# Brittany Pettersen Fireside: The Crypto Conversation in DC | Brittany Pettersen, Jennifer Sanasie

- Channel: [Ethereum Denver](https://streameth.org/ethereum-denver)
- Date: 2024-10-09
- Duration: 20:02
- Topics: blockchain, web3, ethereum, Entertainment
- Watch: https://streameth.org/watch/yt-G-MHnsoCFyU
- YouTube: https://www.youtube.com/watch?v=G-MHnsoCFyU

## Description

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## Transcript

thank you hello everyone we got our liquid deaths we're ready to talk about regulation it's going to be real exciting okay we are taking the conversation from Dow governance to IRL government and we're talking about the crypto conversation in DC I know you just welcomed us but just please join me in welcoming again congresswoman Britney pson I'm really excited to be speaking with her today all right no no booze here guys we're just here to have a good time all right uh Britney here we are sitting at eth Denver uh just for folks who don't know know you I'd love a brief introduction talk to us about your journey journey and how you ended up to where you are now thank you well great to be with you all today thanks for sticking around to have this important conversation as you already know my name is Britney Patterson and I represent the seventh congressional district which is just to the west of where you all are here in Denver uh I grew up in the district I represented the area for 10 years in the legislature and I am highly unlikely to be in Congress in fact I was very unlikely to graduate high school um but I was given a chance to build a better life and that's what inspired me to get involved working for Democratic candidates that were going to invest in those critical public services and Investments that actually give people like me regular people a chance to succeed um so I went down a path working for Democratic candidates uh and issues and I stepped up to run when a seat opened up in 2012 um so while I've been serving in the state legislature I focused on uh public education and public health issues mostly I was also the chair of the finance committee uh and when I went to Congress and I was asked what I was just elected in the in the last election and when I was asked what committee I wanted to be on I asked to be on Financial Services because of the housing crisis it's one of the subcommittees to work on housing policy uh and on my journey I have um spent a lot of time trying to better understand the challenges that uh the crypto industry faces um making sure that I understood that on the campaign Trail um but more importantly making sure that I'm doing my job as a representative on the financial services Committee in in trying to solve the Urgent needs of of what you all are facing and the Urgent needs of our country Britney I want to pick up on those challenges from your perspective what are the biggest challenges facing this industry and how's Washington uh working to address those or does Washington even care well as as you you all know I we need to bring Clarity we need to bring regulation here in the United States I think that what we're seeing is uh unfortunately a lot of uh digital asset companies wanting to move and invest elsewhere because of the lack of clarity and regulation uh and that's a big concern for me I am committed to making sure that the United States is a leader in crypto Finance I also want to thank the all of you for being leaders in in open source and how uh inspiring it is to think about what we're going to be able to solve together uh with these new platforms that are available to everybody uh what excites me about crypto is that you don't have the normal Gatekeepers that you traditionally have had in the centralization of of power and it doesn't matter where you come from what school you went to the color of your skin where you live you have the opportunity to be involved um and that's very exciting we also need to make sure that businesses continue to thrive here in the United States uh Singapore would be happy to be the new Finance Hub of the world instead of New York City uh we need to make sure that that doesn't happen we need to have those Investments That economic success and Innovation here in the United States Britney you bring up Gatekeepers when we look at government I think the go I think a lot of people in this room might say that the government wants to keep that control and that's where the tension has uh come for the industry right everything we hear that comes a lot of the things that we hear that comes out of Congress kind of alludes to keeping that control not wanting that open source being able to control what's happening in the industry how would you respond to that I understand your frustration uh my time in public service over 12 years I feel like most of the things that I work on I'm fighting against the Defenders of the status quo and so you all are bringing such a new and Innovative way of doing and thinking about things um and this is really it is going to be part of our future and the United States needs to embrace that so I understand why you I understand why you feel that way and okay all [Music] right so what I want you all to know is that there's people like me even issues that he's talking about um people that are dedicated to actually rolling up their sleeves and understanding how complicated these issues are uh these are very much in the gray area this is not a black or white issue whether you're talking about crypto or or what's happening in the Middle East it's incredibly complicated um but I understand your frustration with the regulatory framework I just want you to know that so many people care about better understanding um your space and making sure that we're actually meeting the moment and um addressing the challenges that you are you all are facing and regulating it here in the United States all right we're going to keep the conversation going here and stick to talking about legislation in the United States it seemed like some momentum was being made in in 2023 when it came to progressing some crypto legislation we had the stable coin Bill we had fit 21 it seems like that momentum has kind of slowed now as we enter an election year um can you tell us what's going on behind the scenes do you think we're going to see any legislation in 2024 well we did have a lot of momentum espec especially after the collapse of Ft TX um and what we saw was a big push to try to regulate crypto um as you know chairman McKenry has been a leader on this he is dedicated to making sure that this happens um unfortunately instead of us dealing with every issue from uh our national and International Security risks our economic needs as we recover from a global pandemic and the Fallout from that uh and and the needs that you all are facing in your industry instead of dealing with those we unfortunately are stuck funding the government week by week month by month uh in partisan bickering and so it has been incredibly frustrating I came into congress with hope of actually working together and getting things done um unfortunately it has been uh Beyond disappointing with the uh Republican leadership and our inability to do the very basic things of our job what's going on with with the stable coin Bill why has there seemingly been not a lot of progress I've I've heard through the grape vine that that's the one that we might see some movement on but what's been going on there well when it comes to uh the stable coin legislation and the market structure bill um there has been a movement and negotiations with the ranking member and uh the chairman and making sure that it's in a good place before it comes to the house floor um and ultimately making sure that it's in as strong of a position with bipartisan support when it goes to the Senate so uh I am hopeful that we can still get some of these things done before chairman McKenry leaves um but it is still facing a long hall because like I said uh we unfortunately are stuck in in partisan bickering we vote on uh whether or not we should reduce salaries to a dollar uh on an ongoing basis and fund our government you know week by week so it is it has been incredibly frustrating let's talk about chairman McKenry he really has become a friend of the space in trying to progress this legislation with this being his last year in Congress do you anticipate that momentum slowing or how how are you thinking about keeping that momentum going well I I understand people's concern around chairman McKenry retiring and it's uh disappointing that good members like him are leaving uh you know for various reasons but a lot of pragmatic members are sick and tired of the way that Congress is being run and how extreme things have gotten in the Republican party uh what I will say is that because he's retiring I think that he will be that much more dedicated in making sure that we actually get this through uh and I will be a part of trying to help do that is that possible ahead of the next election I think that um like I said if if we can actually stop fighting over whether or not we should fund our government and fund critical services and we can keep things moving along and not throw our economy into a tail spin by our own uh unfortunate in action I think that we can get back to trying to legislate it felt you know the beginning of my job when I came into Congress we were actually working to get things done we actually had a productive committee and so so I I hope that we get back to business let's talk about the SEC now what how do you think the SEC has been handling the regulation of the industry uh the I understand why um people have been frustrated I don't think that uh I I I don't think that this should be a you know figuring out how to fly how to fly the plane while we're in the air this needs to really be bringing Clarity and Regulation and often times we hear from the SEC that they already have the power to regulate um but we know that what we're hearing from industry is actually um we need to bring Clarity or else we're we're going to leave um the United States and we definitely don't want that to happen uh we have a lot of work to do to make sure that we listen to their concerns around making sure that elicit financing isn't uh that bad actors are not utilizing this system um but I want to point out that while I know digital assets get a really bad name for that the preferred method from Bad actors is still cash um we know that open source uh platforms create the opportunity to see every single transaction and that's a a powerful thing with holding people accountable you know the SEC has really been uh regulating by enforcement and I'm curious to hear you know what the SEC is asking of you because I think when all of us sitting here you know legislation needs to be made in Congress and once that legislation is made then the SEC probably wouldn't go out and enforce uh regulate by enforcement and so I'm curious how the conversation is going between the agency and Congress and um what you think needs to happen to get that clear legislation well I I don't think that they're necessarily really asking anything of us but when when they come when I when we hear testimony in committee the their public testimony is that they feel like they have the authority to deal with this uh and that we don't need additional regulation and of course if we pass legislation and tell the agency uh if we pass a law that clarifies the regulatory framework then that will be the law of the land and that's what the agency will actually have to utilize to go out and uh and regulate it and so I think that it is obvious that we we have to bring forth legislation to bring that Clarity if you hear from every single uh business if in digital assets they are begging for a a regulatory framework that uh countries across the world have provided you brought this up a little bit earlier on in our conversation but I want to dig a little bit deeper into your thoughts about American uh crypto companies crypto startups setting up in regions with more regulatory Clarity how do you think about that and do you think that's something that should be stopped well the way that um that I think about this is um kind of my concern in general with right now what we're seeing in the United States with Investments going elsewhere it's not just around digital uh digital assets and your industry it's also uh the dysfunction that we're seeing people across the world are looking to the United States and in questioning whether or not this is a country that they should invest in and if they should be going elsewhere because uh right now it's in question whether or not we will even do our job in paying our bills as United States of America if you can even believe that that is how bad it's gotten at the federal level um and so with our inability to govern with our ability to regulate and change with changing times as quickly as technology is innovating and our economy is innovating that is a huge problem for our long-term success as a country so um I think that my concern is around what you all are facing but a broader concern around governing and making sure that we get a functional federal government so why should people remain optimistic about crypto regulation here in the state well for the same reason that I remain optimistic about the United States and that we're going to move through these challenges uh I think that you all being involved and actually supporting candidates who are thoughtful who are going to you know who I think younger candidates as well we have a different way of thinking about things just because our life experiences are different we grew up with uh you know some of my colleagues didn't even grow up with the internet um and and so it's just a fundamental different perspective um the world in our in our ability to think about things a little bit differently um and and identify the need to uh change with changing times and so I think that you can be optimistic because what I tell myself every day is the shenanigans that I see on TV and for all of you who choose not to watch I definitely understand um but there are so many more of us in Congress who are actually trying to do our job and be the professionals that we are elected to be we just don't make the news and when I bring that up to journalists they say well we don't cover planes landing um and it unfortunately creates a a bad incentive for people to say the craziest things that they can and do the craziest things um to make it on TV so I want you all to know that there are so many of us who are actually working together to solve problems um and that's what gives me hope every day to continue to do this job and fight for the future of of the our country and our economy you're a young congresswoman it sounds like you're saying that we need more younger folks in Congress who actually understand what we're talking about we need maybe younger Folks at the SEC who understand what's going on in the industry is that what you're saying well I think that it benefits me I in a lot of different areas to be a younger member of Congress whether you're talking about the unique challenges that families are facing around Child Care access uh you know just being somebody who is experiencing currently what so many people are facing um but also you know grew up in a world where we had internet uh understanding the importance of uh the opportunities of web 3 and decentralization and uh and access to information and Innovation and and what we need to do to to leverage that as a country uh for our benefit and making sure that it's not going elsewhere all right there's a lot of EXC I know we're at an eth conference but there's been a lot of excitement in the industry about the approval of the spot Bitcoin ETF in January now there's a lot of talk about the potential for a spot ether ETF in May I believe it is that's when the application deadline is do you think we're going to see that approval for a spot eth ETF this year and what do you think that means for the industry well I think thanks for bringing that up I think that that is um hopefully what gives you all hope right now that we are slowly moving in the right direction but we need to move quicker uh and that comes with different leadership and and um different members of Congress who are focused on actually solving problems and uh so I I think it is exciting don't know what's going to happen in the upcoming year but I just want you to know that I please reach out with questions that you have our team it's really important that we hear from all of you and so that we can be the best uh Federal representative all right and I asked a version of this earlier on in the conversation but just bring us home are we going to see crypto legislation that actually moves the needle in the US this year I wish that I could tell you what was going to happen next week uh in Congress uh so while I can't tell you whether or not we're going to actually see legislation pass you all are an important piece of making sure that we're in the strongest position in the house we get as many uh people on both sides of the aisle supporting the Bills moving forward so that we have the chance to pass it in the Senate uh it is difficult to get anything done but I want you to know that uh chairman McKenry is going to be working hard and people on Financial Services uh will be doing the same all right Britney thank you for sitting down with me and unpacking the crypto conversation in DC and thank you to all of you for your attention um and for giving us the opportunity to have this conversation thank you all thank you uh that was absolutely great great thanks so much for being here and for sharing that with us