Episode Details

French Hill (R-AR) on Digital Asset Legislation (EP.547)
7/19/2024
On The Brink with Castle Island β†—

Key Insights

Bullish:

  • 🟒 $Digital Assets - Discussing the potential of digital assets and blockchain technology in reducing agency costs and improving system efficiency.
    • β€œI've always been interested in operating systems and removing agency costs... blockchain removes some of those things, and it will do even more as it is perfected and more dollars are invested.” - French (0:00)
    • β€œMy first instinct was not about cryptocurrency, but it was about the operating system to remove agency costs and make systems more effective and reliable through putting those computations out on a blockchain system.” - French (0:00)
    • β€œSo back in 2014, I was working at Fidelity Investments, and we were talking about a future scenario of what the world would look like enabled by blockchain, and we used to call it frictionless capital market.” - Matt (0:00)
    • β€œWe’ve had tremendous engagement and collaboration from the US Treasury officials, from the Federal Reserve.” - French (0:00)
    • β€œWe are making a full court press on fit 21 because we got such a strong bipartisan support in the house.” - French (0:00)
    • β€œI’ve always been intrigued by taking an existing analog type system... and it’s got a lot of people in the middle... blockchain removes some of those things.” - French (0:00)
    • β€œWe’ve also achieved that about the custody issue through preparing those members and staff for a vote.” - French (0:00)πŸ”’
    • β€œWe’ve also achieved that in the realm about the pros and cons and structural issues around stablecoins.” - French (0:00)πŸ”’
    • β€œI think that’s exactly what they should do. They should withdraw this completely and repropose whatever their more directed thoughts are.” - French (0:00)πŸ”’
    • β€œWe are talking with senators, both Democratic and Republican senators, that we should take advantage in this congress of that hard work and bipartisan success in the house.” - French (0:00)πŸ”’
    • β€œWe are working every day to get him out of that prison and get him home to Georgia to be with his beautiful family.” - French (0:00)πŸ”’
    • β€œWe’ve had Sherrod Brown, the banking committee chairman... he made a comment to the press last week. Well, maybe we ought to consider something in the regulatory framework market structure arena.” - French (0:00)πŸ”’
    • β€œWe are making a full court press on fit 21 because we got such a strong bipartisan support in the house.” - French (0:00)πŸ”’
    • β€œWe are talking with senators, both Democratic and Republican senators, that we should take advantage in this congress of that hard work and bipartisan success in the house.” - French (0:00)πŸ”’
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