Congress got a crash course on cryptocurrency.

  1. It’s really interesting to watch Republicans try and champion crypto, and the Democrats confused what to do, but occasionally bring up energy consumption.

  2. "So this crip-TOE I keep hearing about is when kids send a bunch of nickels and dimes to each other through a series of tubes, is that right?" - some ancient Congressman, probably

  3. Brian Brooks (CEO of Bitfury) did an extraordinarily good job explaining pretty much all of the questions asked by Congress.

  4. Crypto could not have had a better person to tackle this than Brooks. His past connections with many of them and his ability to talk sensibly, calmly in an easily understood manner was top notch. Not only addressing their concerns, but presenting crypto as the answer.

  5. He really knocked it out of the park and was so clear in his explanations. The congress people should have been taken aback.

  6. LOL. I actually worked from home today and caught it by accident. It wasn’t that bad and not everyone on the committee is that old. There is hope.

  7. He was talking so disrespectfully and it was obvious he was mentioning only the FUD he has heard from news and not done his own research.

  8. LOL it was a joke. He would never want to go there i presume. Besides the current topics focus around regulations. He is smart enough to be slowly moving away from ethereum and let the platform ride itself

  9. If anyone reading this hasn't heard Vitalik talk, I'd encourage you to actually look up a video of him speaking about something you're interested in. I'm consistently impressed with how well he expresses himself while still being understandable to people with just basic knowledge on how blockchains work. Similarly, many (but certainly not all) of his articles on his website are easy to follow and very informative.

  10. No, disagree. Most of the law makers were well informed (was happy to see it actually). Most were not against Crypto. Few had doubts about fraud and bad players (legit reasons). One wanted US Dollar on block chain. Saw the entire hearing without missing a minutes today. IMO: Crypto is officially recognized by Gov. now from this hearing today. Definitely a milestone. Soft regulation will come next year/3/4 months may be with one single Regulator. Accountability was key concern in addition to how Gov. can keep US as Global Reserve currency. These are good stuff for Crypto future.

  11. Stellar performance by the Crypto Industry. Education is information, it’s currency fueling this digital currency. cryptocurrency is 2 Big & Confusing for 30 second Pitches & Congress got answers.

  12. Elizabeth Warren is the worst. She loves to go after bankers and pharma…but then thinks we are too stupid to not be protected by the same people she rightfully vilifies

  13. Honestly most of the committee members impressed me with how prepared they seemed to be. Some of the other older members seemed to be less savvy but at least they asked somewhat reasonable questions.

  14. Congressman Sherman was funny af. We have to watch out for “DODGE COIN” and “mongoose coin”. 💀💀💀

  15. I don't care about parties. But the consumer protection BS is just that. BS being used to secure control and make sure the banks and institutions get in at a good price (since they were late) before it takes off. Which is exactly why a futures etf got approved to bring volatility to the market before approving a spot etf. The notion of consumer protection is so fucking laughable when they allow 100x leverage trading but are scared of people investing in an open transparent protocol. And yes. Money goes where it is treated best so regulation could move businesses/jobs/money elsewhere if you fuck it up.

  16. Lmao the typical "we need to regulate this to protect people!" The government just needs to fuck off and ease up on crypto regulations.

  17. Great write up! I also watched and like how most of the hearing went … aside from a few blatant buzzword/asinine questions. It did seem anti bitcoin but very positive on blockchain tech. Which I’m mostly neutral about overall. My gut didn’t like the Sam bankfried guy but after listening to him speak he’s clearly a smart man

  18. When Congress members start to own crypto is when crypto will really become adopted. Politicians seem to be really good at writing laws that make them rich.

  19. A lot of constructive talk on stablecoins. But nothing on the decentralized algorithmic ones. The elephant in the room.

  20. Brooks carried that entire meeting. Man on fire. Great public speaker. There was a reason why a majority of the questions were directed to him.

  21. What was the conclusion about stable coin? I heard AOC mentioning/questiong quickly but I'm not sure if they answered the specific point about how its backed up.

  22. Very frustrating that celebrities can advertise high interest lines of credit, unhealthy foods/sugars, alcohol, etc. but Crypto is too much…

  23. Wrong. They can and will. What they are realizing is how crypto can help solve a ton of the issues and challenges we have with traditional finance.

  24. Sounds nice, I didn't click on the video because "dude tries to explain blockchain to congress" just made me cringe enough already.

  25. I liked everyone's performance. I hope for consumer protection regulation for Cex and centralized organizations and not much regulations in the rest of crypto space.

  26. It's incredible how all of congress can be present for a crash course on a subject and intentionally not hear or understand a damn word unless they're paid to ... anyhow about other things that will never change.

  27. To me, what this was really about was, lets ask questions, create concern and fear. Put the crypto world on notice. Eventually, they will inform us there is a need for a bipartisan oversight department/committee linked to the SEC to regulate crypto and keep us safe. This way both sides can make money by getting their usual kickback they get from stocks and bonds, but from of crypto.

  28. I’m going to go ahead and say this, and you guys will hate me for it. DeFi is going to get fucking REKT in the near future. There are way too many bank lobbyists and cronies surrounding the interests of the big banks to allow the financial institutions be undermined by the DeFi ecosystems. I’m not saying they are going to go away, but the amazing APY and sketchy coin pairs etc are going to get raped by the regulations at some point. I hope I am wrong, and crypto will move on, but I feel that it will be coming in the not so distant future.

  29. I don’t think they will be capable of understanding DeFi. They are focused on what they can understand. A centralized company like Coinbase offering better APY than the banks who give them huge political contributions.

  30. I know this is a unpopular opinion but most members of congress know there stuff. They get put on committees because they have experience or a specific skill set in that area. Yes of course there are some performances artists and members that are complete back bench hacks but many are serious people.

  31. Bullish on mongoose coin is mostly what I got out of that. Especially if any snake-based coins get out of hand, it could be our salvation.

  32. Yeah I watched it all day today. I thought the same thing. It’s frustrating but good to know that AT LEAST they learn something during this the time.

  33. Watched it while I worked today and was surprised there was no live updates in the Reddit. Thank you for the summary OP. I agree I think it went really well and it seemed like law makers are more optimistic and realize they have to make room for a future that allows mass crypto adoption.

  34. They need Tyler Spalding to go next time. I can listen to him for days, such a brilliant and exciting time listening to him describe projects . AMP is the next 🚀

  35. Bankman-Fried was a good representative of the sphere I think. He spoke well. I remember when he mentioned starting up FTX nobody wanted to be involved until he had massive reserves of stablecoins. I think he feels cheated by USDT and that's why he kept harping on that one point. I think USDC will survive bc coinbase is fucking huge but I'm not so confident about tether.

  36. I watched a good deal of it before the feed crashed. I was really worried I’d hear a lot of “stablecoins are problematic blah blah blah” but it was quite the opposite. Most for the committee seems quite interested in this technology and quite willing to work with developers and the industry while still finding unique ways to protect users. Good day.

  37. XLM still continues acting like a total shitcoin and continues to dump. 1 year of holding during the biggest bull market lead to losing money. I hate this coin💩

  38. Regulation is needed to if we want mass adoption. The answer is somewhere in the middle of what republicans and democrats want.

  39. Considering how dumb politicians are, I think many wouldn’t understand much if Vitalik were there. He’d confuse someone who eventually becomes lost.

  40. MoC have no clue what they are talking about. They read prepared statements and questions by their staff. They are there to be on TV is all. Shit show clowns.

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