Dave Michaels

speaker

248 appearances 5 recordings 1 series first heard May 2018 last heard Jul 2021

Dave Michaels’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Crypto Scams Are on the Rise. Here's What to Watch Out For. · 23 Jul 2021 podcast

The chairman of the SEC has appealed to the Congress and said, hey, I think there ought to be some kind of regulation of the spot market for cryptocurrencies.

There ought to be some sort of investor protection regime that Congress authorizes a regulator to carry out.

And the Treasury Department has also been more outspoken about trying to find a way to regulate some aspects of the cryptocurrency market.

There is a meeting of the president's working group on financial markets to discuss one segment of the cryptocurrency markets, which are cashback stablecoins, and whether there ought to be some recommendations for new authorities for the government to regulate stablecoins.

And what are those?

What are stablecoins?

Stablecoins are a kind of cryptocurrency that substitute for national currencies.

So there probably are a lot of reasons, at least several reasons that they exist.

But one reason that they exist and one reason they're used is to make it easier to trade in and out of other cryptocurrencies on crypto exchanges.

I think the cryptocurrency industry is pretty divided on this.

I mean, I think there are some larger players that have adopted a lot of the policies and procedures of Wall Street who acknowledge that some kind of regulation is coming.

I think they'd like to shape it.

And I think that they don't want it to be quite like the regulation of securities or derivatives today.

And then there are other segments of this market that they don't want any regulation at all.

They think it's incompatible with the purpose and the values of this market.

And, you know, the question is, which of those views is going to prevail?

Because eventually the market is going to have to give some constructive input to the

All right.

WSJ Your Money Briefing · SEC Has Only Collected Half of $20 Billion in Fines · 21 May 2019 podcast

That's right.

The SEC has struggled for decades.

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