WEBVTT - A Bipartisan Duo Craft a Crypto Bill

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<v Speaker 1>My son in law introduced me to the topic. He

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<v Speaker 1>had an interest in it, and he helped me by

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<v Speaker 1>my first fit coin. This was in that twenty time frame.

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<v Speaker 1>First introduction to this world was from my teenage Sonum.

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<v Speaker 1>He was thirteen, and Endy came said, momot my bit point,

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<v Speaker 1>and I said, absolutely not. I'm Stacy Marie Ishmael, Managing

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<v Speaker 1>editor of Crypto for Bloomberg News, And this is Bloomberg

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<v Speaker 1>Crypto at Daily Bloomberg I Heart Podcast. It's Friday, June seventeen.

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<v Speaker 1>Today on Bloomberg Crypto, we're taking another look at the

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<v Speaker 1>u S approach to regulate the cryptocurrencies. There's a real

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<v Speaker 1>drive on Capitol Hill right now to figure out how

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<v Speaker 1>to define and regulate this asset class and how best

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<v Speaker 1>to protect consumers. This is especially true in the wake

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<v Speaker 1>of the collapse of the Terra stable coin on the

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<v Speaker 1>effects that had on retail investors. The latest and biggest

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<v Speaker 1>attempt in this direction comes from the bipartisan duo of

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<v Speaker 1>Democratic Senator Kirsten Gillibrand of New York and Republican Senator

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<v Speaker 1>Cynthia Loomis of Wyoming. They're proposing legislation that would, among

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<v Speaker 1>many other things, clarify the rules of how two very

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<v Speaker 1>different government agencies, the CFTC and the SEC, would divvy

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<v Speaker 1>up the crypto landscape. Their bill also contains a proposal

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<v Speaker 1>for regularly saying crypto mining. But can it pass and

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<v Speaker 1>how would it work in practice? Bloomberg report to Alison Verse.

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<v Speaker 1>Brill joins me. Now, Alison, thank you so much for

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<v Speaker 1>joining us today. We're going to talk about a pair

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<v Speaker 1>of senators. We have on the one side, Senator Kristen Gillibrand,

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<v Speaker 1>who is a Democrat from New York, and a Republican

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<v Speaker 1>Senator Cynthia Loomis of Wyoming, who have just introduced a

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<v Speaker 1>crypto regulation bill. What specifically is in it? So we

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<v Speaker 1>saw several things in this bill. I mean, it's very

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<v Speaker 1>sweeping by nature, but I think on a high level,

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<v Speaker 1>we have stable coin regulation in here. You know, it

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<v Speaker 1>would require issuers to have a hundred percent reserves and

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<v Speaker 1>then make public disclosures about the assets backing their tokens um.

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<v Speaker 1>We would also see a directive that the government a

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<v Speaker 1>government watch out to a study on some of the

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<v Speaker 1>opportunities and risks of investing in retirement savings and digital assets.

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<v Speaker 1>We'd see the Commodities Feature Trading Commission get significantly greater

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<v Speaker 1>role in regulating digital assets. Um. They would actually have

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<v Speaker 1>you know, primary jurisdiction over coins like bitcoin and ether,

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<v Speaker 1>which together make up more than half of the total

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<v Speaker 1>market capitalization. So um, not a small amount of us.

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<v Speaker 1>Not a small amount. And actually the senators after introducing

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<v Speaker 1>this bill, you know, they mentioned so CFTC would have

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<v Speaker 1>kind of, uh, the bigger role when it comes to

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<v Speaker 1>market capitalization, but then sec would likely have a bigger role.

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<v Speaker 1>And when it comes to the number of token that

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<v Speaker 1>would fall under sort of the securities definition. Um, so

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<v Speaker 1>kind of an interesting distinction there. And then we'd also

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<v Speaker 1>have the creation of an advisory committee and this would

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<v Speaker 1>be you know, consist of private and public sector members.

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<v Speaker 1>And essentially the idea is to help the government keep

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<v Speaker 1>pace with innovation, because we know that things move at

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<v Speaker 1>a record pace when it comes to digital assets. Uh.

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<v Speaker 1>And so this this committee would be tasked with coming

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<v Speaker 1>up with recommendations and um, you know, on new developments

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<v Speaker 1>and and kind of which agencies should be in charge.

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<v Speaker 1>And you've got some of the backstory of how these

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<v Speaker 1>senators got interested not just in crypto, but in working

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<v Speaker 1>with each other. Tell me more about that. Both of

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<v Speaker 1>those senators have expressed an interest in cryptocurrency, and I

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<v Speaker 1>think it stems from two different places. With Senator Lemis,

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<v Speaker 1>you know, she started investing in this very early. She

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<v Speaker 1>has um bought her first bitcoin in at the recommendation

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<v Speaker 1>of her son in law. And then and then Senator Delibery.

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<v Speaker 1>And you know, she told me in another colleague of

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<v Speaker 1>mine that she began working on the Senate Intelligence Committee

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<v Speaker 1>about a year ago and really started participating in hearings

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<v Speaker 1>on virtual currency and the blockchain UM. And she also,

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<v Speaker 1>you know, she represents New York, which is the financial

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<v Speaker 1>capital of the world, and so so New Yorkers will

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<v Speaker 1>tell you so New Yorkers will tell you that's right.

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<v Speaker 1>And so she you know, that's there's obviously been a

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<v Speaker 1>lot of interest from local politicians in New York and

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<v Speaker 1>so she's kind of jumping in on that. And you know,

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<v Speaker 1>she was the one um to approach Senator Lummis. So

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<v Speaker 1>she approached Sanis Lumis. Yes, that's the story we were told.

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<v Speaker 1>So it's it's pretty interesting they um. You know, Senator Delibran,

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<v Speaker 1>as she describes it, was working I think about a

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<v Speaker 1>year ago on legislation to help sexual assault victims in

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<v Speaker 1>the military, and she, you know, told a story about

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<v Speaker 1>Senator Lumis being really willing to jump in on that

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<v Speaker 1>effort without having to consult her staff. Um, you know,

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<v Speaker 1>just knowing that it was an area that was of

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<v Speaker 1>interest to Senator Jella Brand. She told us that that

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<v Speaker 1>really really stuck with her. Um. She said, she felt

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<v Speaker 1>like Senator Lammis was an a lawmaker that could make

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<v Speaker 1>decisions quickly, that could act, you know, sort of outside

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<v Speaker 1>of the normal partisan divides we sometimes see in Congress.

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<v Speaker 1>And so when she started getting interested in cryptocurrency and

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<v Speaker 1>she noticed that Senator Lammis was working on a big,

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<v Speaker 1>sweeping bill um to regulate the industry, I came to Washington.

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<v Speaker 1>I found out that very few of any members of

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<v Speaker 1>the Senate had an awareness of how big bitcoin and

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<v Speaker 1>other digital assets were becoming, and that there was a

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<v Speaker 1>vacuum of both interest and knowledge about this topic. And

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<v Speaker 1>yet it was becoming more and more apparent that a

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<v Speaker 1>framework for regulation was going to be needed. She approached her,

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<v Speaker 1>and you know, now we have both of them working

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<v Speaker 1>together there. So, yeah, then is a genuinely refreshing thing

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<v Speaker 1>to hear because you know, so much of how regulation

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<v Speaker 1>is presented, and certainly so much of how politics is

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<v Speaker 1>presented right now, comes from a very adversarial place. Sounds

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<v Speaker 1>like these are two folks who are absolutely coming at

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<v Speaker 1>crypto from very different perspectives, but who found enough to

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<v Speaker 1>agree on. What are some of the things they agree on?

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<v Speaker 1>What are they trying to do with this bill specifically?

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<v Speaker 1>So they both talk a lot about innovation and seeing

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<v Speaker 1>that there are some you know, potential areas um where

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<v Speaker 1>they want to encourage companies to continue experimenting. But they

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<v Speaker 1>also you know, mentioned things like the recent terror collapse

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<v Speaker 1>and and the fact that you know, you need some guardrails,

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<v Speaker 1>that things are getting really complex, um. And so they

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<v Speaker 1>want to regulate, but they're trying to be a little

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<v Speaker 1>bit more flexible. And I think one of the really

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<v Speaker 1>interesting aspects of this bill that they talked to us

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<v Speaker 1>about was this advisory body that they would like to

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<v Speaker 1>create and essentially how that would work anytime there's a

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<v Speaker 1>new development in the industry, So say, you know, non

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<v Speaker 1>fungible tokens a year or so ago, um, then you

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<v Speaker 1>would have this body look at that and kind of decide,

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<v Speaker 1>you know, who should regulate that how should we approach

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<v Speaker 1>us going forward? So they really want to be adaptable,

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<v Speaker 1>which I think is is a pretty interesting concept. And

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<v Speaker 1>now we'll see, uh, you know, how that works in

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<v Speaker 1>the long run. But I think UM that's been one

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<v Speaker 1>of the areas that I think is appealing to the

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<v Speaker 1>industry as well. Is not acknowledging that maybe something that

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<v Speaker 1>works today is not going to work in the future

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<v Speaker 1>for this particular industry. I've talked for a lot of

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<v Speaker 1>industry members and having clarity is extremely important to them

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<v Speaker 1>because they don't want to build a business model that's

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<v Speaker 1>some regulators going to say it is inappropriate three years

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<v Speaker 1>from now or fires from now. They want to be

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<v Speaker 1>able to know that their ideas can be manifest in

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<v Speaker 1>UM a regulatory framework that works for them and works

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<v Speaker 1>for consumer protection and safety and SAMUS and all those medicals.

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<v Speaker 1>So I am optimistic it's still exactly that right, so

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<v Speaker 1>very explicitly addressing the criticism that regulators always regulating the

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<v Speaker 1>last five years and not the coming five years. Yes,

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<v Speaker 1>who are some of the folks who would be key

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<v Speaker 1>to having this have any chance at role at actually

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<v Speaker 1>becoming law? Are there other you know, folks in Congress

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<v Speaker 1>that they need to be allies or at least to

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<v Speaker 1>not be adversaries. So I think, you know, obviously one

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<v Speaker 1>of the positive aspects of this bill is that it's bipartisan,

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<v Speaker 1>but I think you would really need buy in UM

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<v Speaker 1>from leaders on the Senate Banking Committee. You have Chairman

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<v Speaker 1>shared Brown and Ranking Member Pat to me, and then

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<v Speaker 1>you also are going to want some buy in UH

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<v Speaker 1>from leaders on other committees. Had just send it finance

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<v Speaker 1>given that there are tax elements of this bill, so

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<v Speaker 1>having some support from someone like Senator Ron wide And

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<v Speaker 1>doesn't hurt it either. Are there any folks on there

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<v Speaker 1>who may have always say competing interests? So you know,

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<v Speaker 1>I think sometimes is it competing or is it a complementary?

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<v Speaker 1>I think maybe the jury is still out, but we

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<v Speaker 1>do know that Chairwoman uh Stabano of the Senate Agriculture

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<v Speaker 1>Committee is working on a barpartisan bill with um Marky

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<v Speaker 1>Member John Boseman on cryptocurrency oversight UM, specifically giving the

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<v Speaker 1>CFTC more authority over coins like bitcoin and ether um.

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<v Speaker 1>So it's pretty similar to what we're seeing in the

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<v Speaker 1>Lummis and Gillibrand bill, but coming directly from the Chairwoman UM,

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<v Speaker 1>which is important I think, and we've seen that the

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<v Speaker 1>Senator's Lumis and Gilibran have talked about this being complementary

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<v Speaker 1>to what they're doing and not necessarily supplanting kind of

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<v Speaker 1>their real legislation and whole UM. They've actually talked about

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<v Speaker 1>this being a positive sign that you know they're on

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<v Speaker 1>the same page and working towards the same end goal.

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<v Speaker 1>I think it is important though, when you're talking about

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<v Speaker 1>the CFTC oversight piece of all of this is whether

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<v Speaker 1>or not you can get other Senators from other committees

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<v Speaker 1>like maybe Senate Banking UM who might have more of

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<v Speaker 1>an interest in SEC oversight. UM. If you can get

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<v Speaker 1>all of them on board too, agree to this change,

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<v Speaker 1>we'll be right back. Is this one of those examples

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<v Speaker 1>where everybody kind of agrees that something has to happen

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<v Speaker 1>about the devil's in the details, or actually, are you

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<v Speaker 1>seeing much more polarization than that? So I think there

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<v Speaker 1>is a pretty significant consensus that there need to be

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<v Speaker 1>guardrails for cryptocurrency UM. I think the differences are how

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<v Speaker 1>you're approaching both the language and the details on that UM.

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<v Speaker 1>So for the Banking Committee, you have someone like Chairman

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<v Speaker 1>Shared Brown, who has been very critical of the industry,

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<v Speaker 1>you know, has talked about their being fraud Big crypto

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<v Speaker 1>companies are looking to make big profits, are desperate to

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<v Speaker 1>reach as many Americans as they can. They brought in

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<v Speaker 1>celebrities and gimmicks to make crypto sound exciting and daring

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<v Speaker 1>and profitable. But the ads left a few things out.

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<v Speaker 1>They didn't mention the fraud, the scams, and the outright theft.

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<v Speaker 1>And when he was talking about the terracile apps, you know,

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<v Speaker 1>it's pointing to that as a reason for why they

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<v Speaker 1>need to be regulation, but why there needs to be

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<v Speaker 1>strict regulation. And then his immediate counterpart is ranking Member

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<v Speaker 1>Pat to me Um, who is very interested in this industry,

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<v Speaker 1>thinks there's a lot of potential. Um He's put out,

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<v Speaker 1>you know, draft bill of how to regulate stable coins

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<v Speaker 1>and that you know, it was a little bit more

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<v Speaker 1>flexible than what we saw from Treasury and these other

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<v Speaker 1>financial regulators. So I think that'll be an interesting committee

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<v Speaker 1>to watch because I do feel like they're probably on

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<v Speaker 1>pretty different sides of how they would want to regulate,

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<v Speaker 1>and so maybe if they can reach agreement, maybe you

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<v Speaker 1>can disagreement anywhere. So stable coins hot topic. Does the

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<v Speaker 1>bill address these specifically, and particularly as it relates to

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<v Speaker 1>algorithmic stable coins like terra USD. So the bill, you know,

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<v Speaker 1>talks about payment stable coins specifically, and it has this

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<v Speaker 1>reserve requirement. It also has these public disclosures that they

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<v Speaker 1>would have to have with the idea of being that

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<v Speaker 1>it would event it would prevent collapses like the what

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<v Speaker 1>happened with tera Um. It doesn't explicitly mention algorithmic stable coins,

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<v Speaker 1>but you can draw the conclusion that if you have

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<v Speaker 1>a hundred percent reserve requirement that maybe those type of

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<v Speaker 1>stable coins would no longer be existing. There's also something

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<v Speaker 1>in this bill too that relates to stable coin issuers

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<v Speaker 1>regarding sanctions, and it would task the Treasury with developing

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<v Speaker 1>guidance kind of clarifying the responsibility of stable coin issuers

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<v Speaker 1>to comply with those restrictions. And when we talk about

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<v Speaker 1>reserve requirements, what we're saying is, if you're issuing a

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<v Speaker 1>stable coin, you actually have to have some kind of

0:12:48.600 --> 0:12:51.760
<v Speaker 1>underlying assets that backs that. It might be dollars, it

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<v Speaker 1>might be US treasuries, it might be you know, short

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<v Speaker 1>term lending vehicles like commercial paper right right, And here

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<v Speaker 1>they you know, they kind of specific like highly liquid assets, right,

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<v Speaker 1>so they want to really ensure that these coins are

0:13:03.800 --> 0:13:06.480
<v Speaker 1>actually stable, like they say, and that you can redeem

0:13:06.520 --> 0:13:09.480
<v Speaker 1>them one for one um, for instance, with the US dollar,

0:13:09.520 --> 0:13:12.120
<v Speaker 1>if that's what it's pig Two, what does the bill

0:13:12.160 --> 0:13:15.439
<v Speaker 1>say about crypto mining? So crypto mining, you know, the

0:13:15.840 --> 0:13:19.120
<v Speaker 1>bill doesn't um. It doesn't go so far as to

0:13:19.160 --> 0:13:22.959
<v Speaker 1>require miners to maybe disclose their energy uses. It doesn't

0:13:22.960 --> 0:13:25.120
<v Speaker 1>really like crack down on them on mining being able

0:13:25.160 --> 0:13:30.840
<v Speaker 1>to exist. But it does require that the government, specifically

0:13:30.880 --> 0:13:35.360
<v Speaker 1>the Federal Energy Regulatory Commission and consultation with the CFTC

0:13:35.679 --> 0:13:38.800
<v Speaker 1>and the Securities in Exchange Commission, that they you know,

0:13:38.960 --> 0:13:42.560
<v Speaker 1>analyze and report on energy consumption in the digital asset market,

0:13:43.080 --> 0:13:46.760
<v Speaker 1>and that includes the energy usage of crypto minors. And

0:13:46.800 --> 0:13:48.600
<v Speaker 1>I think it's safe to say that this was probably

0:13:49.080 --> 0:13:52.160
<v Speaker 1>a compromise area. It gets that, you know, something that

0:13:52.280 --> 0:13:55.600
<v Speaker 1>progressive Democrats care a lot about, but maybe it doesn't

0:13:55.640 --> 0:13:58.440
<v Speaker 1>go so far as to turn off some of these

0:13:58.480 --> 0:14:02.600
<v Speaker 1>other conservative Republicans on the opposite end. It seems like

0:14:02.600 --> 0:14:04.920
<v Speaker 1>there's a lot of compromises on this bill. Yes, there

0:14:05.040 --> 0:14:07.960
<v Speaker 1>is a lot of compromise as as is the way

0:14:08.000 --> 0:14:10.960
<v Speaker 1>with bipartisan legislation. I think, you know, well, we'll have

0:14:11.000 --> 0:14:14.360
<v Speaker 1>to see if there's enough here for for other Senators

0:14:14.400 --> 0:14:19.760
<v Speaker 1>to really agree with. So it's very purpose strimity framework.

0:14:19.880 --> 0:14:21.960
<v Speaker 1>So you know, if it's going to be regulated by

0:14:21.960 --> 0:14:25.120
<v Speaker 1>the CFTC, um it will look more like in commodity,

0:14:25.480 --> 0:14:27.920
<v Speaker 1>and it is going to be regulated by the SEC

0:14:28.280 --> 0:14:30.400
<v Speaker 1>is going to look more like the security and the

0:14:30.440 --> 0:14:35.000
<v Speaker 1>purposes will will align definitely. This bill would allow the

0:14:35.080 --> 0:14:39.240
<v Speaker 1>CFTC to write to directly regulate cryptocurrency um. It would

0:14:39.280 --> 0:14:44.760
<v Speaker 1>also allow the SEC to continue having authority over cryptocurrencies

0:14:44.800 --> 0:14:47.680
<v Speaker 1>that act more like investment contracts. So if you're issuing

0:14:47.720 --> 0:14:50.760
<v Speaker 1>them to the public with the expectation that you know

0:14:50.800 --> 0:14:54.280
<v Speaker 1>there will be profits, then typically that's that falls within

0:14:54.320 --> 0:14:56.920
<v Speaker 1>the SEC. This part of the bill is also the

0:14:56.960 --> 0:14:59.800
<v Speaker 1>part that I think a lot of folks in the

0:15:00.000 --> 0:15:03.320
<v Speaker 1>industry have a lot of angst over, and it's definitely

0:15:04.120 --> 0:15:07.320
<v Speaker 1>caused the most push and pool, And I think what's

0:15:07.360 --> 0:15:11.360
<v Speaker 1>interesting is sometimes you have more of these traditional players

0:15:11.400 --> 0:15:13.320
<v Speaker 1>who are wanting to get involved in crypto and they

0:15:13.320 --> 0:15:16.760
<v Speaker 1>actually might prefer the SEC as their regulator. They deal

0:15:16.800 --> 0:15:19.320
<v Speaker 1>with them a lot already. They have their relationships, they

0:15:19.320 --> 0:15:22.040
<v Speaker 1>have their relationships, um, and then it seems like really

0:15:22.080 --> 0:15:26.480
<v Speaker 1>the crypto native firms or the associations are the ones

0:15:26.480 --> 0:15:33.360
<v Speaker 1>that are really pushing for more CFTC oversight. You know,

0:15:33.400 --> 0:15:36.280
<v Speaker 1>I'm so glad you raised that because it very directly

0:15:36.360 --> 0:15:40.040
<v Speaker 1>speaks to the split between Wall Streets and the folks

0:15:40.040 --> 0:15:44.200
<v Speaker 1>who are portraying themselves as defied decentralized finance, the great disruptors,

0:15:44.280 --> 0:15:47.160
<v Speaker 1>people who are like reinventing investment banking but on the

0:15:47.160 --> 0:15:51.600
<v Speaker 1>blockchain or whatever. And you know, this is really setting

0:15:51.640 --> 0:15:54.760
<v Speaker 1>up this dynamic of the crypto native firms are looking

0:15:54.880 --> 0:15:59.840
<v Speaker 1>for what would in practice be possibly a more conciliatory

0:16:00.160 --> 0:16:03.440
<v Speaker 1>leader for them versus being regulated by the SEC, which

0:16:03.440 --> 0:16:07.080
<v Speaker 1>has these tougher investment protections. So I like the culture

0:16:07.120 --> 0:16:09.920
<v Speaker 1>clash there is really interesting, and I think you see

0:16:09.920 --> 0:16:12.240
<v Speaker 1>it in other and other you know, parts of this

0:16:12.280 --> 0:16:15.800
<v Speaker 1>space as well. Obviously you see it with stable coins. Um.

0:16:15.840 --> 0:16:19.760
<v Speaker 1>You know, if you had if you followed the suggestions

0:16:19.840 --> 0:16:23.360
<v Speaker 1>of Treasury and these other financial regulators who essentially want

0:16:23.480 --> 0:16:27.640
<v Speaker 1>all stable coin issuers to be banks, um, then that

0:16:27.760 --> 0:16:31.560
<v Speaker 1>is beneficial to the existing banks. Absolutely. They are like

0:16:32.680 --> 0:16:35.640
<v Speaker 1>were they already you know, they have the charters, they've

0:16:35.680 --> 0:16:39.120
<v Speaker 1>gone through, uh, the hurdles that they need to with regulators.

0:16:39.160 --> 0:16:42.560
<v Speaker 1>Where you have maybe some of these crypto native firms,

0:16:42.720 --> 0:16:47.880
<v Speaker 1>native firms who are currently issuing stable coins, and to

0:16:48.000 --> 0:16:50.120
<v Speaker 1>get that bank charter, it could take them years or

0:16:50.160 --> 0:16:52.280
<v Speaker 1>to get all the regulatory approvals that they need to.

0:16:52.400 --> 0:16:54.760
<v Speaker 1>And I think that's why you see some pushing for

0:16:55.200 --> 0:16:57.320
<v Speaker 1>we'll at least give us some flexibility. Let us be

0:16:58.040 --> 0:17:02.280
<v Speaker 1>something else that's maybe regulated still but not exactly a bank,

0:17:02.360 --> 0:17:04.960
<v Speaker 1>or let us maybe partner with a bank um And

0:17:05.000 --> 0:17:07.679
<v Speaker 1>I think that's going to be something that's very interesting

0:17:07.760 --> 0:17:11.320
<v Speaker 1>to watch. Well, thank you, Ali, I appreciate you taking

0:17:11.320 --> 0:17:15.000
<v Speaker 1>the time, Thanks for having me. You can find more

0:17:15.119 --> 0:17:18.119
<v Speaker 1>of Alison verse Bills reporting on the Bloomberg terminal on

0:17:18.160 --> 0:17:21.199
<v Speaker 1>Bloomberg dot com and you can find her on Twitter

0:17:21.400 --> 0:17:24.879
<v Speaker 1>at Ali their Sprill. That's v R S P R

0:17:25.000 --> 0:17:31.399
<v Speaker 1>I L L E. On the next episode of Bloomberg Crypto,

0:17:31.680 --> 0:17:33.920
<v Speaker 1>we're gonna tackle a little bit of a heavier subject.

0:17:34.160 --> 0:17:37.399
<v Speaker 1>We're going to talk about crypto addiction. There are rehab

0:17:37.440 --> 0:17:42.600
<v Speaker 1>centers for people seeking treatment for addictions to drugs, alcohol, gambling,

0:17:43.040 --> 0:17:47.359
<v Speaker 1>and even recent online experiences like gaming these centers are

0:17:47.400 --> 0:17:50.400
<v Speaker 1>currently seeing an uptick in people looking for help controlling

0:17:50.440 --> 0:17:54.600
<v Speaker 1>their crypto trading. We'll have to Bloomberg reporters joining us,

0:17:54.760 --> 0:17:58.719
<v Speaker 1>Claire Valentine and Charlie Wells. We're off on Monday June

0:17:58.840 --> 0:18:03.080
<v Speaker 1>for Juneteenth. We'll be back on Tuesday. I'm Stacy Marie Ishmael,

0:18:03.200 --> 0:18:06.520
<v Speaker 1>and this is Bloomberg Crypto, a daily podcast from Bloomberg's

0:18:06.560 --> 0:18:09.800
<v Speaker 1>and I Heart Radio. For more shows from I Heart Radio,

0:18:10.280 --> 0:18:13.520
<v Speaker 1>visit the I Heart Radio app, Apple Podcasts, or wherever

0:18:13.600 --> 0:18:17.640
<v Speaker 1>you get your podcasts. Email your comments, questions or suggestions

0:18:17.720 --> 0:18:20.720
<v Speaker 1>the Crypto at bloomberg dot Net. Follow us on Twitter

0:18:20.960 --> 0:18:24.960
<v Speaker 1>at Crypto. The producer and editor of this episode is

0:18:25.040 --> 0:18:29.280
<v Speaker 1>Vicky Verglina Desta wonder At is our engineer. Original music

0:18:29.320 --> 0:18:33.080
<v Speaker 1>by Leo Sidron. Bloomberg's head of Podcasts is Francesca Levi