00:00Overall, when it comes to regulation, SEC Chairman Paul Atkins has said that there's a lot the agency can do without Congress to regulate crypto using exemptions as well as other tools.
00:11Should the agency move forward on its own in this way or should it wait for congressional action, do you think?
00:17I think it should do both. Part of the problem, Scarlett, in the last administration was there were no clear rules of the road.
00:26And so you had companies getting heavy fines through enforcement action and fined for rules that didn't exist.
00:37And so the industry is very interested in seeing long term solutions, clear rules of the road that can only come through legislation.
00:47That said, I'm very pleased that Paul Atkins is taking the approach at the SEC that there are things they can do now so companies, while they're waiting for legislation, can move forward with their plans.
01:02This is a fast moving industry. It's a very large industry now.
01:07And the sooner they have clear rules of the road, be they at the SEC or through law, the better.
01:13I want to get your take on the fight over stable coins between the banking industry and the crypto industry.
01:19The Genius Act, as you know, prevents stable coin issuers from paying yield, but nothing prevents exchanges like Coinbase, for instance, from paying yield in the form of rewards to those who hold stable coins.
01:30And the banks are upset about this and want to see this fixed in the next bill.
01:34So how do Republican lawmakers choose between the banks who are kind of the stalwarts of TradFi and the crypto industry?
01:43Well, personally, it was so difficult to get Genius passed that I kind of hate to reopen Genius.
01:53I can understand the frustration of the community banks, but I want them to know that they're going to have access to custody and include and incorporate digital assets into their offerings as banks.
02:08Three states already allow for community banks to custody digital assets.
02:16Those states are Louisiana, Virginia and Wyoming.
02:20And I expect when this bill passes that other states will also allow for banks to bank digital assets.
02:31This is the future.
02:33This is the 21st century economy.
02:35And we need to make sure that community banks embrace the opportunities that are presented to them by being able to bank both fiat currency and digital assets.
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