A highlight from Congressman Warren Davidson Interview - Crypto Regulations, SEC Gary Gensler Hearing & Subpoena, Bill Hinman Ethereum, CBDCs
Oh yeah, I mean, I think book Gensler should have been subpoenaed already. I mean, I think the amount of patients that chairman McHenry shown, I mean, maybe that's why he's the chairman. He's like more patient study, kind of working it more diplomatic. Like, yeah, I think the subpoena was due like in February. This content is brought to you by link to which makes private equity investment easy. Link to is a great platform that allows you to get equity in companies before they go public, before they do an IPO within their portfolio includes crypto companies, AI companies, and FinTech companies, some of the crypto companies you may recognize include circle ripple chain, analysis, ledger, dapper labs, and many more, if you'd like to learn more about link to please visit the link in the description. Welcome back to the thinking crypto podcast, your home for cryptocurrency news and interviews with me today is Congressman Warren Davidson, who's a Republican out of Ohio, Congressman Davidson. It's great to have you on. Yeah. It's an honor to join you. Thanks. Yeah. Congressman Davidson, I've followed you for years and all the great work you've done with legislation around crypto. I think you were boy was maybe the first, if I, as far as I remember going back to the token taxonomy days and things like that. Uh, but before we get to all that, you know, tell us about yourself, where you're from and where'd you grow up. Yeah. So I grew up in Ohio, um, a little North of where I live now. So, um, graduated high school in the eighties, 88 listed in the army and, uh, got sent over to Germany when the wall Berlin wall was up, you know, the cold war was there and there, uh, wall separating the East and the West went through East Berlin and got to be there when that came down. And, uh, I'll just say like the people on the other side, weren't looking for more government. They were looking for more freedom and it was definitely a life -defining experience. Uh, from there, I got to go to West point, which, so that's not the normal way you go to West point, but, uh, it worked for me and, uh, graduated, went back into the infantry, served in range of regiment, 101st airborne division, uh, the old guard, you know, so some great units, but ultimately decided I needed to get out and go into a business. So my wife and I, and two little kids at that point in time, moved back to Ohio and, uh, started manufacturing companies, went to Notre Dame, got an MBA, and we basically had a little group of manufacturing companies. And that was what I was doing. And John Boehner resigned as speaker of the house. And a couple friends stopped in and said, Hey, you know, who are you going to back in the race? And I said, Hey, you know, you guys are the political people. And they cracked really a joke. They go, you know, it'd be great if there was an army ranger business guy in the race. So we just laughed and I went home and told my wife about my day. And she said, well, what'd you tell them? Like, well, we just laughed. Cause it's crazy. And she said, no, it's not. You'd be great at that. Well, here I am. So that's been like, you know, gosh, over seven years ago now. So it says it's pretty crazy. So in Congress, I got here and very few people knew much, very few elected office holders knew much about crypto. And I was new on the financial services committee and, uh, you know, kind of started that kind of army ranger business guy, the business guy, financial services also on foreign affairs. And, you know, that's, it's been a, it's been an interesting time to be in politics. Right. Oh yeah. Uh, well first thank you for your service. And, uh, it sounds like that wasn't, uh, just an incredible experience you had with the Berlin wall and so forth and being over there. Um, that must've been something, uh, life -changing it sounds like. Oh yeah. And look, I mean, the military offers a great opportunity for so many people. I mean, it's not a perfect fit for everybody for me. I just love that I got to be a part of it and it turned out phenomenally well for me, but it really is, uh, a great, a great thing to do and, you know, a lot of phenomenal people they'd go in and give a portion of their lives in service. And then unfortunately for frankly, some of my friends and others, they give their full life, um, you know, lost in combat or occasionally a training accident or something, but, you know, it's a serious commitment, but it is really cool that I had the chance to do it. Wow. Um, so let's talk about, uh, some of the work you've done in the crypto legislation front, because I remember as far as I can remember, uh, I, the token taxonomy act being maybe the first crypto legislation, and you can correct me if I'm wrong there, but, um, you know, tell us about the history of the different bills and things you've worked on. Yeah. So when I first got to the committee, you know, it was January of 2017 and, you know, you remember 2017 was like the ICO market people like, oh, you know, I could just write a white paper and kind of skip everything. And there were really good use cases, people trying to do things honestly. And then unfortunately there were just some outright pump and dump scams where people were being taken advantage of. And I'm like, where's the sec. You should be cracking down on these scammers and, uh, you know, they weren't really, you know, reacting well. They didn't really know who was going to do what. So there was this void and, you know, I was trying to get hearings on this subject and you, as the new guy, you don't get to choose which hearing. So this goes all the way into 2018. And, uh, we really couldn't get focused as a committee on the issue. Uh, so I was like, well, I can at least have a meeting. I mean, we won't be able to call it a hearing, so we'll have a meeting. And we did this thing at the library of Congress and it started out with a goal of getting about a dozen people together. And by the end, we had to cap it at 50 and like, people were like, oh, I want to send my CEO and I want to send my general counsel on, you know, we had some of the biggest names in, in, uh, not just crypto, but, you know, venture capital, you know, the New York stock exchange fidelity state street, I mean, you name it, any Andreessen Horowitz, you name it, the big players, we also are like, look, we got to have some startup companies and some founders that no one's ever even heard of some of those kind of knowing that still is heard of. They kind of went away. Uh, but a lot of them have really turned into some of the biggest names in crypto over time. And it was just an interesting conversation. So the goal was this listening to everybody and say, well, how, if we're looking at a tree, how far up can we go before everybody's interest starts diverging and branching out in a different way? And we want to kind of go up to that first level of branches and say, this is the consensus. If you solve these things, uh, you could provide a really difference making piece of legislation. So that was the token taxonomy act. Darren Soto, a Democrat from Florida, and I led the bill and man, think how different crypto would be if we had passed that bill in like 2018.