The text discusses the current state of the cryptocurrency market, including price actions and regulatory concerns. The episode features a conversation with Kristen Smith, CEO of the Blockchain Association, who emphasizes the need for legislation to regulate the crypto market. The discussion also delves into the use of cryptocurrencies for illicit activities, with Smith arguing that the transparency of blockchain technology makes it unsuitable for such activities. The episode concludes by noting the increasing skepticism around the industry due to events like the collapse of FTX, and the potential impact of the SEC's regulatory approach.
1. The program is broadcast live from Bloomberg's world headquarters in New York and their studios in Washington DC. The hosts are Kaylee Lyons and Matt Miller. They are discussing crypto, decentralized finance, and the regulatory landscape, including the SEC chair Gary Gensler's views on crypto.
2. The SEC chair, Gary Gensler, has stated that crypto is ripe with fraud and misconduct. He believes that claims that the U.S lacks rules for crypto are false.
3. Kristen Smith, the CEO of the blockchain association, is interviewed on the show. She argues that Congress must act now and that the collapse of FTX has increased skepticism around the industry.
4. The hosts discuss a new book that details the rise and pitfalls of crypto.
5. The price action in the crypto markets is discussed. Bitcoin and Ether are mentioned as they have seen substantial growth.
6. The SEC chair, Gary Gensler, continues to sow doubts about the crypto industry. He testified before the Senate Banking Committee and said the space is rife with bad actors.
7. Kristen Smith, the CEO of the blockchain association, is interviewed on the show. She argues that legislation is needed as the SEC does not have full authority over these assets.
8. The hosts discuss the potential impact of proposed rules by the Treasury that would require brokers to report sales exchanges of digital assets.
9. The hosts discuss the excitement in Asia this week due to a big crypto conference that had over a thousand people in Singapore. They believe that the US wants to be a part of this but not accidentally lock themselves off of this opportunity to lead.
10. The hosts discuss the summer of apathy in the crypto market, with 300 million dollars in outflows last month and a 30% decrease in trading volume in publicly listed crypto products.
11. The hosts discuss the divide among politicians and parties regarding crypto. Sherrod Brown is quoted as saying that he thinks crypto is used for buying drugs and laundering money, while Senator Lummus is quoted as saying that they need to create a framework for regulation.
12. The hosts discuss the potential for crypto development outside of the US, citing the rise of crypto hubs in Asia and Europe.
13. The hosts discuss the potential impact of the book "Number Go Up: Inside Crypto's Wild Rise and Staggering Fall" by Bloomberg investigative reporter Zeke Fox. The book details the rise and fall of Sam Bankman Freed's FTX.