DIGITAL CURRENCY.
JOINING ME RIGHT NOW IS FORMER
ACTING ASSISTANT TREASURY
SECRETARY, FORMER PRINCIPAL
DEPUTY SOLICITOR AND SHAREHOLDER
AT JORDAN RAMIS, PC, GREGORY
ZERZAN.
THANK YOU FOR BEING HERE MANY
TELL ME ABOUT THE EXECUTIVE
ORDER.
INITIALLY WHEN THAT EXECUTIVE
ORDER WAS SIGNED, THE CRYPTO
MARKET RALLIED.
YOU’RE AN OUTLIER ON THIS SAYING
THAT THIS IS A DISASTER FOR THE
INDUSTRY.
WHAT DO YOU THINK?
>> WELL, GOOD MORNING, MARIA.
THANK YOU FOR HAVING ME.
IT’S INCREDIBLE, REALLY.
I THINK THE INDUSTRY’S TRYING TO
BE PUT A GOOD FACE ON IT BECAUSE
THE ORDER LITERALLY CALLS CRYPTO
A RISK.
FOR EVERYTHING FROM HUMAN RIGHTS
TO CLIMATE CHANGE TO CRIMINAL
ENTERPRISES.
THE ONLY THING THEY DIDN’T BLAME
ON CRYPTO WAS COVID-19.
THE UNFORTUNATE THING ABOUT THE
ORDER IS INSTEAD OF SAYING,
LOOK, CRYPTO SHOULD BE ALLOWED
TO FLOURISH HERE IN THE UNITED
STATES, IT TAKES A TOP-DOWN
GOVERNMENT OF RUN APPROACH THAT
ASKS EVERY FEDERAL DEPARTMENT
FROM THE EPA TO THE DEPARTMENT
OF JUSTICE TO HOMELAND SECURITY
TO FIGURE OUT HOW THEY CAN
REGULATE CRYPTO.
THAT’S NOT A PATHWAY TO
INNOVATION.
MARIA: SO WHAT DO YOU THINK IS
GOING TO BE THE SOLUTION THEN?
I MEAN, YOU HOW WILL THE WHITE
HOUSE DEAL WITH A POTENTIAL
DIGITAL CURRENCY?
IS THAT WHERE THIS IS GOING?
>> WELL, YOU KNOW, I THINK
THE ISSUE OF CREATING A U.S.
DIGITAL DOLLAR IS A FASCINATING
ONE BECAUSE IT HIGHLIGHTS A REAL
CONFLICT WITHIN THE DEMOCRATIC
PARTY BETWEEN THE PROGRESSIVES
AND THE MORE CENTRIST OR MAIN
LINE DEMOCRATS.
THE CHALLENGE WITH A DIGITAL
CURRENCY IS, IF THE U.S. TRIED
TO DO A BITCOIN-LIKE DISTRIBUTED
LEDGER CRYPTOCURRENCY, THE U.S.
WOULD EITHER GET GREAT FISCAL
DISCIPLINE OR MORE LIKELY
EVENTUALLY GO BANKRUPT.
SO I DON’T THINK WE’RE GOING TO
SEE A DIGITAL DOLLAR ANY TIME BE
IN THE NEAR FUTURE.
MARIA: WHAT ABOUT THIS SENATE
BANKING COMMITTEE HEARING.
THEY WILL HOLD A HEARING ON
UNDERSTANDING THE ROLE OF
DIGITAL ASSETS IN ILLICIT
FINANCE ON THURSDAY.
CAN CRYPTO BE USED FOR ILLICIT
FINANCE?
TELL US ABOUT THAT.
>> WELL, THANKS.
YOU KNOW, ONE OF MY GREAT FEARS
IS THAT THIS IDEA THAT CRYPTO
CAN BE USED TO EVADE SANCTIONS,
IT’S REALLY A STOCKING HORSE FOR
REGULATION GENERALLY.
CRYPTO CAN BE SANCTIONED UNDER
EXISTING AUTHORITIES.
BE IN FACT, PRESIDENT TRUMP DID
SO BE IN 2019 WHEN HE BANNED THE
VENEZUELAN CRYPTO DOLLAR, THE
PETRO CURRENCY.
SO THE EXISTING AUTHORITIES ARE
ALREADY THERE IF THE PRESIDENT
WANTS TO BAN CRYPTO TRANSACTIONS
FOR SANCTIONS PURPOSES, IT CAN
BE DONE AND IT HAS BEEN DONE.
MARIA: AND THE EU VOTE TO BAN
BITCOIN YESTERDAY FAILED.
YOUR REACTION, GREG?
>> YEAH.
YOU KNOW, CERTAINLY A POSITIVE
DEVELOPMENT THAT THEY DIDN’T BAN
PROOF OF WORK BUT AGAIN, THE
DANGER WITH THE EUROPEAN
APPROACH IS THE SAME DANGER IN
THE EXECUTIVE ORDER WHICH
EFFECTIVELY IT SAID YOU HAVE TO
GO TO GOVERNMENT AND GET
PERMISSION BEFORE YOU CAN
INNOVATE.
THAT’S NOT THE PATHWAY TO
SUCCESSFUL ECONOMY, NOT HOW WE
TRADITIONALLY WORKED HERE IN THE
UNITED STATES AND MY GREAT HOPE
FROM THE EXECUTIVE ORDER IS THAT
CONGRESS IS NOT GOING TO FOLLOW
THE SUGGESTIONS THAT ULTIMATELY
COME OUT OF IT.
MARIA: AND WHAT ARE YOUR
THOUGHTS ON OWNING CRYPTO,
HAVING SAID ALL OF THAT?
>> YEAH.
YOU KNOW, CRYPTO’S A FASCINATING
TECHNOLOGY.
I THINK ITS PROMISE HAS YET TO
BE REALIZED AND IT WON’T BE
REALIZED IF WE DROWN IT IN A SEA
OF RED TAPE.
SO CRYPTO FASCINATING, I WOULD
SAY WATCH THIS SPACE AND AS
AMERICANS WE HAVE TO HOPE THAT
OUR GOVERNMENT DOESN’T
OVER-REGULATE BEFORE IT MEETS
ITS PROMISES.
MARIA: I’M WITH STEVE FORBES
TODAY.
JUMP IN HERE, STEVE.
STEVE: GREGORY, YOU MAKE THE
POINT THAT IT’S NOT JUST ABOUT
CURRENCY WITH THE WHOLE
CRYPTOCURRENCY THING BUT ALSO
FACILITATES INDIVIDUALS KNOCKING
OUT THE MIDDLEMAN FOR FINANCIAL
SERVICES, RETAIL, SEARCH, SOCIAL
NETWORKING AND THE LIKE.
QUICKLY WALK US THROUGH HOW THIS
EMPOWERS INDIVIDUALS AND THAT’S
THE REAL PROMISE, NOT JUST USING
IT FOR CURRENCIES.
>> YEAH.
THANK YOU, STEVE.
WELL, YOU KNOW, THE GREAT THING
ABOUT CRYPTO OF CRYPTOCURRENCY,
PEOPLE ARE FAMILIAR WITH BITCOIN
AS A PAYMENT SYSTEM BUT THE
TRUTH IS CRYPTOCURRENCY IS
SIMPLY HOW YOU MAKE A
DISTRIBUTED COMPUTER WORK.
SO CRYPTOCURRENCY IS EVIDENCE
EBBING I’VEEFFECTIVELYA MECHANIS
FACEBOOK OR TWITTER OR BANK BUT
I WANT TO DO IT ONLINE THAT
DOESN’T REQUIRE ME TO GO THROUGH
SINGLE COMPANY’S SERVER,
CRYPTOCURRENCY ALLOWS ME AS AN
INDIVIDUAL TO DO THAT.
MARIA: GREAT TO GET YOUR
INSTINCTS ON ALL OF THAT.
WE’LL SEE YOU SOON, GREGORY.