Who?
Sen. John Boozman (R-AR) — Ranking Republican, Senate Agriculture Committee
Ask a Pol asked:
What do you make of the SEC’s moves on crypto? Does that hurt the case you and others on the Senate Agriculture Committee are making that digital assets are commodities?
LISTEN: Laslo & Boozman*
*DEAD AIR ALERT: At :32 seconds into the interview, Laslo grants Boozman’s request to chat on background for roughly a minute, which we silenced out in our podcast. Sorry for the dead air! The senator asks to go back on the record at the 1:25 marker.
Key Boozman:
“We need to get this regulated,” Boozman exclusively tells Ask a Pol. “In the sense that it’s growing rapidly, more rapidly now than ever. And so, as a result, it has a possibility of becoming a risk, a systemic risk. So because of that systemic risk to the financial system of the country, but also a real risk to the people that are investing in it. Because it’s the Wild West. There’s no regulation.”
Caught our ear:
Congress has done nothing! And a lot of people’s livelihoods have been wiped out.
“You’re exactly right, and I agree totally with it. Congress needs to step in and put a regulatory framework in,” Boozman tells us. “I wouldn’t say that Congress hasn’t done anything…pressure on the market … CFTC and the SEC, they’ve stepped up…”
ICYMI — Ask a Pol exclusive with Rep. French Hill
Below find a rough transcript of Ask a Pol’s exclusive interview with Sen. John Boozman (R-AR), slightly edited for clarity.
TRANSCRIPT: Sen. John Boozman
Matt Laslo: “I’m curious, I’ve never asked you about the SEC’s move on crypto.”
John Boozman: “I thought you were talking about football and the SEC Conference.”
Laslo laughs.
ML: “The other SEC.”
Boozman points to the tall southern aide next to him.
Senator: “This is my expert on the SEC conference.”
ML: “Nice.”
They laugh.
ML: “But what have you — what do you make of their moves on crypto? Does that hurt your case that it’s a commodity or no?”
Senator: “They’re just — is this on the record or off the record?”
ML: “It was on. We can go on background if you need.”
Senator: “Let’s go on background.”
ML: “Yeah?”
At :32 seconds in, Laslo grants Boozman’s request to chat on background for roughly a minute, which we silenced out in our podcast. Sorry for the dead air! The senator asks to go back on the record at the 1:25 marker.
Senator: “But one thing I would say — we definitely need to get this on the record.”
Boozman motions towards Laslo’s mic and notepad.
Senator: “We need to get this regulated.”
ML: “Yeah?”
Senator: “In the sense that it’s growing rapidly, more rapidly now than ever. And so, as a result, it has a possibility of becoming a risk, a systemic risk. So because of that systemic risk to the financial system of the country, but also a real risk to the people that are investing in it. Because it’s the Wild West. There’s no regulation.”
ML: “Have you reached out to talk to [House Financial Services Committee Chair Patrick] McHenry (R-NC) in the House on this?”
Senator: “Not yet. I, you know, would talk. We have…”
ML: “Cause you kinda disagree with him a little bit on this?”
Senator: “Well, what we’ve done is, you know, is kind of reviewing going forward some sort of regulation, CFTC, but certainly he is at the top of the list. I mean, [Rep.] French Hill (R-AR) is another guy that’s very involved. And we’ve got a bunch of senators that probably they’re as knowledgeable or more knowledgeable than anybody who we need to touch base with.”
ML: “Do you know [Rep. Tom] Emmer (R-MN)? Do you talk to him about it?”
ICYMI — Ask a Pol exclusive w/ Whip Emmer
Senator: “Well, he’s another guy, again, who’s very interested.”
ML: “Cause you served with him, right?”
Senator: “No.”
ML: “He came in later? That’s what I was thinking. But you served with McHenry?”
Senator: “Yeah. I know McHenry very well. He’s a thoughtful man.”
ML: “Yeah.”
Senator: “But, like I say, we need to touch base with them, and I think they’re, you know, since FTX, everybody’s attitude changed a little bit. Least I think so.”
ML: “But Congress has done nothing!”
Senator: “Oh I know.”
ML: “And a lot of people’s livelihoods have been wiped out.”
Senator: “You’re exactly right, and I agree totally with it. Congress needs to step in and put a regulatory framework in.”
ML: “Yeah?”
Senator: “I wouldn’t say that Congress hasn’t done anything. I think, there are pressure on the market (inaudible), CFTC and the SEC, they’ve stepped up their regulation, their regulatory…”
ML: “Because Congress?”
Senator: “Yeah. Because of FTX and Congress.”
ML: “’Yeah? Cause you had the hearing to pressure them?”
Senator: “Yeah. And just, you know, just FTX went down and so many people losing so much money.”
ML: “Right?”
Senator: “So they’ve done a better job.”
ML: “Yeah? But we still need legislation?”
Senator: “Yeah.”
ML: “’Preciate ya.”
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