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The Roundtable: Does Anyone in Congress Understand Crypto?

Many legislators have a tenuous grasp on traditional finance. How can we expect them to understand finance on the blockchain?

Bill Barhydt, CEO of Abra, and Mark Lopresti, Co-founder of the BattleFin conference, joined Roundtable at BattleFin in Miami to discuss investing, value, and regulation in the cryptocurrency market. In this segment, they discuss the SEC, current regulatory issues, and the need to educate members of Congress about the basics of crypto. 

Mark Lopresti notes the low level of crypto literacy within the U.S. Congress. 

"The problem's not the SEC though—the problem is the legislature," he says. "You don't have people that understand the difference between preferred stock and crypto." 

There are, however, exceptions that prove the rule, he continued. 

"You've got the Loomis-Gillibrand bill that was announced last week [and] which I'm a big proponent of," says Lopresti. "Senator Cynthia Loomis did an incredible job with that." 

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"But you watched these Senate Finance Committee hearings with Ken Griff, just sitting there like, 'I can't believe I gotta talk to these people.' They have no understanding whatsoever of how the existing financial system works. How in the hell are they gonna do anything about regulating crypto?" 

Watch the full discussion below:

Roundtable Guests:

Bill Barhydt, CEO, Abra

Marc Lopresti, Co-founder, BattleFin