WEBVTT - Blockchain Association CEO Kristin Smith Talks Trump/Crypto

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Let's keep a conversation going as the US election looms.

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<v Speaker 2>Bloomberg's out today with a big take on Trump's own

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<v Speaker 2>journey with crypto, going from skeptic to bitcoin cheerleader. I'm

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<v Speaker 2>delighted to bring in Kristen Smith, CEO of the Blockchain

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<v Speaker 2>Association and DC Based Trade Association. You represent around one

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<v Speaker 2>hundred of the industry's leading companies and you're quoted in

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<v Speaker 2>that big take. But for me, that's the story. It

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<v Speaker 2>wasn't so long ago that former President Trump was talking

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<v Speaker 2>about that the criminality associated with crypto and blockchain, his

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<v Speaker 2>doubts about it, to now being all out. Has that

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<v Speaker 2>changed the tide for your industry.

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<v Speaker 3>Well, nobody ever goes from being pro crypto to anti crypto.

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<v Speaker 3>It's only the other way around. And I think that's

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<v Speaker 3>what we saw with Donald Trump, and it's what we're

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<v Speaker 3>seeing with folks on both sides of the aisle, both

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<v Speaker 3>your in Congress today and who are running for Congress

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<v Speaker 3>right now.

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<v Speaker 1>And I think the reason for that is.

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<v Speaker 3>That when you don't know a whole lot about crypto,

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<v Speaker 3>you often have misconceptions about what is used for or

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<v Speaker 3>how it works. But as you gain that knowledge and

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<v Speaker 3>you begin to understand the power of decentralized technology, you

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<v Speaker 3>realize what tens of millions of Americans know is that

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<v Speaker 3>this is something that could be the foundation for a

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<v Speaker 3>new financial services system or an alternative to the big

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<v Speaker 3>tech ecosystem in a way that is better for users

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<v Speaker 3>and consumers.

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<v Speaker 1>And so there's a real reason that people like this.

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<v Speaker 3>And what we've seen as a result of this is

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<v Speaker 3>it's translating into the elections. The crypto voter is real,

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<v Speaker 3>and the crypto advocate is strong, and I think that

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<v Speaker 3>this is something we're going to continue to see talked

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<v Speaker 3>about heading into the elections as fall.

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<v Speaker 2>Christ and we mentioned it, but I want to actually

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<v Speaker 2>play the SoundBite. This is former President Trump talking about

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<v Speaker 2>the SEC and Gary Againstlam. I will fire Gary Gensler,

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<v Speaker 2>who will appoint a new SEC chairman who believes America

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<v Speaker 2>should build the future, not block the future. Caban taking office,

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<v Speaker 2>I will immediately appoint a Bitcoin and Crypto Presidential Advisory Council.

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<v Speaker 2>What is the Blockchain Association and the groups that you represent?

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<v Speaker 2>Reaction to that statement.

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<v Speaker 3>I think people are incredibly excited by that that statement.

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<v Speaker 3>You know, We have had, both at the Blockchain Association

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<v Speaker 3>and within our member companies a lot of outreach over

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<v Speaker 3>the past couple of years to the SEC to try

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<v Speaker 3>to have a reasonable conversation about how to bring regulation

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<v Speaker 3>to this space. And as a result, Gensler has just

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<v Speaker 3>come back with enforcement action after enforcement action and is

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<v Speaker 3>costing the industry hundreds of millions, if not over a

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<v Speaker 3>billion dollars in legal fees just to deal with challenges

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<v Speaker 3>from the SEC. Right now, this is absolutely ridiculous. Isn't

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<v Speaker 3>how things should be done, and people are angry, and

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<v Speaker 3>so I think people are very excited that Trump has

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<v Speaker 3>come out this strong. I think what's interesting is we're

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<v Speaker 3>also hearing a lot of conversations on the Democratic side

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<v Speaker 3>of the isle. We have had I believe fourteen members

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<v Speaker 3>of Congress wrote a letter to the DNC urging them

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<v Speaker 3>to include something pro crypto in the platform. And there's

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<v Speaker 3>a lot of outreach to the new nominee or presumptive nominee.

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<v Speaker 3>I guess I should say, on the Democratic side, Harris

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<v Speaker 3>to see if she can come out and do something

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<v Speaker 3>pro crypto as well. So this isn't a partisan issue,

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<v Speaker 3>but I would say Trump had a very strong showing

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<v Speaker 3>over the weekend, and people were incredibly encouraged by the

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<v Speaker 3>acknowledgment of the difficult time that we've had over the

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<v Speaker 3>past three and a half years of.

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<v Speaker 2>Gary Gensler Christen On, the vice president, that had been

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<v Speaker 2>reported she'd also considered appearing out or speaking at Bitcoin

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<v Speaker 2>twenty twenty four and then did not do so. Has

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<v Speaker 2>the Blockchain Association had any conversation or agement with her

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<v Speaker 2>campaign team and would you hope to do so?

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<v Speaker 1>We absolutely hope to do so.

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<v Speaker 3>We have outreached both to her government team and her

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<v Speaker 3>campaign team right now, and I know she's had conversations

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<v Speaker 3>with some of the leaders within the industry already, and

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<v Speaker 3>so I think there's a lot of hope. I think

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<v Speaker 3>what's really interesting is typically when Donald Trump comes out

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<v Speaker 3>in support of a policy, the Democratic Party runs the

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<v Speaker 3>other way.

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<v Speaker 1>But what we're seeing.

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<v Speaker 3>Here is a competition for which party can gain that

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<v Speaker 3>valuable crypto voter. There's a poll from a couple months ago,

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<v Speaker 3>but I think it's still relevant that one in five

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<v Speaker 3>voters in swing states considers cryptocurrency an important issue heading

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<v Speaker 3>into the election this fall, and I think that both

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<v Speaker 3>sides are seeing those numbers and that there's a realization

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<v Speaker 3>that there's no upside to being anti crypto, that really

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<v Speaker 3>both parties need to be thoughtful about how to approach

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<v Speaker 3>this so that we can get the right policy in place,

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<v Speaker 3>so that those voters will go to the polls, but

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<v Speaker 3>more importantly, that we'll be able to keep the industry

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<v Speaker 3>and the community thriving here in.

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<v Speaker 1>The United States.

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<v Speaker 2>Bristin Smith, CEO of the Blockchain Association, thank you.