. >> thank you, chairman crapo, for holding this hearing. thanks to the two witnesses. mr. valkenburgh, welcome. today falls just shy of the tenth anniversary of block chain and bitcoin being introduced to the world, october 31, twai2008. you can't blame some americans for hoping that an alternative banking system would be created that would be superior to the one in shambles at that time. bitcoin and other cryptocurrencies like it promised to make payments faster and easier and cheaper and to eliminate a reliance on risky financial institutions whose failures harmed workers and families and all of our communities. the last ten years, unfortunately, has shown that misconduct, fraudulent investment schemes, and cyber security threats are not unique to the traditional financial system. when a cryptocurrency goes bust or reportedly supervised exchange fails, it's often hardworking americans left holding the bag. we want to see innovations in the financial system, innovations that help americans keep more of their money by avoiding fees or that make it easier to borrow for a sm

crapo. i look forward to answering your questions. >> well, thank you very much, mr. miller. and we also welcome your family members who are here and/or watching, and the cat. is it watching? >> probably not, sir. >> judge bade, i'll start out with you. i just have a couple questions. an issue that has come up recently in a number of different contexts is a u.s. district court judge issuing a nationwide injunction. could you describe a circumstance or when you think it would be appropriate for a district court judge to issue a nationwide injunction? >> senator, rule 65 is silent as to the scope of an injunction and whether it could be applied nationwide, and i do not believe the supreme court has yet spoken on that issue. i understand the competing views with respect to the issuance of such an injunction to have uniformity of the law on one hand, on the other hand to have the ability for matters to percolate through the courts and reach more recent decision when perhaps a conflict is presented to the supreme court. i believe that issue is in pending litigation or very likely

mr. crapo: thank you, mr. president. the presiding officer: the senate in a quorum call. mr. crapo: i ask that the quorum call be vitiated. the presiding officer: without objection. mr. crapo: i rise to speak in support of the nomination of kathy kraninger to be the director of consumer financial protection. ms. kraninger has had a distinguished career in public service with exposure to a diverse set of federal agencies and brings significant leadership experience at federal agencies and on capitol hill. she has served as associate director at the office of management and budget since march of 2017. in that capacity, she oversees nearly $250 billion in budgetary resources for seven cabinet departments and 30 other federal agencies, including the bureau. in addition, she serves as o.m.b.'s principal policy official for issues related to the treasury department, the department of housing and urban affairs and federal financial regulators. prior to her time at o.m.b., she should in leadership posi