Clyde Vanel, a New York assemblyman and the Chair of the Subcommittee on Internet & New Technology, has recently stated that New York has become the first state in the U.S. to create a cryptocurrency task force. We talked to Clyde about his experience with Bitcoin, regulation and the future of cryptocurrencies.

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US Assemblyman: Crypto Is a Golden Goose, Regulation Could Save It

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37 COMMENTS

  9. When I first started listening to this guy he was brain farting profusely but by the time he was done with his spiel he started making sense again and ended up making me feel like I could trust him. There must be something wrong with me.

  11. You know? Uhmm I have tokens you know… umm the golden goose is mine and I’m gonna umm eat it’s eggs because eggs are good you know.. and I’m gonna breed the golden goose and umm make more regulations just like the gooses bit license and pay taxes for the goose. Uhmmmm right I think actually it’s just my opinion, idk actually So saying all that ummm uhh crypto is uhh you know…

  13. Bitcoin is a concept that most humans are not ready to understand. The value proposition is clear to those who have spent years studying it however. New people in this space simply think it is just another form of money because they fail to understand the fundamental differences between BTC and fiat. Currency is just one of the use cases that Bitcoin offers.

    Frictionless settlement with no third party to intervene, without borders and zero conversion rates which give it further fungibility for our increasingly interconnected world. With Bitcoin you don't just have a private Swiss bank account in your pocket or other digital device, you ARE your own bank.

    Store of value over time is another obvious use case- although it may not seem like it in the current bear market. Bitcoin allows you to invest into an asset that is completely unhinged from traditional markets and has even created its own form of venture capitalism through tokenization and trading platforms. In the coming decades humans will only become more immersed in technology so cryptocurrency adoption will surely follow.

    Bitcoin also helps to lower the bar for financial access in terms of investing and credit solutions. You don't have to have hundreds or thousands of dollars to invest because you can start with literal pennies or fractions thereof. Now you can also get micro loans against your crypto assets while still keeping ownership which allows impoverished people to leverage what little money they have.

    There are use cases for Bitcoin that we don't even think about or haven't even discovered yet too: Vitalik Buterin made a good example of this when he used Ethereum's blockchain (a Bitcoin inspired DLT) to show proof of life when there was a death hoax about him. You could do the exact same with Bitcoin's blockchain, similar to how you can take a picture of yourself with the latest news paper to come out for proof of date.

    Bitcoin is too complicated for most people to wrap their minds around as you can see. There is a hell of a lot going on and this space moves faster than most. This is why it will take many more years for mass adoption as the on-ramps for crypto-assets continue to expand slowly but surely.

  16. Let me simplify regulation… INDIVIDUAL REGISTERED MINING POWER RESTRICTIONS. If anyone knew anything about anything, anyone would know that's the only way… unfortunately pretty much everyone knows just about nothing as we can see here lol

  18. This is what I heard:
    “We need to be careful about how we write in allowing re-hypothecation in the small print so we can continue our criminal behavior as usual.” The empire state? Who careesss, everyone march to Wyoming. New York hasn’t lived a single decade since 1920 without a giant criminal finance scandal or political corruption case in the financial industries. How many times have the feds had to disassemble entire oversight or law enforcement agencies in this state? We’re supposed to believe the state is interested in our protection? LOLLL.

  26. 9:24 ETF= electronic traded funds…I learned something haha jk. I am honestly happy to have somebody interested in crypto working on this task force here in NY. I do, however, have to disagree with the sentiment that NY is the financial capital of the world. We WERE the financial capital of the world but our stance on crypto and that bitlicense trash has singlehandedly revoked that title. The hungry wolf climbing the mountain (i.e. Wyoming) will overtake the comfortable wolf at the summit. Step up NY. For what it is worth, I think the whole "we are doing this to protect the people/investors" propaganda is bologna. On a side note, visit Fusion.org to learn more about the future of cryptofinance.

  29. how to use block chain properly = How can we tax it and control it. A bit license = Extortion to play in our area, The crypto currency task force = A group of people that gets paid in dollars (pensions heath care etc.) to find ways to control it. Find out who is using cryptos. Find ways to take it.

  30. You know….yeah um. Also pushing the stable coins to likely control the price discovery. We know exactly what this is about….the narrative for centralizing it.

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