Jake Auchincloss
@RepAuchincloss
The Fed and Treasury have been considering issuing a central bank digital currency. My bipartisan bill makes clear that they would need congressional approval to mint a CBDC. pic.twitter.com/jKTTtP1YEW
Jake Auchincloss
Democrat Congressperson from Massachusetts, 4
Notable statements
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
RT @jchervinsky: CBDCs are controversial, but we should all agree that the Fed and Treasury can't issue one without explicit authorization…
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
RT @BitcoinMagazine: JUST IN: 8 U.S. Congressmen sent SEC Chair Gensler a bipartisan letter regarding the SEC's #bitcoin & crypto reporting…
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
RT @ppi: ICYMI
Yesterday, @RepAuchincloss joined PPI and an esteemed panel of business leaders for a dynamic conversation about cryptocur…
Yesterday, @RepAuchincloss joined PPI and an esteemed panel of business leaders for a dynamic conversation about cryptocur…Very pro-crypto
Jake Auchincloss
@RepAuchincloss
RT @ppi: As the federal government continues to debate how to regulate cryptocurrency, PPI is bringing together business leaders for a roun…
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
The @FSCDems hearing yesterday on stablecoins crystallized three domains of risk that lawmakers must address:
1. Prudential risk
2. Systemic risk
3. Geo-economic
below 
https://t.co/h3mTYwHbN8
below https://t.co/h3mTYwHbN8Very pro-crypto
Jake Auchincloss
@RepAuchincloss
1. Prudential risk, in the form of run risk and payment-system risk. Registration, audit, and disclosure requirements for stablecoin issuers & custodians are the clear and present next steps.
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
3. Geo-economic. The USD must persist as the global reserve currency. That may not require a CBDC. Thoughtful research & regulation of fintech, sound monetary policy, rule of law, strong capital markets, a growing economy – these are the critical drivers of USD reserve status.
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
2. Systemic risk. The FSOC should continue to monitor and report on systemic risk from stablecoins, given how fast the industry is growing, but right now it’s modest and does not justify red tape that could lead to regulatory capture of crypto by banks.
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
Happening now! Join me on @YahooFinance to talk about stablecoins: finance.yahoo.com/video/yahoo-fi… pic.twitter.com/DfhzGK0Rk0
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
This primary crypto regulator should be tech & market-structure neutral, and eventually fulfill 3 mandates:
1. Compel disclosure and transparency
2. Prevent fraud & abuse
3. Promote the efficiency and resilience of the market
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
The best thing Congress can do to promote Web3 is to designate a primary regulator to audit stablecoins.
Thread https://t.co/FJiGr3IZaO
https://t.co/FJiGr3IZaO
Very pro-crypto
Jake Auchincloss
@RepAuchincloss
As we build back better, we must ensure appropriate taxation and regulation of the #cryptocurrency industry. twitter.com/RepDarrenSoto/…
Very pro-crypto