Sat, May 25, 2024 at 14:53

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    Kang-hoon

    • Hello, Annie.

    • Today, I want to discuss the recent developments in the U.S. House of Representatives regarding financial technology legislation.

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  • Annie

    • Hi, Kang-hoon!

    • That sounds interesting.

    • What's the main focus of this legislation?😊

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    Kang-hoon

    • The House is preparing to pass H.R.

    • 4763, the Financial Innovation and Technology for the 21st Century Act.

    • This act aims to protect consumers by increasing transparency and clarifying the regulatory overlap between the SEC and the CFTC regarding cryptocurrencies.

  • Annie

    • Oh, I see.

    • So, it's about making the rules clearer for cryptocurrencies?🤔

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    Kang-hoon

    • Exactly.

    • Tom Emmer, a key proponent of the bill, emphasized its importance for ensuring American dominance in the rapidly growing financial technology sector.

    • He believes this legislation represents the future of internet innovation.

  • Annie

    • Interesting.

    • What about the opposition to this bill?

    • Are there any notable figures against it?

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    Kang-hoon

    • Yes, indeed.

    • Emmer criticized senior politicians like Sen. Elizabeth Warren, Rep. Brad Sherman, and Rep. Maxine Waters, referring to them as 'dinosaurs' for their support of a central bank digital currency (CBDC), which he believes would be used as a surveillance tool.

  • Annie

    • Wow, that's quite a strong statement!😮 Why does he think a CBDC would be used for surveillance?

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    Kang-hoon

    • Emmer argues that a CBDC could potentially give the government unprecedented control over financial transactions, allowing for extensive monitoring and tracking of individual spending habits.

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  • Annie

    • That sounds concerning.

    • What other actions has the House taken recently regarding cryptocurrencies?

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    Kang-hoon

    • Recently, the House also passed H.R.

    • 5403, the CBDC Anti-Surveillance State Act, which aims to prevent the Federal Reserve from issuing a central bank digital currency.

    • Additionally, both the House and Senate passed legislation to nullify the SEC's Staff Accounting Bulletin No.

    • 121, which required banks to list cryptocurrencies on their balance sheets as liabilities.

  • Annie

    • It seems like there's a lot of support for cryptocurrencies in the House.

    • Is this a bipartisan effort?

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    Kang-hoon

    • Yes, Emmer noted that both Democrats and Republicans are increasingly recognizing the benefits of digital currencies.

    • He pointed out that opposition predominantly comes from the oldest members of Congress.

  • Annie

    • That's good to hear.

    • What does Emmer think about the future of these technologies?

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    Kang-hoon

    • Emmer is very optimistic.

    • He stated that the FIT for the 21st Century Act represents the future and that this future has already arrived.

    • He believes that younger generations, particularly those aged 18 to 40, are the primary supporters of these innovations.

  • Annie

    • It sounds like he's really pushing for change.

    • How does he view the current regulatory environment?

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    Kang-hoon

    • Emmer is critical of what he calls 'kleptomaniac bureaucrats' like SEC Chair Gary Gensler, accusing them of trying to halt innovation to maintain control.

    • He believes that these regulations are outdated and hinder progress.

  • Annie

    • Wow, that's quite a critique.

    • Do you think this news is good or bad for the market?

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    Kang-hoon

    • Overall, I believe this news is a positive development.

    • The passage of these bills shows a growing recognition of the importance of financial technology and cryptocurrencies.

    • It could lead to a more favorable regulatory environment, which is beneficial for market growth and innovation.

  • Annie

    • That's great to hear!

    • Thank you for the detailed explanation, Kang-hoon.😊

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    Kang-hoon

    • You're welcome, Annie.

    • Always happy to help you understand the latest developments.

    • Upon comprehensive consideration, this news is perceived as a 😍Bullish.