happening in the election landscape in the US. Absolutely insane. I think we're
5:41
all concerned as Americans. Point two is the president's position and the current administration's
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position, which is very much anti crypto. I tell you that they are
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absolutely doubling down on their position. It was extremely discouraging that everybody walked out
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of the roundtable this week without even the White House saying we would even potentially
6:01
reconsider our position. They didn't even offer that. As soon as that meeting
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was over, we had Caroline Crenshaw. Her nomination hearing was that same week,
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so there was no conversation about reconsidering her because she is an anti crypto
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commissioner at the Securities and Exchange Commission. And then the sec had issued you
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have some damaging statements towards the industry as well. So right after that meeting,
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you just saw this administration continue to double down and reiterate it's anti it's
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extreme anti crypto position. So I don't we don't necessarily know where Vice President
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Harris would be, but there is again no data points to point that anything
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would change. So Parry and do you think that Joe Biden could maybe come
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out a left field with something crazy that would potentially sway the crypto vote,
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because there's there's a significant crypto vote, and I'll just throw it out there,
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you know, Let's say that he says, okay, it's time for
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Ansler to go. You know, could that be something that could possibly get
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him the extension he needs into November and maybe even give him a little bit
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of a crypto vote surge in terms of the polls. What are your thoughts
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on that. I know it's a crazy theory, but it's an idea.
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I think it's very possible that President Biden will do something crazy between now.
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I just I highly doubt that it will be something that is of substance around
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cryptocurrencies. That the conversation did come up in the conversation with Miss Anita Dunn,
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and there was an acknowledgement that this administration largely just doesn't really fire anybody.
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Now you have Trump who has embraced the technology, and anything you do
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at this point is just going to look reactionary. So there's Unfortunately President Biden
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is in a position that no matter or what he does, I don't think
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he would be able to win over the crypto voter. I think we've all
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seen how you know how much this administration wants to kill the industry. So
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anything at this point I don't think would come off us and see her all
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right, I'm looking at one of your tweets here you were disappointed of the
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House didn't overwrite the veto. This is in reference to SAB one twenty one.
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However, we still have numerous tools to block SAB one twenty one.
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What are those tools? Perry in You've been following this journey very closely with
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us for a number of years. Pause this has been a two year journey.
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But essentially there was legislation introduced to repeal or nullify SAW one twenty one.
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That was the first ever standalone crypto bill to pass both the Chambers of
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Gone in the House of the Senate, and then it was it was vetoed,
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and then after the veto there is a congressionally mandated override vote that took
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place this week and it failed. We needed a two third majority and we
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didn't come anywhere near that. But there are other efforts underway. So there's
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been a new bill introduced called the Uniform Treatment of Custodial Assets Act. It
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does effectively the same thing as the bill that already passed, but it's not
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what's called a Congressional Review Act, so it's a little less controversial. So
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that's kind of one strategy. There are other efforts underway and other tools that
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we have. So there are a number of institutions that we have talked to
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who are considering moving forward with providing custody services for digital assets and essentially ignoring
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the staff accounting bulletin requirements. There's also the possibility that the SEC could rescind
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these requirements, and they should and there will be a huge amount of pressure
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to do so in the coming weeks and months. And then there's also the
10:00
option of litigation, so industry would have standing to sue to have these laws
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completely removed from the books, and that's still another tool that is available to
10:09
the industry. This is the FDIC chair nominee formerset CFTC coming in and I
10:16
want you to listen to this and we'll get your opinion. Take a look.
10:20
Ms Goldsmith Romeiro, I'll start with you. Welcome. Should banks be
10:24
able to hold the assets of digital asset companies? Yes, man, I'm
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very familiar with banks holding custody of those assets, and you know it's just
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it's another business, like any other business. Should banks be able to provide
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services to digital asset companies like payment services? Yeah, I don't think it's
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the FDIC's role to tell banks what industries or companies they should be providing services
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to. Well. First, we are supporting Christy Goldsmith Romero's nomination to lead
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the FDIC. We've had the opportunity to work with her as a CFTC Commissioner,
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that's the role she's currently been in, and she has been very open
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to discussing digital assets. We've done multiple technical briefings for her and her staff
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so they could really understand not just the policy and the politics, but how
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the technology works to make sure they can make more informed decisions as regulators and
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policymakers, and she's been open to learning, and that's really one of the
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most important things we can have in public policy makers is not just listening to
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political talking points at a special interest group it gives you, but understanding the
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technology for yourself and being able to make the best decision for our nation and
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for her for the financial institutions. So there's been a lot that's happened at
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the FDIC. So I don't believe she was chosen to potentially lead the FDIC
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because of her specific position on crypto. I just think she happens to be
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a good pick for our industry. But there's a lot of other things at
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play as to why she is the appropriate person to lead the agency, and
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this would one be a very positive development for our industry. I was looking
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at the FIT twenty one vote obviously this past with the House two seventy eight
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one to thirty six, kind of just your thoughts about that in general.
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So you know, the natural question is like when is this going to become
12:13
law? So the House is done the job. Now it's over to the
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Senate, and the Senate is doing its job, and there's there's three different
12:22
efforts to develop a Market Structure Bill out of the Senate. So those three
12:26
efforts will have to, you know, at some point in time come together
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in the Senate will have to decide which which proposal, which version gets passed,
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and they're going to have to reconcile them. So we hope that happens
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as soon as possible. But there are limited days left on the calendar of
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this Congress. So the likelihood of this being done this year, I think
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is relatively low, but there is an opportunity to get very strong language.
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So come at the start of the next Congress, with the right person in
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the Oval Office, this could get done quickly. Well, speaking of the
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next Oval office participant there, we'll talk about a little bit about where maybe
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Trump could be coming into play. I want to play a clip for you
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because this is a reference to JD. Vance, possibly one of the top
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candidates for the vice presidency or at least the VP running make for Donald Trump.
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Let me play this clip. See what you think. Take a look.
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If there's a candidate for a worst person in my view, at least
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in terms of my substant disagreements, I'm sure he's like a nice guy.
13:28
Is Gary Ginsler? The approach that Gary has taken to regulating blockchain and crypto
13:33
seems to be almost the exact opposite of what it should be. He's when
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I talk to sort of friends who are still in the VC industry, the
13:39
companies that are most exciting to them, they're doing actual things. Those companies
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very often rely on high utility tokens to do things like verification. If we're
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not making it possible to do verification, then we're going to make it really
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hard to challenge the existing incumbents in the space. The other thing is he
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doesn't fire people. He never fired people. I've never seen him fire any
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But I did fire a lot. Not easier fire people to pay a price
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for it, but they were no good. I inherited these people, I
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didn't put them that. This guy hasn't fired anybody, He never fires,
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he didn't fire. Did you fire anybody, Joe? Our country is being
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destroyed as you and I sit up here and waste a lot of time on
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this debate. Obviously, the Gensler has been looked at as being one of
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the biggest ones, but you also have a lineup coming in and this is
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coming in from Crenshaw's nomination. I want to play a clip because this We'll
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just go to this clip because and then I want to get your opinion on
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those two things coming together. Take a look. Come back to you,
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Commissioner Crenshaw. You descended from the SEC's approval of Gray Scales spot bitcoinytf application,
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despite the fact that a federal court had struck down the secs prior disapproval.
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Do you continue to disagree with the SEC's approval of bit coinytfs. You
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look at the facts in front of you, and given the significant fraud in
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the underlying spot markets globally, given the oposity, the court looked at the
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facts and they struck it down. I've just been deeply disturbed. Do you
15:09
think we have a chance to get out of this? Is there any good
15:13
path other than a complete shift of the administration. It's there's only so much
15:20
that can be done at the policy level without that support of leadership. So
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I think, unfortunately, for the United States to maintain its technical pre eminence
15:33
in all advanced technologies, but specifically in cryptocurrencies and blockchain technology, I don't
15:39
believe we will be able to maintain our standing on the world stage. With
15:43
Thistion's particular position and there's no indication that they're even reconsidering that. This gets
15:52
back to the whole idea of this represents possibly a threat to national security,
15:56
which many people have position if you look at what's happening within MIKA. We
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report on what's happening in Tokyo yesterday. We went in and dove in really
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to kind of the advancements that we're already seeing in Japan move into Hong Kong,
16:10
Singapore, Dubai, all vying for the potential of the next generation of
16:15
silicon valley, so to speak. All right, that being said, I
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want to because everybody is gonna say, well, if Genessler does step aside,
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I mean that's that would be a huge you know, I think stimulus
16:26
for what the industry might look at. But at the same time, there's
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a potential that we could have something even worse than Gensler. And this is
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the director of the Division of Enforcement over at the SEC. I want to
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play a clip for you because this is a little crazy. Take a look.
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Some of our critics, perhaps a number of view argue that instead new
16:47
bespoke rules and regulations are needed for this particular industry, the securities laws are
16:52
at anything fun abstract for us. For me, investor harm is the primary
16:57
lens through which we used securities regulation, our investors being hurt within our jurisdiction.
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If the answer is yes, then I believe we must add and we
17:08
must do so with the sense of urgency. The current turmoil in these markets
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is taking a real toll on everyday Americans, approximately forty six percent report that
17:18
their investments have done worse than they expected. Certainly is due to fraud and
17:23
other misconduct. Are nothing but straight rips, Ponzi schemes or other types of
17:27
scams, stable coins that are neither stable nor coins, but also frauduly consider
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some of the tweets you read on your social media feeds about what regulators are
17:38
doing. Again, we're exceeding our authorities, that we're regulating by enforcement,
17:42
that we're stifling innovation, that we're driving innovation over seats. As long as
17:48
investors and securities are being harmed now, we will and must act now.
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Statements are very clear the beatings will continue until morale improved. But the Division
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of Enforcement at the Securities in Exchange Commission does not have a lot of credibility.
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They have missed all of the biggest scams in the crypto space. Where
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were they when FTX went down? They were meeting with Sam Bankman Freed.
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Why how did they completely miss the largest fraud of one of the largest frauds
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ever in history. I mean, it's just they've lost a lot of credibility
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into how they're regulating our community. John Fetterman here recently, who's been very
18:33
anti crypto, falls definitely in the line of the anti crypto army with Senator
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Warren has recently flipped a little bit. We have a clip from him talking
18:44
about this let's play that, and that the amount of crypto flowing to terrorist
18:48
groups has super increased since the attack began. Most of its budget and funds
18:56
are still going through the traditional channels, and I want to put that clear,
18:59
but we have to look, you know, on other traditional channels,
19:00
let banking and exchanges and money exchanges and cash and so forth. So let's
19:04
not forget that should crypto exist, you know, why should it endure?
19:11
So there are good uses of crypto financial inclusion and many others. You know,
19:15
kind of for me feels like it's a gimmick. But I mean,
19:18
at the end of the day, I think that this discussion even if it
19:22
was relevant a couple of years ago, it doesn't matter anymore because the technology
19:26
is there. Well, why didn't Hamas use its American Express card? Actually
19:30
they are using bank accounts and credit cards. Is there anything we can do
19:36
to sort of choke that money up a little bit to help Israel so that
19:40
they don't have the money to buy the weapons and to do to the things
19:42
they do. And one other thing that was absolutely shocking to me, and
19:45
I thought, this is actually crypto And I said, really, I'm sure
19:49
a lot of this was financed through crypto and they said, actually, no,
19:53
that was not the primary one. In fact, it was a rarely
19:56
minor part of all of that. And my big surprise was it was not
20:00
crypto at the center. But do you think that we're seeing more and more
20:07
of DC coming around to what is happening in the blockchain and crypto industry,
20:12
such as Betterman and others that might be in a position right now flipping Yeah,
20:17
absolutely, I mean, and you can see how his positions have changed
20:21
with just a little bit of education and that education that advocacy work that we
20:26
do at the Digital Chamber where we're on the ground meeting with staff meeting with
20:30
members of Congress, helping them understand how the technology works is just so critical
20:34
to successful sound policies. If you don't understand how the technology works, how
20:40
can you possibly make the best decision for the American people. The beginning of
20:45
that club, you had Elizabeth Warren. I loved her, like super increase,
20:48
that was very like technical, sounded very technically correct. But she has
20:56
really misled her colleagues in the Senate, and she's she's been doing it for
21:00
years, where she's come in with this agenda, this anti again, this
21:04
extreme anti crypto agenda where she's telling everyone, oh, it's funding illicit activity,
21:10
and then if you actually look at the data, it's not true at
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all. And I mean just common sense, like if you're trying to conceal
21:18
your flow of funds, if you're doing something wrong or illegal, or you're
21:22
bad actor, whatever, Literally the dumbest thing to do would be to put
21:26
all of your actions on a public ledger. It doesn't even make common sense,
21:30
so it doesn't pass anything. So luckily we do have, you know,
21:34
a number of resources to help educate our public policy makers, but sometimes
21:40
our job is really hard. Yeah, I can see that you still have
21:42
a lot of work to do. Well. Listen, I think you're getting
21:45
ready to get a big shot in the arm because there's something that is shifting
21:48
right now, and that is forty one million members of gen Z are going
21:52
to be eligible to vote in twenty twenty four. Gen Z ninety four percent
21:56
more likely than others generations to trust as you'll access during economic uncertainty. This
22:02
goes into things like collectibles which would be into the NFT community. All of
22:07
this really leans in very positively for a younger generation. Do you think there
22:11
is enough of that generation that is ready and willing to start truly voting their
22:18
way, especially if they're a single issue voter. Yeah. Absolutely, And
22:22
these are such incredible numbers. And I know for the people who work in
22:25
politics, the polls, the numbers, the research, this type of data,
22:30
it dictates so many important decisions and really encourage that community to look at
22:34
these specific datas to the crypto space because they're overwhelmingly positive. There's over fifty
22:41
million Americans that own cryptocurrency today. Sixty percent of cryptocurrency owners are millennials or
22:48
gen Z and fifty going into this selection, forty nine percent of potential voters
22:55
are millennials or gen z. We absolutely have the power to influence the outcomes
23:02
of the election this year. It's a matter of participation. It's getting the
23:06
crypto community to participate, and I think we'll see that in key states.
23:11
Ohio Senate race is one of the most important elections happening this year, in
23:17
addition to know, of course, the election for president. But Shared Brown
23:22
is the chairman of the Senate Banking Committee. He's one of the most senior
23:26
rank and file members of the Democratic Party and the Senate. He's been in
23:30
office for over thirty years and he is up against Bernie Marino, who is
23:36
running on a pro crypto agenda. He's also a former member of the Digital
23:40
Chamber. He started a technology company in the blockchain space, and he actually
23:45
left that to run for office. In the twenty twenty election, four point
23:51
five million people voted in that election. According to NPR, there are two
23:56
million cryptocurrency owned in the state of Ohio if in the participation rate. The
24:03
voter participation rate was just under fifty percent in twenty twenty, so if just
24:07
a small number of those eligible crypto voters show up in Ohio, that could
24:15
have massive implication could change the us in it, Pary, and it's been
24:18
great having you on the show, and thank you so much for spending some
24:22
time with us today. We appreciate it. Yeah, so good to be
24:26
here. Appreciate you having me, you bet all right. So you guys,
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