#855 The White House Wants To Lead In Bitcoin And Crypto

This episode is a little different than the usual podcast format. There is no guest. Instead, I will share a couple of thoughts I have around a specific topic. Today, I discuss the recent Crypto Executive Order by President Biden. What does this mean for the Crypto Industry? and why this signals that the United States will be the leader in Bitcoin and Cryptocurrency innovation. ======================= Since 2018 Copper has been at the forefront of institutional digital asset development. From award winning custody solutions, to creating the first truly off-exchange settlement function, Copper pioneers technology, products, and services, in lock-step with a rapidly changing world. No other infrastructure provider covers as many assets, across as many exchanges, with the speed and security that Copper can offer. To learn how Copper helps the world’s largest institutional investors secure their digital assets, head over to copper.co Copper - the unfair advantage. ======================= Compass Mining is the world's first online marketplace for bitcoin mining hardware and hosting. Compass was founded with the goal of making it easy for everyone to mine bitcoin. Visit http://compassmining.io to start mining bitcoin today! ======================= Bullish is a powerful new digital asset exchange built for institutions that delivers the innovations of DeFi in a regulated environment. The Bullish Hybrid Order Book pairs the high-performance of a traditional Central Limit Order Book with automated market making. Powered by deep Bullish Liquidity Pools, backed by the multi-billion dollar Bullish Treasury. So, you can trade with certainty and at scale across variable market conditions. Learn more at Bullish.com or follow @Bullish on Twitter. Because the future belongs to the bullish. *Not investment advice. Digital assets and cryptocurrencies are high risk products. Consult your professional advisor before dealing in them. Bullish’s services are available in select locations only and not to U. S persons. Visit https://bullish.com/legal for important information and risk warnings =======================

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Today's episode goes over why the United States and the White House wants to be a leader in Bitcoin and cryptocurrencies. We specifically talk about the recent executive order from President Biden and his administration. Before we get into this episode, though, I want to quickly talk about our sponsors. Today's episode is brought to you by Copper. Since 2018, Copper has been at the forefront of institutional digital asset development. From award-winning custody solutions to creating the first truly off-exchange settlement function, Copper pioneers technology, products, and services in lockstep with a rapidly changing world. No other

• 0:44Anthony Pompliano?

  infrastructure provider covers as many assets across as many exchanges with the speed and security that Copper can offer. To learn how Copper helps the world's largest institutional investors secure their digital assets, head over to copper.co. Again, Copper, the unfair advantage. Check them out at copper.co today. Next up is Compass Mining. Compass Mining is the world's largest marketplace for mining hardware and hosting. With Compass, everyone can mine Bitcoin. Their team makes it easy to start mining wherever you want, at home or in one of their 23 hosting facilities around the world. Through the Compass Marketplace, retail miners can access mining hardware with similar prices and purchase plans as the world's

• 1:26Anthony Pompliano?

  largest mining companies. Compass miners own their machines, they choose whatever mining pool they want, and they mine directly to their own wallets. Miners who don't want to host their machines can order ASICs directly to their doorstep. Simple and low-cost hosting agreements, coupled with best-in-class customer service, are the reasons why Compass is the simplest and most popular way to mine Bitcoin. Start mining your own Bitcoin today by visiting compassmining.io. Again, compassmining.io. Go check them out and let me know what you think. This episode is brought to you by Bullish. Bullish is a powerful new digital asset exchange built for institutions that delivers the innovations of DeFi in a regulated environment. The Bullish hybrid order book pairs the high-performance

• 2:10Anthony Pompliano?

  ...of a traditional central limit order book with the automated market making powered by deep bullish liquidity pools backed by the multi-billion dollar bullish treasury. So you can trade with certainty and at scale across variable market conditions. You can learn more at bullish.com or follow bullish on Twitter because the future belongs to the bullish. Now, this is not investment advice. Digital assets and cryptocurrencies are high risk products. Consult your professional advisor before dealing in them. Bullish's services are available in select locations only and not to US persons. Visit bullish.com/ legal for important information and risk warnings. Go check them out at bullish.com or follow at bullish on Twitter. All right, let's get in this episode. I hope you guys enjoy this one.

• 2:51Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:14Anthony Pompliano?

  Good morning, everyone. Bang, bang. President Joe Biden has presented an executive order this morning that asks various government organizations to produce reports on Bitcoin, cryptocurrencies, and blockchain technology. This development signals that the United States government is officially recognizing the importance of this technology and the industry that it has spawned. While many people have been anticipating an abrasive government approach towards Bitcoin and cryptocurrency for years, the current administration seems to be doing the exact opposite. They are looking to embrace this new technology and the potential positive impacts that it can have. Arjun Karpal of CNBC is reporting that an exact quote from the executive order says, quote, "The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risk for consumers, businesses,

• 3:57Anthony Pompliano?

  and the broader financial system and the climate," end quote. The overall reaction from the market has been positive so far. The executive order appears to be a rational, measured approach to gathering more information in an attempt to ensure policymakers are educated on the topic. As part of that effort, the executive order asks different government organizations to produce their reports in the next 30 to 180 days and specifies a Focus on consumer protection, financial stability, illicit finance, promoting US leadership, financial inclusion, and responsible innovation. Here is a summary from that executive order of each key directive. Quote, "First, protect US consumers, investors, and businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations

• 4:41Anthony Pompliano?

  to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth." The order also encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets. "Second, protect US and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps." "Third, mitigate the illicit finance and national security risks posed by the illicit use of digital assets by directing an unprecedented focus of coordinated action across all relevant

• 5:26Anthony Pompliano?

  US government agencies to mitigate these risks." It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to these risks. "Fourth, promote US leadership in technology and economic competitiveness to reinforce US leadership in the global financial system by directing the Department of Commerce to work across the US government in establishing a framework to drive US competitiveness and leadership in and leveraging of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research, and development, and operational approaches to digital assets." "Fifth, promote equitable access to safe and affordable financial services by affirming

• 6:09Anthony Pompliano?

  the critical need for safe, affordable, and accessible financial services as a US national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services. The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems to include implications for economic growth, financial growth, and inclusion, national security, and the extent to which technological innovation may influence that future." Sixth, support technological advances and ensure responsible development and use of digital assets by directing the US government to take concrete steps to study and support

• 6:51Anthony Pompliano?

  technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, and combating illicit exploitation and reducing negative climate impacts. And lastly, seventh, explore a US central bank digital currency by placing urgency on research and development of a potential United States CBDC should issuance be deemed in the national interest. The order directs the US government to assess the technological infrastructure and capacity needs for potential US CBDC in a manner that protects Americans' interests. The order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a US CBDC, including development of a plan for broader US government action in support of their work.

• 7:35Anthony Pompliano?

  This effort prioritizes US participation in multi-country experimentation and ensures US leadership internationally to promote CBDC development that is consistent with US priorities and democratic values. This executive order appears to disprove the critics' belief that the government would ban Bitcoin and cryptocurrencies while also seeking rational rules for how the industry should continue to develop over time. It is important to call out that the explicit mention of a US-based central bank digital currency is important, too. The United States government is saying they want to be a global leader in Bitcoin and cryptocurrencies. There are plenty of details to figure out, but this is a significant inflection point in the validation of the industry. A technological breakthrough, blockchain technology, has grown in less than 15 years

• 8:17Anthony Pompliano?

  from inception to approximately $3 trillion in market cap, creating millions of jobs, and is now being recognized by the largest nation-states in the world for its strategic importance. It's pretty incredible to see how far this industry has come. We still have a lot of work to do, though. There are billions of people counting on it. I hope each of you has a great day, and I'll talk to everyone tomorrow. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you subscribe on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to pompscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period.

• 9:01Anthony Pompliano?

  Go to pompscryptocourse.com to learn more, and I'll meet you guys for the next episode.