“It is a highly speculative asset, and I think people should beware, it can be extremely volatile.” —Janet Yellen
Today, just a dozen years after its introduction, about 14% of Americans own cryptocurrency, with the value worldwide at about $2.4 trillion – or twice that of all U.S. currency in circulation. Yet how many of us fully understand the concept or the risks, let alone the jargon? Dogecoin, for example, is still trading well below the levels it hit just before Elon Musk appeared on Saturday Night Live and called it a “hustle.” The value of Bitcoin is almost 551% over its value a year ago. What happens when the value goes the other way? Is it a currency or a security? How should it be regulated?
As the first episode in a series on cryptocurrency, Amy Kim, Chief Policy Officer for the Chamber for Digital Commerce, joined the weekly podcast, Real Washington, that I co-host with Michael Zeldin of That Said with Michael Zeldin on CommPRO, to discuss issues including a national action plan for blockchain, Anti-Money Laundering (ALM) and Countering the Financing of Terrorism (CFT) compliance, regulatory clarity for digital tokens and promoting the use of blockchain in business.