Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Crowdfund Insider | | Jul 18, 2018
The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation.
In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone.
As previously reported, the list of witnesses included the following individuals;
- Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara
- Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation
- Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution
- Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute
Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world.
See: The forces of change are trumping banks and regulators
Subcommittee Chairman Andy Barr issued a statement following the hearing, which was unfortunately cut short due to votes on the Hill. Representative Barr stated;
“Today, the subcommittee examined the potential impact of digital currency on the future of our financial system. From its viability as an alternative, to traditional currencies, to its potential adoption by central banks, to its possible impact on monetary policy, it is important Congress carefully study every aspect of this new technology.”
In prepared testimony, Dr. Garratt pointed to the decline of paper money and the shift to digital transactions. He posited;
“It seems likely that the use of cash for transactions will continue to fall and it is worth noting that there is tipping point at which even if customers seek to use cash, businesses and banks will not want to deal with it.”
So what happens when cash is no more (or nearly no more)? Garratt believes there is a possibility that consumers may turn to “privately issued cryptocurrencies” thus implying a need to move first and have central banks issue digital currency.
Dr. Michel, who previously co-authored a paper on the need to enable competition between currencies – whether they are crypto or not, reaffirmed this belief;
“… it is possible that Bitcoin (or other cryptocurrencies) eventually will be widely accepted and recognized as money. It is certainly difficult to imagine a cryptocurrency replacing the U.S. dollar as long as the Federal Reserve acts as a moderately good steward of the national currency, but it is for this very reason that Congress should eliminate barriers that impede people from using their preferred medium of exchange,” said Michel. “Competitive market forces can improve the means of payment in the same way that market forces improve virtually all goods and services, and Congress should not protect the Federal Reserve from those competitive forces.”
Pollock quoted Hayek in his remarks. Sympathizing with the famous economist;
“Why should we not let people choose freely what money they want to use? … I have no objection to governments issuing money, but I believe their claim to a monopoly, or their power to limit the kinds of money in which contracts may be concluded within their territory, or to determine the rates at which monies can be exchanged, to be wholly harmful. … I hope it will not be too long before complete freedom to deal in any money one likes will be regarded as the essential mark of a free country.”
While adding he did not expect a “revolution in the international monetary system,” Dr. Prasad stated;
“While reserve currencies might not be challenged as stores of value, digital versions of extant reserve currencies and improved cross-border transaction channels could intensify competition among reserve currencies themselves.”
Check out: ‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Subcommittee members were clearly mixed in their opinion. Representative Foster said that a central bank that issues a central bank cryptocurrency could supplant the dollar as the supreme currency around the world.
“We have to be prepared to respond to that threat,” said Foster. “The issue of anonymity is at the heart of this.”
Representative Sherman, a consistently anti-crypto politician, said there is nothing that can be done with cryptocurrency that cannot be done with sovereign currency.
Continue to the full article --> here
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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Regulation | April 10, 2025 SEC Says Some Fully Backed, Payment-Only 'Covered Stablecoins' Aren’t Securities On April 4, 2025, the U.S. Securities and Exchange Commission (SEC) issued a statement that clarified some U.S. dollar-backed stablecoins may not be considered securities. While the statement was welcomed and creates some breathing room for crypto and fintech projects, the announcement ignited an internal debate at the SEC and many are wondering what's next. Covered Stablecoins The SEC said certain U.S. dollar-backed stablecoins (referred to as 'Covered Stablecoins') are not considered securities if they have all of the following characteristics: Stablecoin must maintain a 1:1 fixed value equal to the U.S. dollar, without fluctuations Each stablecoin must be fully backed by an equivalent amount of high quality assets such as U.S. Treasury bills, cash, or cash equivalents that can be redeemed on demand. These assets must be held in custody and verified regularly No expectation of profit - cannot be promoted as an investment or marketed in a way that leads buyers to expect profit from simply holding the token See: U.S. Senate Moves to Regulate Stablecoins No voting rights, control over the issuer, or shares in any profit or management decisions (no governance) ...
Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
Economy | April 10, 2025 Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure. Strategic Pause, Not for Everyone While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors. Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization. See: Klarna Delays IPO As Markets React to Trump’s Tariffs After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider ...
Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
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