As a seasoned researcher with a background in politics, journalism, and policy-making, I find John Avlon’s stance on digital assets and blockchain technology intriguing. His experience as a former speechwriter for Rudy Giuliani and his authorship of numerous political books provide him with a unique perspective on the subject matter.
John Avlon is seeking election to serve as the representative for New York’s 1st Congressional District within the U.S. House of Representatives. Avlon, a Democrat and former anchor on CNN, as well as ex-editor-in-chief of The Daily Beast, will challenge incumbent Republican Nick LaLota in November’s election.
Although Avlon lacks personal experience in elected positions, he served as a speechwriter and deputy policy director for ex-New York Mayor Rudy Giuliani, and has penned multiple books on American politics. Kickstarting his run for the House in February, his campaign website outlines proposals for a transparent regulatory framework for digital assets, often referred to as “clear rules of the road”.
“The absence of definitive guidelines has not only hindered the progress of the burgeoning digital currency sector but also shortchanged consumers, according to Avlon’s website. The lack of decisive action could jeopardize American leadership in this field. Upon being elected to Congress, I will advocate fiercely for legislation such as the Financial Innovation and Technology of the 21st Century Act and work towards building a wide, bipartisan alliance that champions clear, equitable, and forward-thinking regulations for cryptocurrencies and blockchain technology.
Since 2015, Republicans have been in charge of New York’s 1st Congressional District, and they currently hold a narrow advantage in the House of Representatives. If Avlon manages to win back this district for the Democrats, it could significantly influence whether or not the party takes control of the House in 2025.
In a recent exchange, the New York candidate responded to ten emailed queries regarding his perspectives on digital currencies and blockchain systems, posed by CryptoMoon.
Name: John Avlon
Party: Democrat
Running: US House of Representatives, New York’s 1st Congressional District
As a researcher delving into the fascinating world of cryptocurrencies, I believe that stablecoins, due to their close ties with traditional finance, should indeed be subjected to regulatory oversight. However, the manner in which they are regulated needs to strike a balance between maintaining stability and fostering innovation.
John Avlon: I back laws such as the Clarity for Payment Stablecoins Act. This bill, supported by both Democrats and Republicans, aims to establish a regulatory structure for payment stablecoins (digital currencies with a fixed monetary value that the issuer must exchange). It’s essential that sufficient reserves are maintained for consumer protection and to build trust in the system, and that the issuers can be relied upon.
CT: Do you support the development of a CBDC (digital dollar) in the US? Why or why not?
PB: I advocate for ongoing research into the pros, cons, and necessity of creating a digital currency managed by a central bank. The recent Federal Reserve report on this topic didn’t offer specific recommendations to decision-makers, but it did establish a joint task force that is still evaluating whether a Central Bank Digital Currency (CBDC) would be beneficial.
134 nations are exploring or testing Central Bank Digital Currencies (CBDCs), yet it’s crucial to remember that the current digital payment systems are reliable and efficient in transferring funds. We need to assess whether a CBDC could potentially outperform these existing systems with reduced costs.
AL: Is it plausible that stablecoins could prolong the influence of the U.S. dollar for several more decades? What are your thoughts on this idea?
AL: Indeed, a recent study conducted by Visa suggests that stablecoins are strengthening the influence of the US dollar. In my opinion, it’s crucial for policymakers to create policies that safeguard the American dollar, our national economy, and the purchasing power of U.S. consumers at all times.
How do you feel about the involvement of Congress in governing Decentralized Finance (DeFi), and could you outline any potential advantages or challenges that might arise from this regulation?
As a crypto investor, I’m backing the FIT21 Act. Unfortunately, my fellow investor, Nick LaLota, chose not to support it. This bill aims to create a clear regulatory framework that helps determine when the SEC or CFTC has authority over a digital asset. In simpler terms, if a digital asset is connected to a centralized blockchain system, it would fall under SEC regulation (labeled as “restricted digital assets”), while those linked to decentralized networks would be managed by the CFTC (and classified as “digital commodities”).>
As a crypto investor, I firmly believe that both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have essential roles to play in regulating the cryptocurrency industry. The SEC should focus on ensuring that initial coin offerings (ICOs) meet securities standards, thereby protecting investors from potential fraudulent activities. On the other hand, the CFTC should oversee the trading of cryptocurrencies as commodities, setting guidelines for futures and options contracts, and enforcing market transparency and fairness. In this way, these regulatory bodies can help create a safe and reliable environment for investors like myself to participate in the crypto market with confidence.
I endorse setting up a regulatory structure based on the FIT21 Act, where the Securities and Exchange Commission (SEC) takes charge of overseeing digital assets, while the Commodity Futures Trading Commission (CFTC) manages digital commodities.
AT: Are some established financial institutions now adopting cryptocurrency offerings? I’m curious if you approve of this development, and what you think is an appropriate way for lawmakers to oversee banks participating in cryptocurrency transactions?
AL: It’s my viewpoint that every company ought to be allowed to grow and diversify its offerings, provided it adheres to legal guidelines. Banks, in particular, should have the freedom to provide cryptocurrency services if they so choose.
In my opinion, it’s essential that financial institutions, such as banks, maintain safeguards for consumers, including regulations like reserve requirements and ensuring they accurately identify recipients of funds transfers.
Are you a holder of any cryptocurrencies or digital assets, and if so, how might this affect your views on related topics?
JA: Yes, I own crypto through an investment fund.
Moving forward, what predictions can we make about the evolution of cryptocurrencies and blockchain technologies within the United States over the next decade? How significant is the role of Congress in determining this future course?
JA: I believe that first we have to establish a workable domestic regulatory framework that allows regulators to protect consumers without stifling the growing technology. After that I hope that the US will lead in establishing a global regulatory framework which is already on the horizon.
CT: What is your position on self-custody of digital assets?
If someone understands the dangers of self-custody and still wants to assume those risks, I believe they have every right to do so. It’s similar to keeping cash at home without any insurance. In case of a fire or theft, you can’t recover that money. That risk is one the individual has chosen to accept.
How important do you believe it is for voters to consider a candidate’s stance on digital assets during an election cycle?
It’s likely that voters want their representatives to show foresight, planning for future success, and this can be achieved by being forward-thinking, adopting innovation, and incorporating new technologies into their strategies.
It’s crucial that technology isn’t politicized and the cryptocurrency sector must work towards gaining support from both political parties. To my perspective, this matter revolves around maintaining America’s competitive edge and influence in technological innovation.
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2024-10-21 20:07