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Jake Auchincloss

Democrat Congressperson from Massachusetts, 4

Notable statements

profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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RT @ppi: ICYMI‼ Yesterday, @RepAuchincloss joined PPI and an esteemed panel of business leaders for a dynamic conversation about cryptocur…
Very pro-crypto
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
Very pro-crypto
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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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
profile picture of Jake Auchincloss

Jake Auchincloss

@RepAuchincloss

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The best thing Congress can do to promote Web3 is to designate a primary regulator to audit stablecoins. Thread ⬇️ https://t.co/FJiGr3IZaO
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Very pro-crypto