The Pomp Podcast - #855 The White House Wants To Lead In Bitcoin And Crypto

Starting point is 00:00:00 What's up, everyone? This is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Today's episode goes over why the United States and the White House wants to be a leader in Bitcoin and cryptocurrencies. We specifically talk about the recent executive order from President Biden and his administration. Before we get into this episode, though, I want to quickly talk about our sponsors. Today's episode is brought to you by Copper. Since 2018, Copper has been at the forefront of institutional digital asset development. From award-winning custody solutions to creating the first truly off-exchange settlement function,

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Starting point is 00:02:42 information and risk warnings. Go check them out at bullish.com or follow at bullish on Twitter. All right, let's get in this episode. I hope you guys enjoyed this one. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. Good morning, everyone. Bang, bang. President Joe Biden has presented an executive order this

Starting point is 00:03:19 morning that asks various government organizations to produce reports on Bitcoin, cryptocurrencies, and blockchain technology. This development signals that the United States government is officially recognizing the importance of this technology and the industry that it has spawned. While many people have been anticipating an abrasive government approach towards Bitcoin and cryptocurrency for years, the current administration seems to be doing the exact opposite. They are looking to embrace this new technology and the potential positive impacts that it can have. Arjun Karpal of CNBC is reporting that an exact quote from the executive order says, quote, the United States must maintain technological leadership in this rapidly growing

Starting point is 00:03:54 space, supporting innovation while mitigating the risks for consumers, businesses, and the broader financial system and the climate, end quote. The overall reaction from the market has been positive so far. The executive order appears to be a rational measured approach to gathering more information in an attempt to ensure policymakers are educated on the topic. As part of that effort, the executive order asks different government organizations to produce their reports in the next 30 to 180 days and specifies a focus on consumer protection, financial stability, illicit finance, promoting U.S. leadership, financial inclusion, and responsible innovation. Here is a summary from that executive order of each key directive. Quote,

Starting point is 00:04:33 first, protect U.S. consumers, investors, and businesses by directing the Department of the Treasury, and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth. The order also encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets. Second, protect U.S. and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide financial risks posed by digital assets and to develop appropriate policy

Starting point is 00:05:13 recommendations to address any regulatory gaps. Third, mitigate the illicit finance and national security risks posed by the illicit use of digital assets by directing an unprecedented focus of coordinated action across all relevant U.S. government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks capabilities, and partnerships are aligned and responsive to these risks. Fourth, promote U.S. leadership in technology and economic competitiveness to reinforce U.S. leadership in the global financial system by directing the Department of Commerce to work across the U.S. government in establishing a framework to drive U.S. competitiveness and leadership in and leveraging

Starting point is 00:05:54 of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research, and development, and operational approaches to digital assets. Fifth, promote equitable access to safe and affordable financial services by affirming the critical need for safe, affordable, and accessible financial services as a U.S. national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services. The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems to include

Starting point is 00:06:33 implications for economic growth, financial growth, and inclusion, national security, and the extent to which technological innovation may influence that future. Sixth, support technological advances and ensure responsible development and use of digital assets by directing the U.S. government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, and combating illicit exploitation and reducing negative climate impacts. And lastly, seventh, explore a U.S. central bank digital currency by placing urgency on research and development of a potential United States CBDC should issuance be deemed in

Starting point is 00:07:14 the national interest. The order directs the U.S. government to assess the technological infrastructure and capacity needs for potential U.S. CBDC in a manner that protects Americans' interest. The order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values. This executive order appears to disprove the critics' belief that the government would ban Bitcoin and cryptocurrencies while also

Starting point is 00:07:54 seeking rational rules for how the industry should continue to develop over time. It is important to call out that the explicit mention of a U.S.-based central bank digital currency is important too. The United States government is saying they want to be a global leader in Bitcoin and cryptocurrencies. There are plenty of details to figure out, but this is a significant inflection point in the validation of the industry. A technological breakthrough, blockchain technology, has grown in less than 15 years from inception to approximately $3 trillion in market cap, creating millions of jobs, and is now being recognized by the largest nation states in the world for its strategic importance. It's pretty incredible to see how far this industry

Starting point is 00:08:28 has come. We still have a lot of work to do, though. There are billions of people counting on it. I hope each of you has a great day, and I'll talk to everyone tomorrow. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you're subscribed on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to palmscryptocourse.com we've developed a curriculum with the top teams across the industry it's a three-week intensive training program with over 50 events packed into that three-week time period go to palmscryptocourse.com to learn more and i'll meet you guys for the next episode

The Pomp Podcast - #855 The White House Wants To Lead In Bitcoin And Crypto

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