Kristin Smith on House to Vote on Crypto FIT21 Bill
Summary
TLDRIn a discussion on 'Balance of Power,' Kristin Smith, CEO of the Blockchain Association, expresses optimism about the bipartisan support for the FIT 21 bill in the House, emphasizing Congress's role in policy-making over the SEC's authority. She highlights the crypto industry's growth and its engagement with lawmakers, noting the industry's collective voice and the grassroots support for fair regulation. Smith also addresses the SEC's potential approval of spot Bitcoin ETFs, which could be a significant step forward for the industry, and mentions the importance of the crypto community's involvement through organizations like Stand With Crypto.
Takeaways
- 🗳️ The FIT 21 bill is expected to have a strong bipartisan vote in the House, indicating a willingness to work together on legislation and a belief that Congress should make policy, not the SEC.
- 🏛 The Senate's stance on the bill is uncertain, and any changes to the bill will be made when it reaches the Senate.
- 🎉 Kristin Smith, CEO of the Blockchain Association, is positive about the bill's progress and sees it as a milestone for the crypto industry, even if it doesn't pass this year.
- 🔄 If the bill does not pass in the current congressional session, it would need to start over in January 2025, but the industry is prepared for this possibility.
- 📈 There is a growing understanding and engagement with crypto policy among lawmakers, with many candidates and policymakers becoming more educated on the subject.
- 👥 The crypto industry has become more engaged with lawmakers, and there is a grassroots swell of support for good policy.
- 👶 The crypto voter demographic tends to be younger, with a significant portion of voters aged 18-24 showing interest in cryptocurrency.
- 📊 Over 52 million Americans own crypto, and there is an organization called 'Stand with Crypto' for individuals to get involved and voice their opinions to their representatives.
- 💰 The crypto industry has raised around $100 million through Super PACs to advocate for fair regulation and to counteract what they perceive as a hostile stance by the SEC.
- 💼 The SEC's consideration of spot Bitcoin ETFs is seen as a significant moment for the industry, with the potential to undermine the argument that Ether is a security.
- 🚀 The bipartisan votes in the House and Senate, along with the potential approval of ETFs, indicate a big moment in crypto policy, showing that the industry is being taken more seriously.
Q & A
What is the significance of the FIT 21 bill for the crypto industry?
-The FIT 21 bill is significant as it represents bipartisan support in the House for crypto legislation, indicating that Congress is willing to make policy in this area rather than leaving it to the SEC, which currently does not have the authority to do so.
Why is the bipartisan vote on the FIT 21 bill symbolic?
-The bipartisan vote is symbolic because it demonstrates a willingness of both parties to collaborate on legislation related to cryptocurrencies, highlighting the importance of Congress in shaping policy in this area.
What is Kristin Smith's view on the SEC's current stance towards the crypto industry?
-Kristin Smith believes that the SEC has been treating the crypto industry unfairly and hostilely, and that the industry is ready for sound regulation that balances consumer protection with fostering innovation.
What is the role of the Blockchain Association in the crypto policy landscape?
-The Blockchain Association, led by Kristin Smith, serves as the collective voice of the crypto industry, focusing on engaging with lawmakers and advocating for fair and balanced regulation.
Why is the potential approval of spot Bitcoin ETFs by the SEC considered a big moment for the crypto industry?
-The approval of spot Bitcoin ETFs by the SEC would be a significant step forward for the industry, as it would legitimize cryptocurrencies as an asset class and potentially lead to greater mainstream adoption and investment.
What does Kristin Smith believe the crypto industry's response to the SEC's stance has been?
-According to Kristin Smith, the crypto industry has decided that enough is enough and is taking action to ensure a fair chance at obtaining balanced regulation, showing that the industry has matured and is ready to engage seriously with regulators.
What is the significance of the bipartisan votes in the House and Senate for the crypto industry?
-The bipartisan votes indicate a growing recognition and seriousness towards crypto policy, suggesting that the industry's efforts to engage with lawmakers are being taken seriously and that there is a genuine interest in understanding and regulating the space.
What is the potential impact of the FIT 21 bill not passing in the current congressional session?
-If the FIT 21 bill does not pass in the current session, the process would have to start over in January 2025. However, Kristin Smith views this as a positive, as it would give the next Congress, which is expected to be even more educated about crypto, the opportunity to craft policy.
Who is considered the 'crypto voter' according to the transcript?
-The 'crypto voter' tends to be younger, with a recent survey from Texas showing that 1 in 5 voters are paying attention to cryptocurrency. Over 52 million Americans own crypto, indicating a growing and engaged demographic.
What is the role of the organization 'Stand with Crypto'?
-Stand with Crypto is an organization that allows individuals to get involved in advocating for crypto policy. It provides tools for individuals to communicate with their congressmen and senators, helping to mobilize grassroots support for crypto-friendly policies.
How much money has been raised by the crypto industry through Super PACs according to the transcript?
-The crypto industry has raised approximately $100 million through Super PACs to support their efforts in achieving fair and balanced regulation.
Outlines
🗳️ Bipartisan Support for Crypto Legislation
In this paragraph, Kristin Smith, CEO of the Blockchain Association, discusses the potential passage of the FIT 21 bill in the House. She emphasizes the bipartisan support for the bill, which is symbolic of both parties' willingness to collaborate on legislation related to cryptocurrency. Smith also addresses the role of the SEC and the White House's opposition, suggesting that the Senate's stance remains uncertain. She highlights the importance of the vote as a milestone for the crypto industry and expresses optimism for changes to the bill in the Senate. Smith also mentions the potential for a fresh start on the issue in January 2025, given the increased understanding and engagement of lawmakers with crypto policy.
💼 Crypto Industry's Maturity and Regulatory Engagement
This paragraph focuses on the crypto industry's efforts to engage with regulators and policymakers. Kristin Smith speaks about the industry's perception of unfair treatment by the SEC and the collective decision to push for balanced regulation that protects consumers while fostering innovation. She mentions the SEC's consideration of spot Bitcoin ETFs and the positive implications this could have for the industry, including undermining the argument that Ether is a security. Smith also discusses the significance of bipartisan votes in the House and Senate, the counting row repeal, and the overall progress in crypto policy. She attributes this progress to the hard work and engagement of individuals and organizations within the crypto space.
Mindmap
Keywords
💡Blockchain Association
💡FIT 21 Bill
💡Bipartisan vote
💡SEC
💡Crypto policy
💡FTX collapse
💡Crypto voter
💡STAND with CRYPTO
💡Super PACs
💡Spot Bitcoin ETFs
💡Counting Row repeal
Highlights
Kristin Smith, CEO of the Blockchain Association, discusses the potential of the FIT 21 bill passing in the House despite opposition from the SEC and the White House.
A strong bipartisan vote in the House for the FIT 21 bill is expected, indicating a willingness to work together on legislation and the belief that Congress should make policy, not the SEC.
The Blockchain Association is excited about the House vote, focusing on making changes to the bill in the Senate.
Policymaking in the crypto space takes time and education, with the full House of Representatives voting on a crypto bill being a significant milestone.
If the FIT 21 bill does not pass in the current congressional session, the process may need to start over in January 2025.
The crypto industry has matured, and there is a recognition of the need for sound regulation that balances consumer protection with fostering innovation.
There is a grassroots swell of support for good crypto policy, with many lawmakers and candidates being educated on the topic.
Over 52 million Americans own crypto, and there is an organization called 'Stand With Crypto' for individuals to get involved and voice their opinions to lawmakers.
The crypto industry has raised around $100 million on Super PAC sites to fight for fair regulation.
The SEC's approval of spot Bitcoin ETFs is a significant moment for the industry, with analysts at Bloomberg Intelligence raising their odds for ETF approval from 25% to 75%.
The potential approval of Bitcoin ETFs by the SEC could undermine the case that Ether is a security, according to Kristin Smith.
The bipartisan votes in the House and Senate on crypto policy and the counting row repeal are seen as victories for the crypto industry.
The crypto policy world is experiencing a big moment due to the hard work of many people, leading to the industry being taken more seriously.
The demographic of crypto voters tends to be younger, with a recent survey in Texas showing that 1 in 5 voters are watching cryptocurrency.
The SEC is likely considering the crypto industry's applications due to the growing recognition and the difficulty in maintaining a hostile stance.
Transcripts
FURTHER IS KRISTIN SMITH, CEO OF THE BLOCKCHAIN ASSOCIATION.
THANK YOU FOR JOINING US ON "BALANCE OF POWER."
TOM EMMER TOLD US THIS WEEK HE IS CONFIDENT IT DOES HAVE THE
VOTES TO PASS IN THE HOUSE TONIGHT BUT IF THE SEC IS OUT
AGAINST IT AND THE WHITE HOUSE IS OUT DOES IT STAND A REAL
CHANCE IN THE SENATE? KRISTIN: THE SENATE IS ANOTHER
CONVERSATION. THE ONE THING WE DO KNOW IS WE
ARE EXPECTING A STRONG BIPARTISAN VOTE IN THE HOUSE ON
THE FIT 21 BILL. THAT VOTE IS SYMBOLIC BECAUSE
IT SHOWS THAT BOTH PARTIES ARE WILLING TO COME TOGETHER TO
WORK ON THIS LEGISLATION BUT IT SHOWS THAT CONGRESS IS THE ONE
THAT SHOULD BE MAKING THE POLICY.
THE SEC DOES NOT HAVE THE AUTHORITY TODAY.
WE NEED TO GIVE THE APPROPRIATE AGENCIES -- WE ARE EXCITED BY
THIS VOTE. WE FOCUS ON THE VOTE TODAY AND
MAKING CHANGES TO THE BILL WHEN IT GETS OVER TO THE SENATE. JOE:
ARE YOU GOING TO THROW A PARTY FOR GARY GENSLER WHEN THIS
PASSES? KRISTIN: ABSOLUTELY.
I THINK POLICYMAKING TAKES TIME AND A LOT OF EDUCATION.
WE HAVE THE FULL HOUSE OF REPRESENTATIVES VOTING ON A
CRYPTO BILL, A HUGE MILESTONE. KAILEY:
IT IS SOMETHING THE OUTGOING FINANCIAL SERVICES CHAIR
PATRICK MCHENRY HAS BEEN PUSHING FOR BUT HE IS NOT
SEEKING REELECTION. IF IT CANNOT GET ACROSS THE
FINISH LINE IN THIS CONGRESSIONAL SESSION, IF IT
CANNOT BE TWEAKED ENOUGH IN THE SENATE TO PASS, DO WE HAVE TO
START FRESH ON THIS ISSUE IN JANUARY 2025? KRISTIN:
YES, WE WOULD HAVE TO START OVER BUT I THINK THAT IS A GOOD
THING. WHEN THIS BILL WAS ORIGINALLY
CRAFTED WE WERE COMING OFF THE FTX COLLAPSE AND THERE ARE SOME
COMPLICATED PIECES TO THIS BILL. AS WE LOOK TO NEXT CONGRESS WE
HAVE SO MANY MEMBERS OF CONGRESS TODAY THAT NO MORE
ABOUT THIS THAN TWO YEARS AGO WHEN THIS PROCESS STARTED.
WE HAVE A LOT OF CANDIDATES RUNNING IN THE HOUSE AND THE
SENATE AND EVEN THE WHITE HOUSE THAT ARE OPEN TOWARD CRYPTO
POLICY AND LEARNING ABOUT THE SPACE.
THE SET OF POLICY MAKERS WE WILL HAVE AN PLACE ON CAPITOL
HILL NEXT CONGRESS WILL BE EVEN MORE EDUCATED.
IT IS NOT THE END OF THE WORLD IF IT DOES NOT GET DONE THIS
YEAR BUT WE ARE EXCITED IT HAS GOTTEN TO THIS MILESTONE.
I THINK THIS SHOWS HOW MUCH ARE THE CRYPTO INDUSTRY HAS BECOME
WHEN IT COMES TO ENGAGING WITH LAWMAKERS AND THERE IS ALSO A
RECOGNITION THAT SOMEBODY PEOPLE ACROSS THE COUNTRY OWN
DIGITAL ASSETS, THEY CARE ABOUT THE POLICIES THAT IMPACT THEM
AND THERE IS A REAL GRASSROOTS SWELL OF SUPPORT FOR GETTING
GOOD POLICY DONE. JOE: THIS IS GENERATIONAL, I THINK
THAT IS YOUR POINT. YOU CALL YOURSELVES THE
COLLECTIVE VOICE OF THE CRYPTO INDUSTRY AT THE BLOCKCHAIN
INDUSTRY. WHO IS THE VOICE OF THE CRYPTO
VOTER? WHO IS THE CRYPTO VOTER? 18-24?
THESE CRYPTO BROS? KRISTIN: IT DOES TEND TO SKEW YOUNGER.
THERE WAS A HERON TEXAS PAUL RECENTLY THAT SHOWED 1 IN 5
VOTERS ARE WATCHING WHAT CRYPTOCURRENCY -- THAT WAS A
SURPRISING NUMBER. OVER 52 MILLION AMERICANS OWN
CRYPTO. THERE IS AN ORGANIZATION FOR
INDIVIDUALS WHO WANT TO GET INVOLVED CALLED STAND WITH
CRYPTO. YOU CAN SIGN UP AND BE A PART
OF IT. IT GIVES YOU TOOLS TO WEIGH IN
WITH YOUR CONGRESSMEN AND SENATORS.
THAT ORGANIZATION HAS BEEN ACTIVE IN HELPING INDIVIDUALS
MOBILIZE. JOE: THESE ARE VERY INVOLVED.
[LAUGHTER] KAILEY: THERE IS A LOT OF MONEY HERE,
AS WELL, INCLUDING A TRIO OF SUPER PACS. KRISTIN:
IT IS ABOUT $100 MILLION THAT HAS BEEN RAISED ON THE SUPER
PAC SITE. IF YOU LOOK AT THE CRYPTO
INDUSTRY POINT OF VIEW WE BELIEVE WE HAVE BEEN TREATED
INCREDIBLY UNFAIRLY AND HOSTILE BY THE SEC. THE INDUSTRY HAS
DECIDED ENOUGH IS ENOUGH. WE ARE GOING TO DO EVERYTHING
POSSIBLE TO GET A FAIR CHANCE AT GETTING SOUND REGULATION IN
PLACE THAT STRIKES A BALANCE BETWEEN PROTECTING CONSUMERS
AND FOSTERING INNOVATION HERE IN THE UNITED STATES.
WE ARE THAT THE BIG KIDS TABLE. WE HAVE GRADUATED, GROWN UP AND
WE ARE MATURE AND READY TO ENGAGE. KAILEY:
IT WAS A BIG MOMENT FOR THE INDUSTRY WHEN THE SEC APPROVED
SPOT BITCOIN ETF'S. OUR ANALYST AT BLOOMBERG
INTELLIGENCE RAISE THEIR ODDS FOR ETF APPROVAL FROM 25% TO
75%. WHAT DOES IT MEAN FOR THE INDUSTRY? KRISTIN:
IT IS EXCITING. THE FACT THAT THE SEC IS
CONSIDERING THIS -- MOST PEOPLE INCLUDING THE BLOOMBERG
ANALYSTS UNTIL THEY GOT THIS NEW INFORMATION THOUGHT THE
ODDS WERE VERY LOW THIS YEAR. I THINK THE SEC IS PROBABLY
READING THE TEA LEAVES. IT IS HARD FOR THEM TO CONTINUE
TO HAVE THIS HOSTILE TAKE TOWARD THE CRYPTO INDUSTRY AND
THEY REALLY CANNOT JUSTIFY NOT CONSIDERING THESE APPLICATIONS.
I DO NOT KNOW IF IT WILL BE THIS WEEK OR SOMETIME IN THE
NEXT COUPLE WEEKS OF THE PROCESS SEEMS TO BE UNDERWAY.
IT WILL BE VERY IMPORTANT BECAUSE IF THE SEC APPROVES
THESE, IT UNDERMINES THE CASE THEY ARE TRYING TO MAKE THAT
ETHER IS A SECURITY. WE THINK IT WILL BE VERY
IMPORTANT FOR THESE TO GET FORWARD.
WE ARE ENCOURAGED BY THAT NEWS. ALSO VERY ENCOURAGED BY THE
BIPARTISAN VOTES WE HAD IN THE HOUSE AND SENATE ON THIS.
THE COUNTING ROW REPEAL HAS BEEN ANOTHER BIG VICTORY.
WE ARE HAVING A BIG MOMENT IN CRYPTO POLICY WORLD.
IT IS BECAUSE OF ALL THE HARD WORK SO MANY PEOPLE HAVE BEEN
DOING THAT WE ARE FINALLY BEING TAKEN SERIOUSLY. JOE:
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