Video

Data

Text duration start ents sentiment
i will call up the two resolutions 5.319 Jump to 241.28
    CARDINAL two
i now recognize myself for five minutes 6.24 Jump to 284.88
    TIME five minutes
stablecoin in 2019 i asked facebook to 6.88 Jump to 341.84
    DATE 2019
first of its kind hearing with the panel 6.0 Jump to 410.56
    ORDINAL first
carolina mr mchenry for five minutes 4.56 Jump to 614.64
    TIME five minutes
one of which emphasized the potential 4.72 Jump to 696.72
    CARDINAL one
there's zero risk but washington's 4.56 Jump to 775.2
    CARDINAL zero
the record you will have five minutes to 4.88 Jump to 990.16
    TIME five minutes
now recognized for five minutes to 6.399 Jump to 1002.88
    TIME five minutes
in response to the 1987 stock market 5.679 Jump to 1044.24
    DATE 1987
5 billion 5.32 Jump to 1099.44
    CARDINAL 5 billion
at the start of 2020 to approximately 6.041 Jump to 1100.799
    DATE the start of 2020
175 billion 3.64 Jump to 1104.76
    MONEY 175 billion
the pwg report focused on three 5.84 Jump to 1132.64
    CARDINAL three
first run risk a scenario in which loss 5.76 Jump to 1141.44
    ORDINAL first
second payment risk including 5.04 Jump to 1154.16
    ORDINAL second
and third concerns related to 5.279 Jump to 1164.64
    ORDINAL third
i now recognize myself for five minutes 4.56 Jump to 1380.88
    TIME five minutes
2019 when facebook formed libra 6.48 Jump to 1412.0
    DATE 2019
um i would answer that in two parts i 3.92 Jump to 1480.72
    CARDINAL two
think first 3.359 Jump to 1483.44
    ORDINAL first
the first question is should technology 3.84 Jump to 1484.64
    ORDINAL first
second 3.36 Jump to 1526.24
    ORDINAL second
from 30 billion late last year to over 5.44 Jump to 1590.4
    MONEY 30 billion
    DATE late last year
170 billion today however 5.4 Jump to 1593.0
    CARDINAL 170 billion
    DATE today
overly relying on one-to-one ratio does 6.0 Jump to 1598.4
when money market buzz crashed in 2008 5.839 Jump to 1606.96
    DATE 2008
we identified three risks one is the run 4.48 Jump to 1664.64
    CARDINAL three
one sure depository institution 7.6 Jump to 1732.88
    CARDINAL one
recognized for five minutes well thank 4.08 Jump to 1756.88
    TIME five minutes
you chair one waters and uh under 3.76 Jump to 1759.039
um you know something a hundred years in 4.561 Jump to 1828.799
    DATE a hundred years
get ahead but one area that i think this 4.719 Jump to 1861.2
    CARDINAL one
given one solution 3.12 Jump to 1968.159
    CARDINAL one
is now recognized for five minutes 6.959 Jump to 2194.4
    TIME five minutes
that revealed that starting in 2017 7.68 Jump to 2212.96
    DATE 2017
extremely pertinent to the first risk 5.68 Jump to 2270.96
    ORDINAL first
money transmitter licenses in 49 states 7.361 Jump to 2362.079
    CARDINAL 49
residents to pay zero tax on capital 6.96 Jump to 2423.119
    CARDINAL zero
mrs wagner is now recognized for five 5.601 Jump to 2494.079
    CARDINAL five
i'm going to highlight all four of them 5.2 Jump to 2525.44
    CARDINAL all four
one a comprehensive governance framework 4.72 Jump to 2527.44
    CARDINAL one
two 3.599 Jump to 2535.52
    CARDINAL two
three 3.439 Jump to 2545.68
    CARDINAL three
one of the critical issues which is the 3.841 Jump to 2569.119
    CARDINAL one
now recognized for five minutes 4.641 Jump to 2838.079
    TIME five minutes
seller has to pay a two or three percent 6.16 Jump to 2920.8
    PERCENT two or three percent
fee or a debit card might cost 50 cents 6.96 Jump to 2922.72
    MONEY 50 cents
get them to drive me to the one burger 4.56 Jump to 2949.2
    CARDINAL one
cryptocurrency you have a joining of two 3.92 Jump to 2972.8
    CARDINAL two
lukemire is now recognized for five 5.041 Jump to 3185.359
    CARDINAL five
uh in 2019 the average daily turnover 4.48 Jump to 3195.839
    DATE 2019
constitute 88 percent of the foreign 5.04 Jump to 3200.319
    PERCENT 88 percent
a run on one at this point 4.719 Jump to 3468.4
very rapidly at times there could be 50 5.2 Jump to 3480.48
    CARDINAL 50
different 60 you know different stable 6.081 Jump to 3483.359
    CARDINAL 60
um i believe there's been maybe one or 4.8 Jump to 3492.799
    CARDINAL one
two but these have not been large 5.6 Jump to 3495.04
    CARDINAL two
for five minutes 5.12 Jump to 3513.04
    TIME five minutes
thank you um first of all both chair 5.2 Jump to 3514.72
    ORDINAL first
one with clear and effective consumer 7.68 Jump to 3677.76
one is to 5.119 Jump to 3797.2
    CARDINAL one
is now recognized for five minutes uh 5.2 Jump to 3863.359
    TIME five minutes
way that is one of the concerns that 3.919 Jump to 3919.2
i've got i've got one minute left um 5.44 Jump to 4118.08
    TIME one minute
recognized for five minutes 4.399 Jump to 4224.32
    TIME five minutes
this is not one of the staple coins but 4.64 Jump to 4254.32
and uh one of the things that i've 4.241 Jump to 4267.199
noticed is how it has fluctuated at one 5.04 Jump to 4268.96
    CARDINAL one
80 billion dollars and now it's down to 5.44 Jump to 4276.0
    MONEY 80 billion dollars
around 20 billion dollars 5.28 Jump to 4279.12
    MONEY 20 billion dollars
so i believe um first i would say 6.88 Jump to 4308.64
    ORDINAL first
now recognized for five minutes 3.759 Jump to 4532.48
    TIME five minutes
you mentioned every every one of these 4.0 Jump to 4617.76
there may well be 50 or 60 different 5.921 Jump to 4648.719
    CARDINAL 50 or
so one would need to beat you 3.84 Jump to 4684.96
absolutely second 3.6 Jump to 4688.8
    ORDINAL second
second question under secretary 4.24 Jump to 4690.64
    ORDINAL second
coins aspire to one day to be used 4.24 Jump to 4752.08
    DATE one day
you know 40 50 market participants um 5.92 Jump to 4788.96
    CARDINAL 40 50
and one 3.36 Jump to 4792.96
    CARDINAL one
one 4.48 Jump to 4794.88
    CARDINAL one
recognized for five minutes 3.361 Jump to 4848.159
    TIME five minutes
mr posey is now recognized for five 4.4 Jump to 5192.96
    CARDINAL five
secretary lang one of the reasons for a 4.48 Jump to 5201.04
    CARDINAL one
that is in fact one of the reasons for 4.48 Jump to 5323.44
our first risk that we identified the 4.641 Jump to 5325.679
    ORDINAL first
one framework of idi there's a range of 6.4 Jump to 5448.96
    CARDINAL one
recognized for five minutes 5.281 Jump to 5530.239
    TIME five minutes
the the first part of the spectrum would 3.44 Jump to 5571.92
    ORDINAL first
but then say 10 000 people buy it 6.8 Jump to 5586.32
    CARDINAL 10
move farther ahead and a million people 5.52 Jump to 5599.92
of exchange that a million people are 2.801 Jump to 5674.159
    CARDINAL million
is not recognized for five minutes 4.799 Jump to 5826.88
    TIME five minutes
number one under secretary do you agree 3.92 Jump to 5860.239
    CARDINAL number one
look like but one could imagine 4.64 Jump to 5942.4
one could imagine a cbdc that supplants 6.079 Jump to 5947.04
the digital dollar well what one one 3.84 Jump to 5969.04
    CARDINAL one
coins and one of the key recommendations 4.48 Jump to 5998.48
    CARDINAL one
the um the first risk that we identified 5.28 Jump to 6111.28
    ORDINAL first
in the report was run risk the second 6.239 Jump to 6114.0
    ORDINAL second
policy is now recognized for five 3.601 Jump to 6150.239
    CARDINAL five
110 years ago when we were presented 3.04 Jump to 6178.0
    DATE 110 years ago
imagined that 35 000 americans would die 4.0 Jump to 6183.44
    CARDINAL 35 000
bought gamestop in february at 350 4.56 Jump to 6222.96
    DATE february
    CARDINAL 350
two-thirds of her money uh today and we 4.48 Jump to 6227.52
    CARDINAL two-thirds
refugee of 2009 2010. 4.401 Jump to 6403.199
    DATE 2009 2010
so i think you have identified one of 4.641 Jump to 6415.679
category that's another thing that one 6.96 Jump to 6478.32
recognized for five minutes 4.481 Jump to 6499.119
    TIME five minutes
first place and leave behind the 4.239 Jump to 6553.44
    ORDINAL first
is a um is one path forward 6.56 Jump to 6784.32
affairs is now recognized for five 5.039 Jump to 6808.56
    CARDINAL five
now recognized for five minutes 4.081 Jump to 7164.719
    TIME five minutes
150 billion or 170 billion 6.641 Jump to 7444.239
    MONEY 170 billion
when you think about we have 5 trillion 5.04 Jump to 7448.0
    CARDINAL 5 trillion
we have almost 5 trillion in money 4.4 Jump to 7453.04
    MONEY almost 5 trillion
is now recognized for five minutes 6.159 Jump to 7494.96
    TIME five minutes
one area 5.84 Jump to 7621.44
    CARDINAL one
one 5.199 Jump to 7650.0
    CARDINAL one
thank you i think this is one of the 3.199 Jump to 7761.52
recognized for five minutes 4.48 Jump to 7776.8
    TIME five minutes
five percent of the digital asset 4.32 Jump to 7797.44
    PERCENT five percent
more than 75 percent of trading in the 5.761 Jump to 7807.119
    PERCENT more than 75 percent
inclusion is now recognized for five 4.161 Jump to 8085.599
    CARDINAL five
disclosure at one time i probably 4.321 Jump to 8107.679
about 30 billion dollars of its holdings 6.48 Jump to 8165.52
    MONEY about 30 billion dollars
them the seventh largest holder of such 5.04 Jump to 8172.0
    ORDINAL seventh
we saw that in 2008 and we saw that in 6.721 Jump to 8248.479
    DATE 2008
2020. so transparency itself is 6.48 Jump to 8251.28
    DATE 2020
one issue in the broader digital asset 5.441 Jump to 8292.719
    CARDINAL one
applied to the top one or two percent 5.6 Jump to 8324.719
    PERCENT one or two percent
milk is now recognized for five minutes 4.96 Jump to 8409.12
    TIME five minutes
and one thing i've seen over my years on 4.24 Jump to 8417.04
    CARDINAL one
and i'm not one to run out and just uh 5.04 Jump to 8428.16
that these two bicycle mechanics the 4.48 Jump to 8451.6
    CARDINAL two
they're disappointed to how one-sided 4.48 Jump to 8487.04
    CARDINAL one
fact the report mentions risk 131 times 5.6 Jump to 8500.0
    CARDINAL 131
but only mentions benefits two times 4.8 Jump to 8502.96
    CARDINAL two
to where that uh you know one state may 4.8 Jump to 8618.72
have one regulation another regulation 4.88 Jump to 8621.439
    CARDINAL one
as the one mentioned they're at the 4.08 Jump to 8647.68
    CARDINAL one
important to avoid one-size-fits-all 4.4 Jump to 8681.2
    CARDINAL one
now recognized for five minutes 4.64 Jump to 8728.16
    TIME five minutes
think like a 63 the national bank act to 4.8 Jump to 8851.84
    CARDINAL 63
the um it's page two of our report 5.84 Jump to 8885.92
    CARDINAL two
one of the risks that we focused on was 5.36 Jump to 8929.2
    CARDINAL one
very quickly one could imagine that 5.681 Jump to 8941.439
think congress should consider one 5.92 Jump to 8959.439
the proposal in the pwg report one 6.321 Jump to 8962.399
    CARDINAL one
potential for one system that then also 4.56 Jump to 8978.08
    CARDINAL one
so that is the third prudential risk 5.36 Jump to 8994.64
    ORDINAL third
mooney is now recognized for five 4.08 Jump to 9068.399
    CARDINAL five
so i think um first 5.92 Jump to 9140.16
    ORDINAL first
coins does not get in the way of one of 4.16 Jump to 9205.92
    CARDINAL one
all right in my last 30 seconds let me 2.561 Jump to 9339.359
    TIME last 30 seconds
is now recognized for five minutes 4.401 Jump to 9382.399
    TIME five minutes
resulted in 14 billion in losses in 2021 3.759 Jump to 9517.68
    CARDINAL 14 billion
    DATE 2021
payments being offered 24 7 4.24 Jump to 9648.88
    CARDINAL 24 7
break for five minutes 3.72 Jump to 9699.84
    TIME five minutes
now recognized for five minutes 5.04 Jump to 10071.68
    TIME five minutes
in fact footnote 2 of the report 4.241 Jump to 10111.439
    CARDINAL 2
since 2015. we're seven years late 6.24 Jump to 10183.52
    DATE 2015
    DATE seven years
york law as just one example to be 3.201 Jump to 10201.359
    CARDINAL one
dollars and treasuries another one would 4.721 Jump to 10314.319
notes uh you know one of the first ones 5.12 Jump to 10319.04
    ORDINAL first
is now recognized for five minutes uh 5.039 Jump to 10430.24
    TIME five minutes
that white's only 11 percent of the only 5.6 Jump to 10460.56
    PERCENT only 11 percent
11 percent on 11 percent of the white 7.279 Jump to 10463.12
    PERCENT 11 percent
    PERCENT 11 percent
uh american report owning cryptos 23 of 6.64 Jump to 10466.16
    NORP american
    CARDINAL 23
uh black america and 17 percent of 5.441 Jump to 10470.399
    PERCENT 17 percent
assets just within the last month or two 5.6 Jump to 10528.96
    DATE the last month
    CARDINAL two
system requires four things lower fees 5.521 Jump to 10599.439
    CARDINAL four
offer 24 7 is um 5.681 Jump to 10669.439
    DATE 24 7
is now recognized for five minutes 5.439 Jump to 10712.0
    TIME five minutes
so second question in his uh 3.52 Jump to 10811.2
    ORDINAL second
five minutes 3.76 Jump to 10917.76
    TIME five minutes
that 100 of stable coin reserves should 3.68 Jump to 10923.92
    CARDINAL 100
hearing in december of 2021 5.04 Jump to 11004.64
    DATE 2021
but was unlikely to receive one 4.88 Jump to 11014.72
    CARDINAL one
dollar on a one-to-one basis and whose 4.4 Jump to 11075.84
    CARDINAL one
a dollar on a one-to-one basis 4.239 Jump to 11080.24
    CARDINAL one
that are 100 cash or cash equivalent 4.399 Jump to 11191.04
    CARDINAL 100
since tether has become one of the 3.2 Jump to 11193.84
what unintended effects could a 100 cash 4.161 Jump to 11198.479
    CARDINAL 100
for five minutes 3.76 Jump to 11252.88
    TIME five minutes
sitting now for almost three hours i 4.479 Jump to 11263.92
    TIME almost three hours
if you were talking to any one of our 5.679 Jump to 11292.64
one of those groups 3.2 Jump to 11304.0
    CARDINAL one
24 7 4.48 Jump to 11330.56
    CARDINAL 24 7
digital one 5.361 Jump to 11480.239
use the ecny or the other two products 6.16 Jump to 11523.68
    CARDINAL two
introduce one here 3.359 Jump to 11560.0
technology is now recognized for five 4.0 Jump to 11592.479
    CARDINAL five
where they've got two billion daily 4.96 Jump to 11654.16
    MONEY two billion daily
think the that is exactly one of the 4.081 Jump to 11698.479
20 something questions around which just 5.12 Jump to 11880.8
    CARDINAL 20
recognized for five minutes 4.08 Jump to 11913.92
    TIME five minutes
sure not just high quality right 30-year 3.76 Jump to 12064.0
    DATE 30-year
at least in march 2020. 4.32 Jump to 12089.68
    DATE march 2020
yeah in my 20 seconds i just want to 3.281 Jump to 12198.319
    TIME 20 seconds
now recognized for five minutes 4.719 Jump to 12235.52
    TIME five minutes
currency as one question is as a 3.52 Jump to 12279.68
    CARDINAL one
separate one i mean calorie shells can 4.159 Jump to 12281.2
got one it's the dollar 3.84 Jump to 12298.479
is 20 of the economy roughly and b 4.88 Jump to 12306.96
    CARDINAL 20
these three big values number one and 3.84 Jump to 12416.399
    CARDINAL three
    CARDINAL one
remittances number two and clearing time 4.64 Jump to 12417.92
    CARDINAL number two
and uh and number three and lower fees 4.641 Jump to 12420.239
    CARDINAL number three
i think one um this the backing of a 5.2 Jump to 12505.84
mr gonzalez is now recognized for five 4.16 Jump to 12582.88
    CARDINAL five
i think privacy for one right and so 5.121 Jump to 12602.479
    CARDINAL one
and better um and so i think those two 5.12 Jump to 12627.52
    CARDINAL two
a hundred percent cash 3.359 Jump to 12792.88
    PERCENT a hundred percent
liquidity one would want 4.56 Jump to 12804.0
reasons one of which is the diversity 4.321 Jump to 12820.319
it gets around the two things that when 3.92 Jump to 12843.68
    CARDINAL two
on bank two minimum balance requirements 4.479 Jump to 12850.0
    CARDINAL two
uh one i'm sorry minimum balance 3.04 Jump to 12852.8
    CARDINAL one
requirements and two they don't trust 4.721 Jump to 12854.479
    CARDINAL two
adams is now recognized for five minutes 5.521 Jump to 12893.359
    TIME five minutes
now recognized for five minutes 5.439 Jump to 13092.8
    TIME five minutes
59 of all foreign exchange reserves are 4.719 Jump to 13189.76
    CARDINAL 59
currently the five dollar pegged stable 4.241 Jump to 13194.479
    MONEY five dollar
represent 94 of the market 4.639 Jump to 13198.72
    CARDINAL 94
march of 2020 and may of 2021. the paper 5.92 Jump to 13300.479
    DATE 2020
    DATE 2021
roughly 170 billion 6.16 Jump to 13324.96
    MONEY roughly 170 billion
i would guess is in the 4 trillion 4.881 Jump to 13361.199
    MONEY 4 trillion
the incidents in march of 2020 in may of 4.879 Jump to 13387.52
    DATE 2020
2021 those market events they tend to 5.36 Jump to 13389.76
    DATE 2021
is now recognized for five minutes thank 4.72 Jump to 13453.04
    TIME five minutes
the 170 billion market uh 5.12 Jump to 13477.52
    MONEY 170 billion
don't know if we're talking about 1 000 6.72 Jump to 13509.84
consumers or 2 000 investors 5.2 Jump to 13513.279
    CARDINAL 2 000
are i'm 77 latino district 5.201 Jump to 13720.319
    CARDINAL 77
mindful that that that 160 billion 6.559 Jump to 13737.76
    MONEY 160 billion
does not mean it's seven 170 billion 5.2 Jump to 13741.52
    MONEY seven 170 billion
is now recognized for five minutes 4.6 Jump to 13802.96
    TIME five minutes
is recognized for five minutes 4.0 Jump to 13819.359
    TIME five minutes
builds upon state laws yeah so one is um 6.72 Jump to 13975.12
at least 49 state 5.359 Jump to 13993.04
    CARDINAL at least 49
dean is now recognized for five minutes 6.24 Jump to 14127.199
    TIME five minutes
that which was triggered in 2008 3.92 Jump to 14154.479
    DATE 2008
seen in the two months since the hearing 4.399 Jump to 14160.08
    DATE the two months
to what we saw in the first 100 years of 4.561 Jump to 14169.199
    DATE the first 100 years
as we saw in 2007 2008 financial risk 5.84 Jump to 14324.8
    DATE 2007
timmons is now recognized for five 3.52 Jump to 14454.56
    CARDINAL five
thank you madam chairman um and first i 4.56 Jump to 14458.08
    ORDINAL first
i want to first touch on a subject many 2.96 Jump to 14466.479
    ORDINAL first
no one was recommending that 6.319 Jump to 14551.92
is now recognized for five minutes thank 4.401 Jump to 14755.439
    TIME five minutes
is now recognized for five minutes 3.839 Jump to 14833.52
    TIME five minutes
committee is now recognized for five 4.321 Jump to 14849.199
    CARDINAL five
i want to talk about three different 5.279 Jump to 14873.12
    CARDINAL about three
the first near-term bucket is prudential 6.319 Jump to 14881.04
    ORDINAL first
web 3 is is that it's disruptive in a 3.84 Jump to 15015.439
    CARDINAL 3
your answer to our second kind of big 3.599 Jump to 15030.64
    ORDINAL second
address this third bucket of risk which 2.799 Jump to 15162.56
    ORDINAL third
will have five legislative days within 4.721 Jump to 15255.279
    DATE five legislative days
objection all members will have five 6.0 Jump to 15275.12
    CARDINAL five