Remy Blaire engages in a compelling discussion with Cleve Mesidor, Executive Director of the Blockchain Foundation, live from Money20/20 in Las Vegas. The segment centers around the current legislative landscape for the crypto industry, particularly the challenges and developments in Washington, D.C.
Remy begins by outlining the recent efforts of the crypto industry to push for new legislation, noting that bipartisan talks have encountered significant obstacles. Following a meeting between top crypto executives and senators, it becomes clear that while discussions are taking place, Democrats and Republicans are engaging separately, complicating the path forward. Cleve explains that the Senate Banking Committee is facing difficulties in moving the crypto market structure bill, contrasting it with the more straightforward passage of the Clarity Act in the House.
As the conversation unfolds, Cleve highlights the implications of the ongoing U.S. government shutdown, which has affected various government operations, including the cancellation of important briefings related to the crypto task force. Despite these setbacks, he emphasizes the necessity for bipartisanship, urging both parties to collaborate in order to create a meaningful legislative framework for the crypto sector.
The discussion also touches on the recent nomination of Michael Selig to lead the Commodity Futures Trading Commission (CFTC). Cleve expresses optimism about Selig’s background in crypto regulation and the potential for his confirmation to facilitate crucial discussions regarding the roles of the SEC and CFTC in the evolving digital asset landscape.
Shifting gears, Remy and Cleve delve into the topic of the Great Wealth Transfer, a significant theme at Money20/20. Cleve discusses how this transfer of wealth is occurring at a time when multiple generations are active in the marketplace, and he emphasizes the role of credit unions and other financial institutions in this dynamic, particularly in relation to stablecoin issuance.