kristin smith of the blockchain association our guest. our first call comes from georgia, on the line for the democrats, you are on with our guest. caller: thank you for taking my message. my question is -- guest: there is no fdic insurance today for cryptocurrency holdings. host: what factors go into the gain or loss of a currency? guest: in terms of price movements? there are a lot of factors, just like with the stock markets or other assets. you have macroeconomic factors. you can have factors with how the network is operating. sometimes there are larger investors that make different movements that have ripple effects. for better or worse, sometimes a cryptocurrency depends on what elon musk says. that moves markets. the markets are very complex. there are regulatory factors that move markets as well. this is not something that an investor should just jump into without doing their homework. there is a lot of thought and time that i recommend be devoted before investing in this space. host: from new york, this is frank. independent line

kristin smith of the blockchain association our guest.irst call comes from georgia, on the line for the democrats, you are on with our guest. caller: thank you for taking my message. my question is -- guest: there is no fdic insurance today for cryptocurrency holdings. host: what factors go into the gain or loss of a currency? guest: in terms of price movements? there are a lot of factors, just like with the stock markets or other assets. you have macroeconomic factors. you can have factors with how the network is operating. sometimes there are larger investors that make different movements that have ripple effects. for better or worse, sometimes a cryptocurrency depends on what elon musk says. that moves markets. the markets are very complex. there are regulatory factors that move markets as well. this is not something that an investor should just jump into without doing their homework. there is a lot of thought and time that i recommend be devoted before investing in this space. host: from new york, this is frank. independent line. call

host: block chainassociation.org the website for the blockchain association. kristin smith their executive director. coming up, reid wilson from the hill will not only talk about what the numbers mean coming out yesterday but the potential impacts on redistricting. reid wilson of the hill joining us next. ♪ >> weekends on c-span to bring you the best in american history and nonfiction books. saturday on american history tv, at 2:00 p.m. eastern, on the presidency, a discussion on the results of c-span's fourth historian survey of presidential leadership with richard norton smith, edna greene medford, and others. the survey ranks presidents from best to worst in can dip -- in 10 different categories. in lectures in history, women journalists face societal pressures to balance traditional femininity and having a career in journalism. professor tracy lu talks about the challenges these pioneering women overcame. >> book tv features leading authors is cussing their latest nonfiction books. sunday, at 8:00 a.m. eastern, hear from those attending freedom fest in sou

kristin smith of the blockchain association our guest.irst call comes from georgia, on the line for the democrats, you are on with our guest. caller: thank you for taking my message. my question is -- guest: there is no fdic insurance today for cryptocurrency holdings. host: what factors go into the gain or loss of a currency? guest: in terms of price movements? there are a lot of factors, just like with the stock markets or other assets. you have macroeconomic factors. you can have factors with how the network is operating. sometimes there are larger investors that make different movements that have ripple effects. for better or worse, sometimes a cryptocurrency depends on what elon musk says. that moves markets. the markets are very complex. there are regulatory factors that move markets as well. this is not something that an investor should just jump into without doing their homework. there is a lot of thought and time that i recommend be devoted before investing in this space. host: from new york, this is frank. independent line. call

great story today that quoted the blockchain association executive director, who basically talked abouthey have known for our that they are under resourced and understaffed. how the budget of the advocacy group is only 1% of what the bankers association spends. the crypto industry has woken up to the fact that they need to invest in washington. let's get to jodi schneider, bloomberg political news director. you know washington better than anybody here. if you if you want regulations written in your favor, you have to be present. they certainly were not present. jodi: they are getting kudos for their public outreach, but you have to have an extensive and expensive lobbying organization in washington especially when dealing with regulation and with the u.s. senate. as we saw, they thought they had this amendment, they had bipartisan support on it. we had the democratic side, mark warner. it looked like this thing was adopted and then at the last minute, richard shelby decides he doesn't want to give unanimous consent for the legislation to move forward because he doesn't think there is en

katie: i have spent a lot of time talking to christian smith of the blockchain association. i have talked to asset managers and others. romaine: so they have all centralized? caroline: that is the irony of the whole situation, you have to centralize to support the decentralized. katie: it is really broad strokes, the whole industry, the asset managers, traders too, it is amazing how much attention this is getting. caroline: katie keeps us across the board in terms of who she is speaking to. coming up, we will be talking more broadly, back to the world of invesco, where he will be talking about elements of the original 3.5 trillion human capital infrastructure package. this is bloomberg. ♪ ♪ >> i know that we are going to get this bill done in the next 24 hours or so and it is going to make a real difference for people in my home state who are looking at roads in deep need of repair, bridges past their useful life, and families literally sitting in mcdonald's parking lots trying to get connected to broadband because they don't have it at home. caroline: senator tina smith spe

host: kristin smith, our guest with blockchain association coming here to talk about cryptocurrencies and related issues. if you want to ask a question, (202) 748-8001 for republicans. democrats (202) 748-8000. independents (202) 748-8002. perhaps you own cryptocurrency and want to talk about your experience, (202) 748-8003. i want to play a little bit from senator ted cruz of texas, one of the people that went to the floor of the senate and talked about this idea of regulation of crypto and admonishing other senators. [video clip] >> let's exercise a brief shining moment of common sense and less recognize that if we have gathered all 100 senators in this chamber and have them articulate two sentences defining what a cryptocurrency is that you would not get greater than five who could answer that question. given that reality, the barest exercise of prudence would say we should not regulate something we do not understand. we should take the time to understand it. we should consider the consequences. we should not destroy people's lives and livelihoods from complete endurance. my amendm

we all need to donate more to the blockchain association, first.econd, the industry is talking about how to set up a super pac or come together and financed the politicians that are on our side, educating those who aren't , and i think you will see the crypto industry become a massive lobbying force, not just the companies, but the currency holders, and americans broadly see this as a national economic problem, that we need to keep this industry onshore. emily: why do you think innovation will be stifled? what will not happen as a result? jesse: the bill says every time you tip up, stuck, you have to get a 1099, so name, address, proof of identity, social security number in order to give them that tip. it is the same for the blockchain, anyone in the chain of transaction, software developer, node operator, bitcoin miner, anyone must collect tax information, and identity information, and report to the irs, which is nonsensical and understands the technology and is not even possible and makes colonels out of everyone and kills the industry and kills

the industry is up in arms the blockchain association said leaching out software develop certifies anti-technologyor the crypt off ecoin my loh system and senator widen is not backing down right now, the senate is an impasse, one of the reasons the vote on infrastructure is getting dragged out all the way until tomorrow, guys, as negotiations continue behind the scenes back to you. >> really quick, ylan, the cbo reports the house freedom caucus, mcconnell on the debt limit, how much is being -- is the bill being set back by some of the other cross-winds >> so there are concerns as well about the costs of the bill and how much is actually offset by the enhanced cryptocurrency reporting. that was another reason senators couldn't unanimously agree to finish the debate last night but they'll have to make a decision by this weekend, because they want to move on to that bigger $3 trillion spending package >> ylan mui on the hill. thank you. >>> next week. cpi and earnings from dash to disney let's get to "the half" >> all right, carl, appreciate it very much welcome to the "halftime report"" i'm scott w

but we are very bullish on digital assets and the prospect of blockchain technologies associated with obviously including cryptocurrencies. they think they have a role to play in the world. we are looking at that. we are looking at it from the point of view of direct exposure to the various types of cryptocurrencies. we are also looking at the climate change aspect of mining and the like, and also at the disruption that this could cause in other parts of the fintech world. so we are looking at all of that. it is too early to tell at this point what the right products will be. but we will be announcing something in the course. juliette: that was the msci chairman and ceo henry fernandez speaking exclusively with bloomberg earlier. the msci index is up 6% in the past. rishaad: 10 years let's see what is going on here, macau casinos are on an absolute tear, having the best day this year. it is on the testing procedures of travelers coming to the island. authorities there are starting --, those travelers who have not gone to foreign countries or come to hong kong or taiwan are required to

which is why crypto lobbyists are fighting back hard against this the blockchain association saying theto the budding crypto industry here in america and they say the language could result even in crypto miners and investors in crypto countries and exchanges getting affected they want this olympic village removed along with some of the other reporting requirements crypto exchanges argue, they say tax evasion is not that widespread so a crackdown wouldn't raise the expected revenue the irs chief saying in april that cryptocurrencies are one reason that uncollected taxes in america now total up to $1 trillion a year david. >> that's all taxes, right, robert that's not just involving the potential for revenue here >> that's right. yeah, that's the entire tax gap. but he says crypto is a big contributor to that. we just don't know how much crypto taxes go uncollected. a lot of crypto holders don't realize that when you purchase something with crypto, you have to pay the capital gains tax on the appreciation of the crypto that you use so some of it may be deliberate evasion. some may just be

securities laws, commodities laws and pieces it together in a way that makes sense for crypto blockchain association strong markets built with integrity, good investor and consumer protection. we care deeply about these things we have met with the chairman and are in the process of compiling ideas for him and working very hard with our memb membership we think if we have the right kind of regulation, that's going to be best for the long term and the marketplace here in the united states. we think there's a way to get it right. and we're very excited that, you know, chairman genzler is open to engaging with us and having a dialogue. >> kristen, one of the issues is that you could -- the way we regulate a lot of securities in the united states -- there's two issues there's the security, if you get to the etf part but then there's the actual crypto currencies themselves i think wanting to take on the securities piece of it until the underlying issues are resolved, i get that when you're living in a world where you have a private wallet different than using coin base or something else, does that make th

the blockchain association saying these rules pose, quote, an imminent threat to the budding crypto industry saying it is one reason uncollected taxes now total up to $1 trillion a year, joe. >> wondering what it looks like in terms of how you would round things up. if your wallet is on coin base or something like that, it seems like you're going to need regulation or need some -- at least some guidelines for what these exchanges do look how well coinbase did on the ipo. they got plenty of money they have to start making it easy for everyone doing business there. they don't generate any information at this point for year-end taxes, robert do they do that yet? >> some of the exchanges, coinbase for instance, say that they provide information to the irs. it's largely voluntary it's unclear whether it's completed. the other issue, apparently crypto holders move their crypto from one exchange to the other quite often so you might buy it on coinbase but then switch it to binance and binance doesn't have a record of what your cost base was this is taxed at a capital gains. so you need to know what