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It's fascinating to see how the narrative of Bitcoin and crypto, in general, has evolved since 2008. What was first looked at as a currency for criminals, has now become publicly backed by key political figures and lobbyists around the world. To share more on their work with the US Congress, Perianne Boring of the Chamber of Digital Commerce leads a discussion on their “Crypto for Congress” movement with Taras Kulyk of Core Scientific and Guy Hirsch of eToro.
LA Blockchain Summit is hosted and produced by the Los Angeles-based blockchain venture studio, Draper Goren Holm.
Innovation is my passion and core expertise. I have been initiating and leading the creation of radical new products and services for Fortune 500 brands and as a 2x startup founder. Filed multiple patents. Appeared in publications such as TechCrunch, The New York Times, The Wall Street Journal, Forbes, The New Yorker and CNET.View the profile
Primary focus is to build Core Scientific into the preeminent "partner of choice" for financial institutions and investors seeking exposure to this rapidly maturing asset class. Additionally, I'm tasked with identifying, qualifying and on-boarding new partnerships and assets for the continuedView the profile
Perianne Boring founded the Chamber of Digital Commerce building it into the world’s largest trade association representing the blockchain industry. Perianne was named among CoinDesk’s “10 Most Influential People in Blockchain 2016” and “Top Woman in Bitcoin 2015” for her public policy accomplishments. An avid public speaker, she has presented at leading industry events including the Consumer Electronic Show (CES), Money 20/20, South by Southwest (SXSW) and many others. She also contributes to Forbes through her column, “The Beauty of the Blockchain.” Prior to forming the Chamber, Perianne was a television anchor of an international finance program that aired in more than 100 countries to over 650 million viewers. Perianne began her career as a legislative analyst in the U.S. House of Representatives, advising on finance, economics, tax and healthcare policy. She holds her bachelor’s degree in business administration and economics from the University of Florida.View the profile
Hi, and thanks for joining. I am carrying boring the founder and president of the Chamber of digital Commerce, and a special project. Called for congress, with me is Guy Hirsch from Israel and Tarasco lick from core scientific. Things are joining, guys. Thanks for going to do. So if you haven't heard, we launched a very special project just yesterday called cooked over Congress. This is a project that we've been wanting to do for years and we've been planning for months and Monday morning
and I get the idea behind this was to put cryptocurrencies in the hands of our elected leaders. So crooked for congress first and foremost is an educational initiative of the Chamber of digital Commerce. And we are seeking to provide congressional candidates from all parties. A hands-on experience with blockchain technology and the purpose of Congress is to raise awareness of and expand access to blockchain technology while broadening participation in the political process. So I'll tell you a little bit. So you did and then we'll have a quick chat here which Ross and
guy about kind of behind-the-scenes what actually happened. So we have provided a contribution in Bitcoin to every single member of Congress has campaign. And the reason why we wanted to do that was to provide another educational, resource to members of Congress. For those of you who are familiar with the Chamber of digital Commerce, we're a nonprofit watching trade Association located in Washington DC, and we work with the government to help them understand this technology and we are promoting policies that
promote the acceptance in use of digital assets and watching Technologies. And There's a lot of rules around how you can engage with government officials. And there is all sorts of gift rules about giving things of value to people that work in government. So, we spent a lot of time in briefings we've issued a number of reports and white papers, but I think as we all know, and understand that, the best way to learn something new, especially when it comes to technology, is to use it for yourself. And so being able to put the
psychology in the hands of people who work within government. It's something that we really couldn't do before today. And so giving a contribution to someone's campaign it for the first time as allowed every member of Congress, interact with the second ology and to learn more about it. So every member and yours is being provided a contribution and Bitcoin and then we've also provided some educational resources To show them how to use it. How to leverage this technology to expand participation in the project how to expand and participation in the
political process and how to General educational information about how to join and engage in the cryptocurrency ecosystem. That's what we was looking to do with crypto for Congress and we have 15 corporate sponsors Encore scientific and each row on our two of them guys. Just kind of opening opening this up for discussion from your perspective. What do you think was the most important thing for us to accomplish an incredible Congress in? Why is this initiative important to you? Well, I mean to take a first crack, I think one of the reasons why the core scientific team was
really excited to be part of the process. Was because this I think from everyone that I talked to, we created the very first verifiably made in USA Bitcoin. We know, we had over 1 exit hash pointed at a pool. That was provided by one of our great Partners on the technology side Luxor based out of the US with servers in the US and no transactions from anything. Else is empty block. And at the end of the day you can literally go on to the blockchain forever. We stamped it with a
really cool header which, you know, if you can find it, you'll really appreciate it. But this is truly made in USA PTC. So the novelty is Dad and being able to have the infrastructure in place to do such a thing was for core. You do a testament to where the North American Ecosystems really going. Where is this floor for? You really couldn't run a pool that could win a b t, c. Block. In the United States, I guess for the past, half a decade since the China really has been taking a lead on the infrastructure side, so for us to be able to do that to win that special block
and then to be able to use that for the tax purposes of donating to the members of Congress. I mean that really is something special to go, go to extra mile and you provide this resource to new congressional candidates. How do we really helped show and demonstrate the vibrancy of the blockchain and the streets? Are we really wanted to highlight companies that have infrastructure in the United States. And so the Bitcoin that was provided to the Congressional candidates with mines in the United States bike or scientific enter Partners Luxor.
And Not only was the Bitcoin mined here, but we also can verify his transaction history. So if if people have any questions about will, where did this Bitcoin come from? We can show them how the technology works. So you can process transactions and how they can see if they came straight from the blockchain to the chamber's packed to the candidates and they can learn you a little bit more about the technology by having the opportunity to see that. That was a really special part about what we're doing. Yeah, I think that. You mentioned, it may have been the very first
time you saw the miners live minors being turned on and then hashrate ratcheting up once we actually got our Fleet going. So, I mean, it's not just educating to members of Congress but the general ecosystem as well. I mean, a lot of what you think is going on at BTC or Bitcoin or digital assets. The hole is a black box but it's for us to be able to lift open the veil. I think it's going to be very useful and educating for a lot of these folks you to them. This is a very stigmatized, you know, dark web part of the ecosystem of Ali transactions. And by providing, this type of
transparency with very good Enterprise players that everything is verified, and they can look on their own. I think is a really great Testament for where this is going again, is 14% of all Bitcoin mining. It is here in the United States. It is important to note that there is a a vibrant ecosystem of vibrant industry in companies, to buy who these people are working in the space. I feel like a lot of people who work in government, they you already know about our industry, is what they read in the news, which may be very positive
and help us going to take control of that dialogue. And bring more positive, connotations to our space is a deeply needed and I think will help get more support for industry your throughout throughout the policy today. Sorry, go ahead. I was going to say, got to get guy. What what do you think? What do you think? Was you really thought? Why was this campaign important to you? And you guys are one of the title sponsors of this campaign. And you personally have been
a big supporter of this serving on the steering committee as well as what it, what were the big takeaways for you? The first, I love the words, you know, Bitcoin made in the USA just as it's music to my ears. It you know money is at the heart of everything money is is so foundational to society to how how we operate how we interact with each other, how we interact with our friends, with our families, with government. And it it just at the heart of everything and we, as an industry are
involved in transformational capabilities, that that will that will transform doubt if it will change money, it will change how money changes hands, or changes servers. And what we ought to do is to make sure the government feels that it's, it's on, it's on the right side of History by supporting it. It's very easy for some of the members of Congress to have a knee-jerk reaction to all sorts of edge cases, and, you know, news about all sorts of hacks and
Bad actors. And I have a knee-jerk reaction that will basically just slow us down. I think what we're working on is inevitable, but it would slow us down. And so, I think it's vital for us to be able to educate and promote Freedom remote accessibility promotes, everything that Bitcoin and other cryptocurrency projects are bringing to every and every person in America what are they? They they know it or not but this will affect all of our lives and I think it's important and come in the
pond companies like us to make sure that we are playing a part in in providing the DD. Information to members of Congress said that they will make the US a leader in this space and not not a not lagging behind. The US is still the world's Financial Capital did. This is still the most important Market that the most important Capital markets are being run out of the us. We want to keep that we want to make sure that this is still the case 10, 20 30, 40 years from now. And I think that if members of Congress will understand that,
we will all have an easier time, succeeding in this mission is, so. This is why I think, Rita for Congress is so important if they That relate to this, as better form of money, just a better form of money for them, for their contempt, for people who vote for them. Then it's a win-win for the industry that we went for for America. And this is why we're excited that you and you should have got the Rhiannon happy to support it and make sure that we continue on with this Mission. I'm from another perspective.
I mean I talk to a lot of folks about how digital assets are really coming out of the basement and into the boardroom. It's like this slogan I have now with a lot of digital ass, that's where we really are. Maturing and professionalizing is an industry and in this type of initiative is a testament to that, right? And I mean guy you met one of the things around in the US, maintaining competitiveness in a global platform. Will this is exactly it. You know what, the recent ruling of the OCC that's designating digital assets and Bitcoin in particular. As a financial instrument if we don't do
something as a nation, as an industry to really step up and we will be left behind as the rest of the world digitizes fully and something else to bring up. Is that within core? We've got three sites in three different states, Dalton three different cities, Dalton Georgia, Calvert City, Kentucky and marble North Carolina and these are facilities located in and opportunity zones. For the most part or areas. That know, there's a ton of large-scale infrastructure that was built in the 70s and 60s, and there aren't that many opportunities for a lot of folks. So,
to be able to build large scale, digital mining facilities, really does give a lot of opportunity for people in environments and regions that could definitely use a lot of this. That's something that Corey is really proud of his the amount of hiring that we're doing and you know where we're putting on a couple things on on policy with Perry and and Regional Chamber team soon that will really hopefully get some members of Congress and other folks in that sphere to, to take a look and you know, really give digital Assets in the entire ecosystem of the second you over, because
we really are creating jobs for future. Now, these are high-paying high-skill jobs that, you know, will be there for the foreseeable future. So when you're, you're dedicated the taxpayer dollars to supporting Industries are reducing tariffs. This is something that should definitely be top of mind. Yeah, there's been a I think a priority. They should challenge it in Washington politics more generally, as someone who used to work on your members of Congress, people within the administration, they're being pulled in the lot of different directions. And
where we are today, between the issues government is having to respond to, from covid-19 to the stimulus programs to, you responding to the economic recession election year. There's a lot of big things that are members of Congress, and in protocol leaders, in many different directions. And guide makes a good point saying that we need to be on the right side of history and it ended up being on the right side of history is not missing the opportunity and
this community. That's the reason why we established the Chamber of Commerce was to be a dedicated resource to government to help them make the right decisions when it comes to the space and to be a source of information. So they have the right information to make the right decisions. And because there are so many areas where we either need rage word Clarity or regulatory certainty, in other places where you have a stronger Weagle framework for businesses to be able to operate with Washington's
Washington's ology in the United States, where this is a big challenge for us as advocates. Is it so difficult to have a conversation about policy issue? If people have no idea what the underlying thing is that you're talking about, so Really coming out coming out the door, which is the basis of Simplicity was just help people understand what this is. And then, once people are better educated, will be in a better position to have better conversations focused on the policy issues and putting the
technology again in people's hands. I think that what are some of that the Raiders were issues that you guys are most concerned about in terms of where the US is falling behind or where we need a better Clarity and it from the mining perspective you and you mentioned some interesting things. And then new guy on with each row and exchange respective Services stuff to have to navigate their sort of the major things that keep you guys up at night. I want to go ahead. Sure. So I think of the first problem is not
just our industry's problem is the fact that I don't think The Regulators themselves. Know how many laws are on the books, and how many regulations are there is just too much and and it it's it's a it's a convoluted mess and Maze that takes millions of dollars to navigate in. I'm really shut people out from participating in in markets such as to us, but, but many many others too. So I think the the matter of over-regulation is is just a serious issue of red tape that cost the US economy, billions of dollars and must be
addressed at the federal level and also the state level to simplify things. I actually the other way around. I think what we stand with Brian, Brooks coming from coinbase over to the OCC. And with one tester, Pierce is doing at the SEC is just as Testament of how badly. We just one person. One person that has the, did you know, they did the God's honest and in the belief that this is the right thing and they're fighting from went in for the industry and not for the industry. But for four people to to be able to enjoy the fruits of of innovation. And I think, what you seen
a recent from the SEC is a result. I don't know Brian, but I'm pretty sure that he was a catalyst behind it. And what Racine from the SEC is is probably the said that the DVD and like minded individual at the SEC. So I think we, we should attend. The mortgage industry will will mature. The more we will see transition of people from the industry going into these Regulators or maybe even become lawmakers, and, and that, and I'm pushing it from, from within. So, you know, you asked me what I'm concerned about him cuz I'm about to many
many things. Many many possibilities that can really do us a lot of damage, but I'm also very hopeful seeing those bright spots. Right now, those moments are we have a and Advocate the true Advocate, the truth Champion inside pushing did the system into the right direction, and I'm very happy to see that and I I want to see more of that. Yeah, no, I definitely I cook that on the remaining side. I mean I mentioned it earlier but I really need to reinforce it is, you know, the terrorists that have been in place on
equipment that's coming out of Asia, has been a huge impediment to the growth of the North American digital mining seen. You know, I would certainly implore the folks in Washington to take a look at that because that really is your causing a lot of supply chain constraints throughout the entire manufacturing sector is literally having to retool away from specific geographies so that they can. You build up capacity for manufacturing for these needed Hardware components for digital lighting. That being said, there's, there's a ton of capital at play here. So for
the US to really know, instigate Innovation and growth within the sector incentivisation would be, would be fantastic. And we Tsmc building a factory, a new Fab Foundry in Arizona currently actually it's a multibillion-dollar facility and we can see more of that are more government grants for being able to come up with the next Innovation on the Asic or algorithmic processing side. I mean, use it all. Make a huge head way for the US to maintain its leadership in technology, and especially Financial technology
because that's where a lot of digital assets are finding themselves to be put under the umbrella of, right? Rite Aid points out an interesting part of the US regulatory framework from federal perspective. We have a fragmented regulatory environment where you have many different Regulators have jurisdiction of many different areas of the industry's so incredibly entire dedication. Industry in this space because it has many other countries where they have a simplified regulatory agency that
I think that is one reason why the US had a house that has fallen behind in this one thing that just worked against us, but I think we have plenty of time to catch up with so many people are receiving their very first Bitcoin this week kind of something that I need for me, being able to actually see how the technology works a lot from that. So I wanted to ask guy and try what was your first Bitcoin moment? Where were you? What did you learn from that was that part of your journey of being where you are today? So I have a very vivid memory
not. It wasn't my first experience with Bitcoin because I had prior experience with which one, but I had dinner and I told I told Benny that when did the founder of Civic and we have dinner at the Los Angeles, I think it was 2010 or 2011 and was already a successful entrepreneur and we stop, we had dinner at The Venture Capital posted in a dinner in front of me and put two 3 hours. He tried to convince me to put $10,000 into into Bitcoin. And all I have to do is just go downstairs to get p.m. to take out
some cash and give it to Vinnie and, you know, and that was it. And I went back home, I downloaded a wallet and and, you know, I did the whole thing but didn't didn't follow through with the right time, so I'll always remember that that's dinner with that, turned out to be done if you know Krypton for Panora today and that that is my kind of crypto moment and I hope I hope sometime in the future as valuable of a tape and then I'm going to act on it for sure. At the same time at the right moment, my
first exposure to BTC, many years ago actually. I was pretty interested in astronomy. Astrology and I was looking at the the study cloud computing initiative. Where you can essentially allow your computer to be part of searching for et and threw some of the quarters of the internet. I found BGC and really really got interested. But as you do when you're ill younger, I got distracted and completely forgot about it and tell grad school or a good buddy of mine in finance, he told me about this crazy thing called BTC that he's been loading up on and you know he's applying some of
his student loans against and sure to have ten years, ten years goes by and hear the value. Definitely changed quite a bit and I was very surprised and when I had the last couple thousand of my ass student loans, he's like you should have you should buy some I definitely said no but I regret that everyday. Call eye guys, Ross. Thanks so much for sharing personal stories and thanks for joining me today and thank you for your support with you. It's been a really exciting week for those who want to learn more about this project, you can go to crypto for Congress, or
you can follow us on Twitter. I might control chamber and trust and Guy. What's the best way to follow you guys like to use Twitter, download detour, a detour and with me just, you know, just say, my find me on the core scientific table, or on LinkedIn or Twitter. Super easy to find me as well. Thank you for the invitation. Thanks guys.
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