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Editor's Note: CryptoCapitol is HedgeyeTV's newest webcast series, focused on the intersection of regulatory policies and cryptocurrencies. The series will be hosted by Macro Policy chief J.T. Taylor and Financials Senior analyst Josh Steiner, who will be joined for discussion by an expert in the regulatory and crypto domain. With crypto-mania permeating global markets, governments around the world are beginning to perk up, with the end game likely ushering in new regulatory policies. As SEC Chairman Gary Gensler hits the ground running, regulators and policymakers in Washington will soon turn their attention to these uncharted waters. Watch the clip below from the inaugural edition of CryptoCapitol, where J.T. and Josh are joined by Ed Moy, the former Director of the U.S. Mint who sits on the board of a blockchain company and remains active in Washington politics and policy. CryptoCapitol is exclusive to Macro Pro and Financials Sector Pro subscribers. |
Moy: There are 3 major regulatory trends I think that we'll see under this administration.
The first one is, I believe there will be greater centralization of regulatory policy.
When you look at regulation, there's regulation on the federal level, and on the state level.
Generally during Republican administrations you have more of what's called Federalism, and there's more emphasis on state's filling in the gap where the federal regulations have "holes" or "opportunities".
However, generally during Democratic administrations, you see greater confidence in the federal government's ability to manage an industry. So one trend that I believe you'll see, and you see it in Chairman Gensler's remarks so far, is the federal government taking the lead on a lot of regulatory policy.
I think the second trend, which gets to the heart of your second question J.T., is that you'll see continued regulatory fragmentation at the federal level.
So the nature of regulation is this: all regulation is based on the law, but there's no crypto law.
So every regulatory agency takes a look at their existing authority and says, "What part of crypto falls into what I have authority to regulate?"
So for example, for the SEC, their job is to regulate securities. So when crypto is used like an ICO, and a coin is issued to raise capital and distribute ownership of the company, the SEC views that as a security, and when crypto is used in that way, it ought to be regulated like a security (that's the federal government's view).
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About ed moy
Ed Moy was appointed Director of the United States Mint by President George W. Bush in 2006, and was officially sworn into his five year term on September 5, 2006, where he served until 2011. Following his time leading the U.S. Mint, Ed became an officer and eventual director of a NASDAQ traded company headquartered in Seattle. It fulfilled two items on his bucket list: to help lead a public company and learn about doing business in China.
He is now the Chief Strategist for Fortress Gold Group, a leading provider of gold-backed IRA’s. In that capacity, Ed provides the company with objective expert analysis of the markets for precious metals, as well as monetary and fiscal policy, traditional and digital currencies, with an emphasis on U.S. and global economies. He became an author with the publication of American Gold and Platinum Eagles: A Guide to the U.S. Bullion Programs. He also provides autographs for the Professional Coin Grading Service of Collectors Universe (CLCT), serves on the advisory board of a public company, and on the board of a business school.
Ed enjoys spending time with his wife and daughters, whether walks along the beach, cooking them tasty meals, or trying new activities like skiing. You can learn more about Ed from his personal website here.
