1
00:00:02,440 --> 00:00:06,760
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:06,960 --> 00:00:09,880
Speaker 2: Let's keep a conversation going as the US election looms.

3
00:00:09,960 --> 00:00:13,080
Speaker 2: Bloomberg's out today with a big take on Trump's own

4
00:00:13,200 --> 00:00:18,800
Speaker 2: journey with crypto, going from skeptic to bitcoin cheerleader. I'm

5
00:00:18,840 --> 00:00:21,919
Speaker 2: delighted to bring in Kristen Smith, CEO of the Blockchain

6
00:00:21,960 --> 00:00:26,200
Speaker 2: Association and DC Based Trade Association. You represent around one

7
00:00:26,280 --> 00:00:29,880
Speaker 2: hundred of the industry's leading companies and you're quoted in

8
00:00:29,960 --> 00:00:32,879
Speaker 2: that big take. But for me, that's the story. It

9
00:00:33,000 --> 00:00:36,640
Speaker 2: wasn't so long ago that former President Trump was talking

10
00:00:36,680 --> 00:00:42,479
Speaker 2: about that the criminality associated with crypto and blockchain, his

11
00:00:42,640 --> 00:00:45,960
Speaker 2: doubts about it, to now being all out. Has that

12
00:00:46,200 --> 00:00:47,839
Speaker 2: changed the tide for your industry.

13
00:00:48,280 --> 00:00:51,559
Speaker 3: Well, nobody ever goes from being pro crypto to anti crypto.

14
00:00:51,760 --> 00:00:54,000
Speaker 3: It's only the other way around. And I think that's

15
00:00:54,000 --> 00:00:56,160
Speaker 3: what we saw with Donald Trump, and it's what we're

16
00:00:56,200 --> 00:00:59,720
Speaker 3: seeing with folks on both sides of the aisle, both

17
00:00:59,760 --> 00:01:02,320
Speaker 3: your in Congress today and who are running for Congress

18
00:01:02,400 --> 00:01:02,880
Speaker 3: right now.

19
00:01:03,200 --> 00:01:05,080
Speaker 1: And I think the reason for that is.

20
00:01:05,000 --> 00:01:07,480
Speaker 3: That when you don't know a whole lot about crypto,

21
00:01:07,520 --> 00:01:10,560
Speaker 3: you often have misconceptions about what is used for or

22
00:01:10,600 --> 00:01:13,640
Speaker 3: how it works. But as you gain that knowledge and

23
00:01:13,680 --> 00:01:17,480
Speaker 3: you begin to understand the power of decentralized technology, you

24
00:01:17,600 --> 00:01:21,080
Speaker 3: realize what tens of millions of Americans know is that

25
00:01:21,120 --> 00:01:24,320
Speaker 3: this is something that could be the foundation for a

26
00:01:24,440 --> 00:01:28,360
Speaker 3: new financial services system or an alternative to the big

27
00:01:28,440 --> 00:01:32,720
Speaker 3: tech ecosystem in a way that is better for users

28
00:01:32,800 --> 00:01:33,840
Speaker 3: and consumers.

29
00:01:33,920 --> 00:01:36,360
Speaker 1: And so there's a real reason that people like this.

30
00:01:36,640 --> 00:01:39,720
Speaker 3: And what we've seen as a result of this is

31
00:01:39,760 --> 00:01:43,640
Speaker 3: it's translating into the elections. The crypto voter is real,

32
00:01:43,840 --> 00:01:46,440
Speaker 3: and the crypto advocate is strong, and I think that

33
00:01:46,520 --> 00:01:48,559
Speaker 3: this is something we're going to continue to see talked

34
00:01:48,560 --> 00:01:50,280
Speaker 3: about heading into the elections as fall.

35
00:01:50,480 --> 00:01:52,639
Speaker 2: Christ and we mentioned it, but I want to actually

36
00:01:52,720 --> 00:01:56,520
Speaker 2: play the SoundBite. This is former President Trump talking about

37
00:01:56,720 --> 00:02:03,240
Speaker 2: the SEC and Gary Againstlam. I will fire Gary Gensler,

38
00:02:03,320 --> 00:02:07,000
Speaker 2: who will appoint a new SEC chairman who believes America

39
00:02:07,080 --> 00:02:11,520
Speaker 2: should build the future, not block the future. Caban taking office,

40
00:02:11,560 --> 00:02:17,000
Speaker 2: I will immediately appoint a Bitcoin and Crypto Presidential Advisory Council.

41
00:02:18,520 --> 00:02:22,760
Speaker 2: What is the Blockchain Association and the groups that you represent?

42
00:02:23,080 --> 00:02:25,360
Speaker 2: Reaction to that statement.

43
00:02:25,960 --> 00:02:29,320
Speaker 3: I think people are incredibly excited by that that statement.

44
00:02:29,480 --> 00:02:31,960
Speaker 3: You know, We have had, both at the Blockchain Association

45
00:02:32,080 --> 00:02:35,359
Speaker 3: and within our member companies a lot of outreach over

46
00:02:35,400 --> 00:02:38,040
Speaker 3: the past couple of years to the SEC to try

47
00:02:38,080 --> 00:02:41,720
Speaker 3: to have a reasonable conversation about how to bring regulation

48
00:02:41,800 --> 00:02:44,440
Speaker 3: to this space. And as a result, Gensler has just

49
00:02:44,480 --> 00:02:47,919
Speaker 3: come back with enforcement action after enforcement action and is

50
00:02:48,000 --> 00:02:51,520
Speaker 3: costing the industry hundreds of millions, if not over a

51
00:02:51,560 --> 00:02:55,280
Speaker 3: billion dollars in legal fees just to deal with challenges

52
00:02:55,320 --> 00:02:58,960
Speaker 3: from the SEC. Right now, this is absolutely ridiculous. Isn't

53
00:02:59,000 --> 00:03:02,400
Speaker 3: how things should be done, and people are angry, and

54
00:03:02,520 --> 00:03:05,000
Speaker 3: so I think people are very excited that Trump has

55
00:03:05,000 --> 00:03:07,760
Speaker 3: come out this strong. I think what's interesting is we're

56
00:03:07,800 --> 00:03:11,120
Speaker 3: also hearing a lot of conversations on the Democratic side

57
00:03:11,120 --> 00:03:14,799
Speaker 3: of the isle. We have had I believe fourteen members

58
00:03:14,800 --> 00:03:18,639
Speaker 3: of Congress wrote a letter to the DNC urging them

59
00:03:18,680 --> 00:03:21,839
Speaker 3: to include something pro crypto in the platform. And there's

60
00:03:21,880 --> 00:03:26,640
Speaker 3: a lot of outreach to the new nominee or presumptive nominee.

61
00:03:26,639 --> 00:03:29,119
Speaker 3: I guess I should say, on the Democratic side, Harris

62
00:03:29,440 --> 00:03:31,919
Speaker 3: to see if she can come out and do something

63
00:03:32,400 --> 00:03:35,880
Speaker 3: pro crypto as well. So this isn't a partisan issue,

64
00:03:35,920 --> 00:03:38,520
Speaker 3: but I would say Trump had a very strong showing

65
00:03:38,560 --> 00:03:41,480
Speaker 3: over the weekend, and people were incredibly encouraged by the

66
00:03:41,520 --> 00:03:45,480
Speaker 3: acknowledgment of the difficult time that we've had over the

67
00:03:45,520 --> 00:03:46,840
Speaker 3: past three and a half years of.

68
00:03:46,800 --> 00:03:49,600
Speaker 2: Gary Gensler Christen On, the vice president, that had been

69
00:03:49,640 --> 00:03:53,800
Speaker 2: reported she'd also considered appearing out or speaking at Bitcoin

70
00:03:53,840 --> 00:03:57,000
Speaker 2: twenty twenty four and then did not do so. Has

71
00:03:57,000 --> 00:04:00,680
Speaker 2: the Blockchain Association had any conversation or agement with her

72
00:04:00,720 --> 00:04:03,040
Speaker 2: campaign team and would you hope to do so?

73
00:04:04,520 --> 00:04:05,880
Speaker 1: We absolutely hope to do so.

74
00:04:05,920 --> 00:04:09,160
Speaker 3: We have outreached both to her government team and her

75
00:04:09,160 --> 00:04:12,119
Speaker 3: campaign team right now, and I know she's had conversations

76
00:04:12,160 --> 00:04:16,200
Speaker 3: with some of the leaders within the industry already, and

77
00:04:16,279 --> 00:04:18,360
Speaker 3: so I think there's a lot of hope. I think

78
00:04:18,560 --> 00:04:21,360
Speaker 3: what's really interesting is typically when Donald Trump comes out

79
00:04:21,400 --> 00:04:24,599
Speaker 3: in support of a policy, the Democratic Party runs the

80
00:04:24,640 --> 00:04:25,080
Speaker 3: other way.

81
00:04:25,160 --> 00:04:26,240
Speaker 1: But what we're seeing.

82
00:04:25,960 --> 00:04:29,720
Speaker 3: Here is a competition for which party can gain that

83
00:04:29,880 --> 00:04:33,479
Speaker 3: valuable crypto voter. There's a poll from a couple months ago,

84
00:04:33,520 --> 00:04:36,000
Speaker 3: but I think it's still relevant that one in five

85
00:04:36,080 --> 00:04:39,960
Speaker 3: voters in swing states considers cryptocurrency an important issue heading

86
00:04:40,000 --> 00:04:42,599
Speaker 3: into the election this fall, and I think that both

87
00:04:42,640 --> 00:04:46,440
Speaker 3: sides are seeing those numbers and that there's a realization

88
00:04:46,560 --> 00:04:50,000
Speaker 3: that there's no upside to being anti crypto, that really

89
00:04:50,040 --> 00:04:52,719
Speaker 3: both parties need to be thoughtful about how to approach

90
00:04:52,760 --> 00:04:55,320
Speaker 3: this so that we can get the right policy in place,

91
00:04:55,360 --> 00:04:58,640
Speaker 3: so that those voters will go to the polls, but

92
00:04:58,640 --> 00:05:01,440
Speaker 3: more importantly, that we'll be able to keep the industry

93
00:05:01,480 --> 00:05:03,000
Speaker 3: and the community thriving here in.

94
00:05:03,000 --> 00:05:03,719
Speaker 1: The United States.

95
00:05:03,839 --> 00:05:06,760
Speaker 2: Bristin Smith, CEO of the Blockchain Association, thank you.