WEBVTT NOTE recognizability 0.856 NOTE language en-us 00:00:00.070 --> 00:00:04.534 The US midterm elections are coming up and the crypto industry has 00:00:04.534 --> 00:00:08.998 its eyes on Congress. Question after the vote will we finally get 00:00:08.998 --> 00:00:11.974 progress on crypto regulation? Bloomberg's Kaylee lines reports. 00:00:12.980 --> 00:00:16.867 Our regulators and frankly our Congress is an hour late and a dollar 00:00:16.867 --> 00:00:20.455 short, and we need to catch up with where these cryptocurrencies are 00:00:20.455 --> 00:00:23.744 going. Congress has been calling for greater regulation of crypto for 00:00:23.744 --> 00:00:28.528 years, but it's been a lot of talk and to this point, not a lot of 00:00:28.528 --> 00:00:32.415 walk. We have the intention and we're just not quite getting it over 00:00:32.415 --> 00:00:36.003 the line. The crypto industry has been asking Congress to help create 00:00:36.003 --> 00:00:39.890 the rules of the road, but optimism on progress has faded as the 00:00:39.890 --> 00:00:42.581 midterms draw closer. There was some hope from many. 00:00:42.740 --> 00:00:46.184 In industry that this was actually gonna happen this year, that a 00:00:46.184 --> 00:00:49.628 bunch of bills that had been proposed were promising, that we could 00:00:49.628 --> 00:00:53.072 actually see some movement here on Capitol Hill. But just like pretty 00:00:53.072 --> 00:00:56.229 much everything in Washington, I'm heading towards the end of 2022. 00:00:56.229 --> 00:01:00.247 It all seems kind of stuck right now. The bills that have gained the 00:01:00.247 --> 00:01:03.117 most traction include legislation to regulate stable points and to 00:01:03.117 --> 00:01:06.561 give the CFTC more power to oversee digital assets. But success on 00:01:06.561 --> 00:01:10.005 those initiatives will have to wait until after the midterms. I think 00:01:10.005 --> 00:01:12.875 both Kirsten and I believe that the bill in one. 00:01:12.960 --> 00:01:18.378 Peace as a total bill is more likely to be deferred until next year. 00:01:18.378 --> 00:01:23.409 It's a big topic, it's comprehensive, and it's still new to many US 00:01:23.409 --> 00:01:28.440 senators. It's a lot for them to digest with the few remaining weeks 00:01:28.440 --> 00:01:33.471 we have in this calendar year. Big names in crypto like Sam Bankman 00:01:33.471 --> 00:01:38.115 freed, the billionaire founder of FTX, are also trying to make change 00:01:38.115 --> 00:01:41.985 with their dollars emerging as influential political donors while he 00:01:41.985 --> 00:01:43.146 says he's motivated. 00:01:43.230 --> 00:01:46.220 Primarily by pandemic prevention and wants to support candidates who 00:01:46.220 --> 00:01:49.509 will prioritize that. He also has been pushing the regulatory agenda. 00:01:49.509 --> 00:01:53.994 I have a duty as a member of the industry to try and get us 00:01:53.994 --> 00:01:57.283 regulated, to try and move the industry in a more responsible 00:01:57.283 --> 00:02:00.871 direction and I think that requires engagement. I think it would be 00:02:00.871 --> 00:02:04.459 irresponsible not to to to engage you know with Capitol Hill with 00:02:04.459 --> 00:02:07.748 regulators and the things that have been arguing for are more 00:02:07.748 --> 00:02:11.037 regulation for the industry. I think that's what's right for the 00:02:11.037 --> 00:02:13.130 country. Bankman Freed is the 4th largest. 00:02:13.240 --> 00:02:17.872 Individual donor this midterm cycle and has made about $40 million in 00:02:17.872 --> 00:02:22.118 political contributions this year. He has said he could give even 00:02:22.118 --> 00:02:27.522 more in the 2024 race. I think that you're going to see more people 00:02:27.522 --> 00:02:32.154 pushing into politics because now the interaction with DC is going to 00:02:32.154 --> 00:02:37.558 be one of the main drivers of whether enterprises are able to to grow 00:02:37.558 --> 00:02:38.716 and operate successfully.