Eyewitness News Unscripted: Growing interest in cryptocurrency

[00:00:00]Welcome back everybody to Eyewitness News Unscripted. This is the show again where we take an unscripted look at a lot of the biggest stories that are happening not only in Connecticut but across the country. And right now, we're going to dig a little deeper into something called the Clarity Act, which essentially would create some federal oversight and regulations for cryptocurrency. We know right now about one in five Americans own some form of cryptocurrency, and about another 40% of Americans say they would be more interested in purchasing cryptocurrency if there was some type of oversight. And we're so happy right now to be joined by an expert on this topic. Kristin Smith is the president of the Solana Policy Institute. And Kristin, before we go any further, I know a lot of folks have questions about cryptocurrency in general, but explain exactly what the Clarity Act would actually do because I think a lot of people have maybe some misinformation about it.

[00:00:56]>> Great question. The Clarity Act is a comprehensive piece of federal legislation that would provide a regulatory framework for crypto. What it does is it provides new tools to law enforcement. It provides oversight of the crypto markets. And it also requires disclosures when new cryptocurrencies are issued. So, I think it's a real step forward, and it really helps fill the gaps that we have in federal law today.

[00:01:22]So, it looks like the Senate's going to be voting on this legislation likely next week. And so, there's a real opportunity to get this bill across the finish line so that consumers are protected.

[00:01:34]>> You know, some of those numbers are staggering. One, the fact that about 20% of Americans already own some form of cryptocurrency. But then again, another 40%, actually about 42% of Americans say they would be more interested in buying cryptocurrency if there was some form of regulation like the Clarity Act. I'm curious what you think is driving that interest because we know about half of Americans say that the current financial system is really just not working for them.

[00:01:59]>> Yeah, you know, I think a lot of people feel let down by the financial services system. Some people have trouble accessing it. Other people find it incredibly expensive. You know, your banks are closed on weekends and in the evenings and it doesn't really fit the sort of 24/7 world that we're living in, especially with the internet that we have today. And so, I think a lot of people have turned to cryptocurrencies and other digital assets as an alternative. But, I think one of the interesting things is when you have something takes Solana for example.

[00:02:30]Solana is the fastest, most used blockchain in the world. This is This is actually infrastructure that we can use to upgrade the system we have. So, yes, it provides an alternative to the current system, but it also gives an opportunity to improve the one we have so that people feel more comfortable with who they are. The system's more reliable. It's lower cost. It's faster.

[00:02:52]And so, I think there's a real opportunity to upgrade and that will uh impact consumers and businesses alike.

[00:02:58]>> And again, we're so happy to be joined by Kristen Smith. She's the president of the Solana Policy Institute. We're chatting about the Clarity Act, which is a proposed bill which would bring some forms of regulation to cryptocurrency and blockchain. Um here's the Kristen, you know, you have some folks uh in Congress right now, including um Connecticut Senator Chris Murphy, who have been outspoken opponents of the Clarity Act, basically saying that the law doesn't go far enough or the proposed law, I should say, doesn't go far enough and that there are these carve outs and in their view, it would legitimize some of the what they consider the Trump policy uh crypto empire. You know, what is kind of your response to some of your critics on this? Because obviously, we know this is probably going to be get a vote potentially in the Senate next week, right?

[00:03:43]>> Yeah, well, it's interesting. Since the Clarity Act came from the House to the Senate, there have been a lot of improvements to the bill that have made it a lot stronger than the version that the house voted on, but the one outstanding issue there is what to do with this so-called ethics issue. Like what limitations do we need to put on the president, the [clears throat] vice president, and Congress from issuing or sponsoring digital assets? And there is now language that is being circulated in the Senate. This is kind of the final issue. I think without having some sort of ethics provision in the bill, there won't be enough votes to get this across the finish line. And so, I think that the senators on both sides of the aisle, they're in active discussions right now.

[00:04:25]And I do think this is a really important piece that should make it something that both Republicans and Democrats are going to want to vote for.

[00:04:33]This I think is truly a bipartisan issue. It impacts 67 million Americans who hold digital assets today. And I think it's really important that we fill the gaps in the laws that exist today.

[00:04:44]>> And again, we're so happy to be joined by Kristin Smith. She's the president of the Solana Policy Institute. Kristin, I know you don't have a lot of time left, but do you feel like these conversations, and in some cases some of these debates that are happening right now on Capitol Hill, overall are really good things because it's one thing it's doing is it is shedding more light on cryptocurrency and blockchain topics that, as you mentioned, more and more Americans are buying cryptocurrency, but there are still a lot of people that don't know exactly what's happening with those two systems.

[00:05:10]>> Yeah, no, I think this has been a real educational opportunity. Certainly for the Congress, but with people around the the United States as well. I mean, I think that you know, people are want to understand more about how their money works. They want to have more control. And these are all tools that allow them to do so. But I do think, you know, going forward, as this technology gets integrated within our existing system, you know, we're not going to have to know the ins and outs of how it works cuz it's going to be easy. It's going to be seamless and it'll be in the background of what we're using. Just like with the internet today, I don't know exactly how that works when I pick up my smartphone, but I know that I can call a car or order some food or see pictures of my friends, and I like the services that I use, and I don't worry so much about how the technology behind it is working cuz I know it just works.

[00:05:59]>> Kristen, I know you have to run, but really quickly, where can people find more information if they're interested?

[00:06:04]>> We go to our website, it's solanapolicyinstitute.org, or you can follow me on X @KristenSmith.

[00:06:11]>> All right, Kristen Smith, again the president of the Solano Policy Institute. Thank you so much for providing so much clarity about the Clarity Act. I hope we join you again soon as this issue is debated in the Senate. Thanks again, Kristen.

[00:06:24]>> Thanks.