Speaker unverified: belief

Transcript context

…We have all the benefits of the instant settlement, no need for a trusted intermediary, there are going to be less fees, and all this stuff. We understand what the value is tied to and we have a lot of other things that depend on that system of what that specific one USD denomination is tied to. There's a lot of comfort that can come from that while getting all the benefits of the innovation. Yeah, totally, 100%. The way I think about some of the other stuff, again, like the Algos, hopefully people aren't saying, oh, he hates all Algos. I don't, but to me, like it's not clear what that's going to turn into and what the right response is. If I don't feel like I understand something from a policy standpoint, my reaction is I should be silent on it from a regulatory and policy standpoint. Until I understand it, I probably shouldn't be regulating it, unless it's hurting people or destroying people. That's why I say, I think we largely understand Fiat-backed stable coins. Let's start there, and then we can sort of take our bite-sized pieces as we develop. All right, let's stay in committee but move on from crypto. What percentage of your time on the House Financial Services Committee is spent on crypto over the whole course of your term?…

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