Molly WhiteEmmer: "You say the crypto market is rife with noncompliance, however existing SEC rules make no sense for blockchain-based companies, and following them would actually kill these businesses."
Emmer accuses Gensler and the SEC of "pushing American firms into the hands of the [Chinese Communist Party]".
Emmer entered into the record a WSJ article about crypto going to China. I believe it was this one: https://www.wsj.com/articles/hong-kong-banks-are-netting-crypto-customers-as-citys-push-gains-steam-ccb5811f
Rep. Gottheimer (D-NJ, member of blockchain 8) says he's concerned about the SEC is regulating by enforcement and not through formal guidance. Gensler says they have been issuing guidance.
Rep. Loudermilk (R-GA): "What I see in industry is a decentralization of information because of the risk of disclosure. Blockchain. Many industries are going to blockchain because you're no longer centralizing. When it's centralized, there's a one-stop shop for the bad players to come and get information about individuals."
"Is it easier to protect decentralized investor information held by thousands of firms, or do you feel it's more secure to centralize that in a database administered from Washington, DC?"
🥴
Loudermilk: "Let me tell you, there is no one in the information systems industry that's worth their salt that will tell you that it's more secure to have information at one point, one-stop-shop so if I'm a bad guy, I'm a foreign player, I've only got one spot to go to pull all this information. I'm going to put all my investment, all my technology in breaking your security to get that information." 1/2
frater mus> if I'm a bad guy, I'm a foreign player, I've only got one spot to go to pull all this information.
or if I'm a government player