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All right we're back we're with Perry Andne boring from the Chamber of digital Commerce perryan how we doing today What's up rad doing good I'm doing great Look we have a lot to talk about and I Want to pack it in as tight as we can For the audience because it's all Fantastic let's start with Sab 121 tell us quickly really what that is And how it's so important because you Guys have been really working very hard To get this attention to this so we can Get it turned around and it's going to Be great for crypto when you do yeah so We're getting deep in the trenches of The regulatory conversations uh in Washington for Krypto this is the sec's The Security and Exchange commission's Staff accounting bulletin 121 more importantly you can just kind Of clely call this the the the crypto Custody rule scc's uh uh rules and Requirements on custody for crypto uh This staff accounting bulletin what it Would require of an institution to Provide custody Services it's it's Completely unworkable uh we've met with Many many Institutions uh including some of the You know largest banks in the world who Are interested in providing custody Services for digital assets but can't Because what is in the staff accounting Bulletin makes it impossible to do so so
I'll just explain what the requirement Is what it says is that the custodian Would have to hold if it's holding Additional asside on its balance sheet It would have to hold an equal amount of Something else so we're Talking 200% Reserve so if if the the Institution has $1 million worth of xrp On its balance sheet then it would also Have to hold $100 million of cash or Cash equivalent or something else deemed Appropriate by the regul regulator Because of how high risk crypto is is to Be considered uh there is no institution That can um uh can turn this into a Workable business model model uh and it Has absolutely prevented important Institutions from offering crypto Custody Services um so the reason why I Believe this is something that's so Important and why it's we spent a lot of Time pushing back and fighting against OB 121 uh is because in order to mainstream Cryptocurrencies in the United States And across the globe and to make this Technology accessible to the people of The world we will need institutions to Be a part of that um today the you know Financial Infrastructure uh there's you know Millions if not more people that rely on The traditional Financial system to Operate even cryptocurrency businesses
Need a bank account to pay their taxes And to have an opera cryptocurrency Business so there absolutely is an Important role for our financial Institutions to play in the world of the Cryptocurrency space um because this Would totally PR preclude them um we're Pushing out a lot of opport opportunity For Investment um one of the uh core Stakeholders would be um institutional Investors so if we want to see Institutional investors investing in Digital assets so think of this as large Head funds um large investment funds Pension funds endowments Sovereign Wealth funds all of which we know are Already looking at this space some have Made some Investments um but these are Regulated you know investor Vehicles uh with the highest degree of Oversight and many of of whom have to Have regulated custodians for their Investments including cryptocurrency Investments so in order to have Institutional level investors in Cryptocurrency we have to have Institutional grade infrastructure to Support them and custody is critical one So I do think the SEC knew what they Were doing when they issued staff Accounting bulletin 121 I think they Knew that it would make it impossible For some incredibly important um
Providers to come into our community and Offer services to our space and knew That it would hold back Innovation um so we've done a lot of Work at the Chamber of digital Commerce To educate our policy makers Particularly in Congress about why this Doesn't work and why we need something Better uh so that led to the government Accountability office doing a study on This and they issued a ruling uh late Last year that said the way that the SEC Issued stack accounting bulletin 121 violated the administrative Procedures act um this is kind of Interesting because as you know this Happens kind often in DC that's why it's So important to push back but we have a Regulator who's you know trying to put Regulations on the industry but they're Not following the own regulations that Apply to them in doing so and that's Exactly what's happened uh with sub 121 uh so Congress has introduced a Joint resolution to fully Nullify uh Sal 121 that was just Announced a couple of days ago uh and uh And now Congress needs to pass it uh and We're working to secure the votes uh to Make that happen this is really Remarkable because what you're talking About you know it felt like it was one More little thing that they could do to Try to slow down the institutions head
Funds and people like that to Participate in offering these services To their clients because you know it it Put them in a position where somebody Had a million dollars worth of bitcoin Then they have a have a million dollars In cash or t bills or whatever it is to Offset that because they were required To handle a customer's assets on their Own balance sheet like a liability That's insane to me I mean that's Absolutely insane and I don't think That's ever been done before has It no there there's no uh custody Business today that operates that way You you couldn't you couldn't build a Successful uh business it would be a Nonprofit business which is what I did But well you know what let me ask this Perryan because well thank goodness that You did too because it's it's it's uh Organizations like yourself at the Chamber of Commerce you know uh that You're doing this kind of work because This is the little stuff honestly that Keeps the it keeps us all from being Able to move forward and a lot of us Have busy lies we can't keep up with all Of this stuff you can't know every Single thing that's happening every day I follow the market every day and I Don't know what the hell is going on all The time right it's just impossible so Listen we do appreciate the work that's
Done at the digital Chamber of Commerce That all the stuff that you guys are Doing is amaz and and I'm going to real Quick I want to touch this because it's So important I've been telling people And I mean this to get a ticket to xrp Las Vegas and the benefit dinner that You're doing with the future of digital Assets benefit dinner that is going to Have Brad garlinghouse Michael Arrington Chris John Carlo and uh John Deon and Elanor terret and there may even be Another guest or two we don't even talk About right now but what I'll say is is That it's important for people to get These tickets and come to these events Because it's it's not a cost it's an Investment you're making an investment To get yourself around the right people Where the rubber meets the road to know Where this space is going and to affect That by bringing your voice into the Conversation and have a chance to sit Down and have dinner with you or Brad Garlinghouse or someone else right and These thing you know we are social Creatures as people and you can't people You know they they think you're Connected because you're on a social Media app or what have you but the Reality is is that being in person Working together sharing your viewpoints Having someone like you take those Viewpoints and go back to Capitol Hill
And do what you're doing that's what we Need right this is the moment we're in So I hope people understand the Importance of making the investment and Participating in that dinner and that Conference this year now I know we got Other stuff to touch on real quick Because Janet Yellen was just out here Now don't get me going on Janet but all I must say is is Janet was talking about Crypto Perry in and she's talking about Spot markets stable coins tell us what You're seeing here yeah a very Interesting hearing uh happening in Congress with treasur secretary GNA Yelling so she she's made some remarks Specific to Cryptocurrency uh and it's important to Understand that her comments are not in Agreement with chairman uh the SEC Chairman Gary gensler's comments uh very Very unique to see a split uh you know Mind you uh chairman Gensler uh was Appointed by this Administration he's Part of you know the the bid Administration serving as the SEC chair So to have two different people within The administration to you know not agree It's extremely extremely rare that this Happens and it just shows you just how Out of line uh chairman Gensler has been With his anti- crypto uh agenda so Specifically some of the things that She's talking about is that uh Congress
Needs to act uh to uh you know put Specific what in place uh she talked About stable coins we've been talking About a stable coin bill for years you Know I think there's a lot of alignment There um the the bigger alignment Question has been with regulation that Addresses the regulatory Clarity for Digital assets so the big issue has been Where is the sec's jurisdiction where Does it start where does it end and Where is the sec's jurisdiction where Does it start where do it end and then You know other AG gencies that may have Jurisdiction but the line between is it A security or a commodity is the one That there's been you know biggest Confusion on as you know um so chairman Gensler has said look everything you Know all tokens that he thinks are all Securities J Janet Yellen and her Testimony just said uh there there are Not that there there are Cryptocurrencies that are not Securities uh and was calling for spot Market the cftc to have spot Market over Um of uh crypto Commodities uh like like Bitcoin um so it's uh this is all kind Of unfolding in real time um but Extremely important to have Treasury uh calling on Congress to pass These uh laws uh because that's really What we need to give the industry Clarity to be able to operate a digital
Asset business in the United States um So overall this is very important Um testimony that that's been provided By secretary Y and hopefully Congress Will get it act together and act Soon well from your lips to God's ears Right I Mean that's for sure yeah we definitely Want to see that happen um you Know one of the things that's really Interesting that stuck out to me uh with Janet yellen's comments is when she Talked about the spot market and we know That we've heard Ros and Benham talk About the fact that the cftc needs just A little bit of it from Congress to be Able to control and over o you know Oversee and regulate crypto in that spot Market isn't that correct so spot Market Oversight is something that I think is An incredibly important conversation That the whole Community really needs to Understand what that you know exactly What that means today the cftc does not Have oversight over the spot Market Exclusively has authority over Futures The derivatives markets so once you're Trading on margin uh then you know then The then any type of product would have To be registered and it's directly Regulated by the cftc Commodities that You know commodity spot markets are not Uh regulated from a a surveillance Perspective if there's um manipulation
Or fraud that the cftc can step in um But the way that they're regulating the Spot markets and if they see some you Know manipulation or fraud you usually They come in a fact it's it's not more Of a a surveillance uh regulatory system That's in place that is what uh chair Benam has called for is spot Market Authority which mean of crypto Commodities which means that the cftc Would essentially be Survey uh surveying the um you know real Time Market activity that's a big shift That is a very big shift uh and some of The the legislative proposals in Congress you know that that is exactly Um what they do they get they give the Cftc spot Market authority over crypto Commodities as a limited government Person I I think we we want to think Very carefully about expanding any c Agencies uh reach but the one thing I Think everybody agrees on is that um we The industry would prefer to be in the Cftc's jurisdiction Versus the sec's jurisdiction and that Cryptocurrencies many of which look more Like a commodity than a security and That's a more appropriate regulatory Regime to be in but we need to you know Walk into this with eyes wide open that It's not typical cftc Authority that We're talking about we're talking about Spot Market oversight and that's that
That's different so in that regard if You could wave a magic wand what it what What happens if you could decide where It all goes is it a separate Organization to participate in this what Do you see a new division what do you Got yeah so I like the term intentional Digital asset Securities and you know Some of the lawers in the space of using That word so for digital assets that Have been issued intentionally to be a Security obviously you know they should Have a path to be registered and Regulated by the SEC and the sec's Really dragged its foot on that for Commodities you know they they they Should be under the cftc's jurisdiction You know spot Market Authority you know Again I think it's important to fully Understand what that means you know There was uh you I think the piece of The conversation that's missing is a Self-regulatory organization you know All financial markets um there are SRO That operate within regulated financial Markets so I think the piece that is Really missing from the conversation is We need to clearly Define the Jurisdiction of these agencies and then You know I think the first thing the Cftc should do is stand up um or Designate a a self-regulatory Organization to oversee um this activity In the the crypto commodity markets and
I think that would be an ideal uh step Forward I wouldn't advocate for a whole New um regulatory agency you know again I don't think we want to EXP the size of The government but I do think there's an Important role um for an SRO and that is Currently missing from the conversation But I think that should be the ne the Next piece of it now is is kyc AML That's a self-regulating uh kind of Organizational thing that's been put in The financial system I believe isn't it Isn't that something they all decided to Do that's all regulated by treasury so Okay so it's regulated by treasury right So there's many different agencies that Play different roles so treasuries Overseeing the bank secrecy act so That's all your AML kyc rules in Regulations and then ofac is also under Treasury so that's sanctions so all Companies you know have to you know Abide by uh the sanctions laws and AML Rules and regulations regardless of kind Of where you sit in Fenson actually was The first regulatory agency in the world To issue regulations specific to digital Assets and Fenson was really one of the Agencies that's actually Done a relatively good job of being Proactive and just making it clear this Is where our our our rules apply and Where they don't so you don't have the Same issue we've had with the SEC where
They just they won't tell you what the Law is and then you know God forbid you You know you mess up and you get into an Enforcement activity Benson's been very Very clear where their laws apply Regardless if we agree on the laws or Not um that's a whole another Philosophical debate many people would Love to have uh but they have been clear So that the the AML Frameworks are a Little bit different um but those fit Into our national security goals so you Know it is a little bit telling that When it comes to National Security we're Not playing around you know the Government's been pretty clear what Applies what doesn't but then when it Comes to this other stuff is gotten Extremely political and that's been very Detrimental to the industry overall well It has been and there's a lot of Geopolitical events that are taking Place that really kind of push these Issues to the back burner on the capol Hill and that's really discouraging too Because I feel like you know I feel like Some of those geopolitical events could Affect the actual dollar itself and if Things go horribly wrong there you're Going to need stable coin legislation to Deal with any adverse effects or Spillover shocks that could be spilled Over to the US dollar right so it's I I Think stable coin legislation is super
Super important not only because it's The on andof ramps of crypto but because It can actually act as a sponge or Spillover shocks to any hyperinflation That we may we may experience that's More than the inflation we're already Experiencing here in the country and Aside from that it also if we have Legislation for stable coins we're Talking about banks for the first time In their history of inception being 247 365 and that's a massive massive change To the financial system when you have Stable coins which are really like Internet money right like that's the Money being used on the internet just to Exchange back and for us so very very Cool things happening and what do you Think if you had to put a percentage on It you know there's been talk on Capitol Hill about a stable coin legislation Getting through in the first quarter is That at a 40% 30% 90% what are your thoughts I think it's A coin cost um as you mentioned there's A lot of other priorities that is taking Congress's attention I know you know my Day is fully consumed with with the Crypto ecosystem I'm 100% dedicated to Our community um but Congress has you Know a number of other things going on With a border crisis is also uh an Election year where you know everybody Is campaigning and you know within the
Next couple months everyone's going to Be back home in their districts running Again for reelection for office um plus You know we have multiple Wars going on We've got kind of a funding Situation uh that it's always you know a Crisis when I worked on the hill 15 Years ago you know Government funding it Was constant crisis so there's there's Other priorities so I you know I do Think a lot of the political alignment Has been put in place Janet yellen's Testimony solidified you know a big Piece of that except the White House is Behind it and hous and Senate are behind It you have everything you need um so it Seems like from a political perspective A lot of the things are in are set up Correctly but is there going to be the Right timing to get this through the Legislative calendar um plus we still Are facing headwinds from the anti- Crypto Army of you know um uh gendler And Elizabeth Warren so there are people On the other side of this um that you Know that will do everything at all cost To stop this from happening but yeah It's it's still a c Toss today I think It's it's a 5050 shot yeah it is and I Almost wonder if it does get through That they may have to attach it to a Larger Bill to get it through any Thoughts on that if there's what if They're going to get stable coin
Legislation through they may need to Attach it to a larger Bill to get it Through yeah yeah um yeah that that or It'll be a part of a package so I mean That's typically how things get done it Gets tagged on to something else where Things all get passed as as a package Deal and you know there's always these Deals be between the house and the Senate where the Senate will say okay We'll we'll pull these bills forward and Bring them to the floor if you bring Those bills forward um so there's a lot Of this kind of interesting deal making That that happens be you know in in the Background as well horse trading at its Finest Perry and boring any final Comments before we wrap this up oh yeah The one other thing I just wanted to Point out that I thought was just just Great um in in Secretary yellen's um Testimony she had you know she talked a Little bit about the importance of Enforcing our laws and I think what she Was really alluding to is is the binance Settlement or the binance uh you know Piece that was you know big news a Couple months ago um I couldn't agree more that we should be Vigorously enforcing the laws against Bad actors and we should start with the Biggest fraudster in crypto history Which is s bankman freed let's not Forget that this Administration is not
Pursuing a second trial on SPF against Some of the most Egregious violations of law most of Which had to do with political Corruption Yeah the the Department of Justice is Not pursuing those Charges Why why at the end of the day our Political system if it is subjected to Corruption we lose everything as a Democracy we should be protecting that At all costs um so I think it's a huge Mistake uh you know to to not pursue Those charges and I think it's uh it's Something that you know it was I think I Think omitted from secretary yellen's Comments and if we want to vigorously Enforce the laws which we 100% should it Has to apply to everybody no matter who Their parents are or where they went to School oh that's so well said good for The goose good for the gander and you Know uh it's such a simple question but A great question why why is Sam bankman Freed allow I'm stand back with fraud However you like to say it uh why is he Allowed to get away with these things That you and I would be in jail for Immediately and there would be no Discussion there would be none of this Not pursuing charges and I think if you Dig deep enough I know a lot of us Understand that you know he met with
Gary gendler he got this approval for a License that was coveted that nobody Else could get he was also the second Largest Democratic donor at the time are All these things Connected you know it should it should Be pursued it should be pursued no Question about it Perry and boring Thankk you so much for all you do shout Out to everybody at the Chamber of Digital Commerce make sure you get your Tickets for the benefit dinner and xrp Las Vegas it is going to be an Investment you will not be sorry that You made for yourself and your family we Will catch you on the next one thanks Bradley see you in Vegas
