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Biden executive order on crypto a disaster, ex-Treasury official warns - YouTube
Channel: Fox Business
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me right now is former acting Assistant
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Church and secretary former principal
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Deputy solicitor and shareholder at
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Jordan Aramis PC Gregory zersan Gregory
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thanks very much for being here tell me
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about the executive order initially when
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that executive order was signed the
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crypto Market rallied you're an outlier
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on this saying that this is a disaster
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for the industry what do you think
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uh well good morning Maria thank you for
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having me it's incredible really uh I
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think the industry is trying to put a
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good face on it because the order
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literally calls crypto a risk for
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everything from human rights to climate
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change to criminal Enterprises the only
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thing they didn't blame on crypto was
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coven 19. the unfortunate thing about
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the order is instead of saying look
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crypto should be allowed to flourish
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here in the United States it takes a
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top-down government-run approach that
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asks every federal department from the
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EPA to the Department of Justice to
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Homeland Security to figure out how they
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can regulate crypto that's not a pathway
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to innovation
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so what do you think is is going to be
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the solution then I mean how will the
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White House deal with a potential
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digital currency is that where this is
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going
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well you know I think the issue of
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creating a U.S digital dollar is a
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fascinating one because it highlights a
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real conflict within the Democratic
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party between the progressives and the
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more Centrist or Mainline Democrats the
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challenge with a digital currency is if
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the U.S tried to do a Bitcoin like
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distributed Ledger cryptocurrency the
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U.S would either get great fiscal
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discipline or more likely eventually go
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bankrupt so I don't think we're going to
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see a digital dollar anytime in the near
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future
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so what about this Senate Banking
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Committee hearing they will hold a
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hearing on understanding the role of
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digital Assets in illicit Finance on
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Thursday uh can crypto be used for
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illicit Finance tell us about that
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well thanks you know one of my great
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fears is that this idea that crypto can
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be used to evade sanctions is really a
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stocking horse for regulation generally
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crypto can be sanctioned under existing
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authorities in fact president Trump did
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so in 2019 when he banned the Venezuelan
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crypto dollar the Petro currency so the
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existing authorities are already there
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if the president wants to ban crypto
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transactions for sanctions purposes it
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can be done and it has be done
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uh and and the EU vote to ban Bitcoin
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yesterday failed your reaction Greg
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yeah you know certainly a positive
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development that they didn't ban proof
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of work but again that the danger with
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the European approach is the same danger
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in the executive order which effectively
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it says you have to go to government and
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get permission before you can innovate
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that's not the pathway to successful
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economies that's not how we've
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traditionally worked here in the United
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States and my my great hope from the
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executive order is that Congress is not
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going to follow the suggestions that
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ultimately come out of it
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and and what are your thoughts on on
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owning crypto having said all of that
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yeah you know I crypto is a fascinating
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technology I think its promise has yet
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to be realized and it won't be realized
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if we drown it in a sea of red tape so
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uh crypto fascinating I would say watch
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this space and you know as Americans we
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have to hope that our government doesn't
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over regulate before it meets its
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promises
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now I'm with Steve Forbes today jump in
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here Steve
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uh Gregory you uh make the point that
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it's not just about currency with the
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bitco the whole cryptocurrency thing but
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also facilitates individuals uh knocking
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out the middleman for financial services
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retail search social networking and the
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like quickly walk us through how this
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empowers individuals and that's the real
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love promise not just to using it for uh
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currencies
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yeah thank you Steve well you know the
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great thing about cryptocurrency is most
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people are familiar with Bitcoin as a
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payment system but the truth is
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cryptocurrency is simply how you make a
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distributed computer work so
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cryptocurrency is effectively a
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mechanism that if I want to create
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Facebook or Twitter or a bank but I want
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to do it online in a way that doesn't
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require me to go through some single
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company's servers cryptocurrency allows
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me as an individual to do that
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all right Greg great to get your
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instincts on all of this thanks very
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much Greg zarzan for joining us this
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morning on crypto we'll see you soon
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Gregory thank you thank you
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