Speaker unverified: belief

Transcript context

…I don't know. Everybody pause this, go to YouTube, search I'm just a bill, and then come back. That's exactly right. To summarize the video, you all are about to just watch. The way something like a crypto bill would work is Congress sort of gets it in their head that, hey, we need to legislate in this space. A whole bunch of catalysts for crypto in particular, but that's sort of a conclusion we've all come to. At that point, the committees will hold hearings. Usually, they're on a number of different topics related to the main, if you will. We had one specifically on stable coins. We had one specifically on CBDC. We had one on crypto markets just sort of broadly. You go through that process. It's a pretty in-depth process. You're preparing for these hearings. It's multiple hours, you and your staff are trading questions back and forth. As you develop your understanding, you start to come to some conclusions around what you want to do. My view is the best legislation is durable. In order for something to be durable, it needs to be bipartisan and it should be bicameral—bicameral meaning House and Senate. My perspective is always you got to give yourself a chance by starting with some Democratic counterpart. If I’m legislating on a bill, I'll base this on committee comments. I'm listening not just to my own questions, but I'm listening to how other people are processing the information. I'll say, okay, these two people over here, I think can work with on this. Then you just literally go tap them and say, hey, you want to do something on this? It sounds like we're in a similar place. From there, your staff gets together, you all trade notes and legislation back and forth. Ultimately, hopefully, you've come to some good texts. You propose it. It will get a vote in committee if the committee chair wants it to. Once it goes through committee, it goes to the House floor. Passed to the House floor, now it gets kicked over to the Senate. They can take it or not. Most of the time, the Senate ignores us, but sometimes they listen. In the Senate, they have to beat the filibuster. They need to get 60 votes over there. We're just a simple majority in the House, so it's a little harder to get things through that. But then from there, it goes to the White House, and the President signs it into law, and the way we go. As simple as that sounds, it's the most frustrating, chaotic process you can imagine. Things that should take six months take like six years. You're explaining to us the last time we chatted in preparing for this that no bill ever is pure of scope. It's Christmas trees. Stuff gets hung on and all sorts. You may be wanting to regulate stable coins and all this totally unrelated stuff that gets added on to that.…

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