00:00give it to me okay I'll read the cursive okay go ahead Mary I wrote two of these
00:09I'm trying to figure out which one is what what is your Mary Partridge from
00:13Sawyer Michigan what is your position on cryptocurrency or stable coins I'm
00:20concerned that if it's if if it's backed by US dollars and there's a run on the
00:25bank the taxpayers will have to bail out the banks mmm great question okay
00:30cryptocurrency so how many people know someone who's invested in cryptocurrency
00:35okay a fair number yeah there's some people being like whoa I don't know
00:39anybody who's done that it's particularly young people are are investing in
00:45cryptocurrency and right now it is keyed to the US dollar stable coins are keyed
00:52to the US dollar which is good we'd rather have it keyed to the dollar than
00:56keyed to the yen or another currency abroad but it is a completely new area
01:03for us it is a new concept we have zero zero regulation on the books on
01:09cryptocurrencies so you are not alone in fearing that our banks are you know that
01:15we could be someone could be invested there could be a run on it that you're
01:18not alone in the past I want to say six weeks we had a piece of legislation come
01:24forward to put some left and right limits on stable coins now not every crypto is
01:30a stable coin president Trump has invented his own cryptocurrency it is not a
01:36stable coin okay but most reputable crypto outfits use our stable coins so we voted in
01:47and I voted for the first ever regulation on cryptocurrencies it was
01:53controversial because of this exact reason and about 25 million other
01:57questions but one of the changes that was made as the bill got cut got amended
02:02through the weeks of the of the process was to make sure that you wouldn't have
02:08the complete destruction of the financial system if there happened to be
02:11something going crazy on stable coins and guess who insisted on that the banks
02:16right the banks are like this is what is this right what is all of this now some
02:23people colleagues of mine in the Senate said it's not a perfect bill so I'm not
02:28gonna vote for it right a lot of my Democratic colleagues did not vote for it I
02:32think there was like 20 Democrats who voted for it I voted for it for a whole
02:37bunch of reasons related to national security and I just believe I'd rather have
02:42some regulation on these coins then none and we can amend it and make it better
02:48but I could not see voting for a pert and voting against this bill because it
02:54wasn't perfect because there's not a single perfect bill out there right
02:57Medicare took many rounds to get right so I understand your concern there are
03:04checks and balances in the final bill that was voted on to prevent the very
03:08thing you're talking about but you're right to raise it because it is
03:12definitely a new and controversial area for sure okay choke way yeah oh I'm sorry
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