Political Quotes

“Mr. Chairman, I thank the gentleman for yielding time. Mr. Chairman, for those watching at home, it is like the tale of two cities, where one side is offering a work of fiction and the other side a work of nonfiction. I think, over here, those who support this bill are supporting exactly the opposite of what I have heard on the other side of the aisle. Since last January, our two committees, Agriculture and Financial Services, have collaborated to make sure that we protect consumers and investors in the digital marketplace by preventing fraud, manipulation, front-running, and other abusive practices; applying Bank Secrecy Act/ AML requirements and know-your-customer rules; mitigating conflicts of interest; requiring firms to hold capital and segregate customer funds; have the right kind of custody policy; have registration for exchanges, dealers, and brokers that are working in digital assets; imposing reporting and bookkeeping requirements; and building on the existing exemption regime for the offer and sale of digital securities to include robust disclosures to anyone considering a purchase. With that said, we hear a lot about the lack of legal clarity for the treatment of digital assets, which was the impetus for this legislation. What does that even mean? Mr. Chairman, to this day, the SEC and the CFTC still contradict each other in court about whether a digital asset like Ethereum should be treated as a security or a commodity. Both cannot be true.…”