How Quickly Congress Is Likely to Deliver for Crypto With Filecoin's Marta Belcher

Transcript

hi there U my name is Veronica Irwin and I'm the regulatory reporter at Unchained would you like to introduce yourself I'm Mara Belcher I'm the president of file Quinn foundation and we are here at the blockchain association policy Summit in Washington DC so just to start um obviously November had a lot of big wins for crypto do you see something like fit 21 being passed next year uh I think it's a really really exciting time for crypto I think it is definitely seems to be a high priority to finally get clarity uh on the issue of whether and under what circumstances cryptocurrencies are securities I think that's something that's absolutely critical in order for the industry to be able to actually operate in the US um and so I think I think policy makers get

that I think they understand the urgency um and I think it's likely to be something that is passed relatively quickly and and what about stable coin legislation is that something that you would also see happening next year a lot of progress has been made on stable coin legislation um it's something that has been moving forward almost even more quickly than fit 21 um so it seems like something that's very likely also to actually be pushed forward which is very exciting are there any areas like I'm curious when it comes to stable coin legislation I feel like it gets a lot less attention than Market structure where should could the industry be more open to compromise versus like what's most essential to see in that bill so I think when it comes to stable coin legislation the big question is about uh

whether it needs to be one to one fact right um and that's something that you know I think some people would argue in other uh sectors that's not actually something that is required um right and so it would be really going above and beyond um and I think it's I think it's a question mark as to whether if it weren't one to one backed um it would be something that members of Congress would have appetite for so um I think that's that's where a lot of the action is on on Staple coins and a lot of the question marks MH and then I mean there's been a lot of talk at this conference about Market structure legislation stable cring legislation also Sab 121 and a lot of people seem very excited that a lot will be passed very quickly and a lot of this will be

addressed very quickly so you know two years from now what's next what what do we need Congress to be focusing on or thinking ahead on well I think we should contextualize quickly right quickly is quickly for congress which is not quickly for you know what anyone in the industry would think of as quickly right so um but the fact that you know um 21 did already pass the house um so there's already some really good um language that's gotten broad agreement is really helpful and as a good sign for being able to move things forward um you know what quickly means in this context you know certainly could be that could be on the order of years but that's even on the order of years is a couple years is pretty uh pretty quick by Congressional standards um so I would say um you know

I guess we'll stay tuned to see how how fast that happens um I think the other changes that are like liky to happen uh faster would be uh more agency changes right agency related changes since we'll have you know kind of a total turnover at the uh highest levels of agencies can you give like an example of of what that might look like or what that would mean well I mean just you know they say Personnel is policy right and just looking at um a a bunch of the picks right you have a cryptar you have um people who are really knowledgeable about cryptocurrency who are really uh really think that this is an important technology for the future of the country and are really invested in making it

making it an environment where cryptocurrency companies can actually operate for