ms. warren: mr. president. the presiding officer: the senator from massachusetts. ms. warren: i really do think about this transfer question, and i find myself asking who paid for jeff bezos' yacht? is it the taxpayers who said, now, we, america's middle class, america's working class, is actually going to have to pick up the slack, and they'll be the ones who have to pay to keep the military, they'll have to pay for roads and bridges, they're the ones who will pay for investment in science. but the billionaires can get richer and richer and richer, and pay little or nothing in taxes. that is a giant transfer. and yet, none of our republican colleagues seem interested in talking about that transfer and just putting a stop to the outflow from hard-working middle class families over to the billionaires and the giant corporations. i yield. mr. scott: mr. president. the presiding officer: the senator from florida. mr. scott: i think who paid for jeff bezos' yacht is the people who bought all the packages from amazon. if you get one made in china, i hope everybody will send

ms. warren i was about to ask you a question about the defi.i appreciate the discussion you and senator gillibrand had. that is something we are concerned about getting right. we appreciate that. miss parker, your testimony discusses the current regulatory framework that crypto currency exchange operates. speak about the state and federal regulators of coin base with a might be gaps relating to consumer protection measures and why is it -- and why it makes sense to provide cftc with exclusive regulation of digital commodities set forth in the bill. >> thank you, senator. that is a great question. there are many state and federal regulators that regulate coin base. one of our big challenges, respect to consumer protection, is that it falls to the state banking regulators under the money transmitting license to carry that mandate. it is not that we are unregulated, or there are gaps in the regulation. it is not consistent across state. i would point to our disclosure environments. each state has a own set of disclosure environment for consumers,

ms. warren. welce. >> thank you. chairman stabenow and ranking members of the committee. thankou for the opportunity to testify today on both the tremendous benefits and opportunities with the adoption of digital asset of the united states. i'm grateful for the engagement and leadership shown by so many on this committee. there's a pressing need for regulatory clarity and create jobs and improve financial inclusions and enhance privacy and security. over the past two decades, my time as an attorney, entrepreneur, product builder and ngo executive has focused on intersection of technology, law, diversity inclusion, civil rights and web three. the frame work is crucial and the dcc pa is a pivotal step in achieving the clarity and oversight greatly needed and i applaud this community for the focus.san work on this the remittances with high seas of 6% according to the world bank by contrast, crypto service priders can process remittance payments by 1 to 3% and significant cost savings to consumers and are crypto is unprecedented opportunity to increase financial equity. a fed

ms. elizabeth warren of massachusetts. listen to elizabeth warren's version of the martha's vineyard story. >> do you think martha's vineyard is getting a bad rap right now? >> martha's vineyard? >> yeah. >> no. i think they -- the people of martha's vineyard opened their hearts and were helpful. >> uh-huh. >> to the migrants who were deceived and dropped there in a privately-chartered jet, and treated like a prop for a governor who's just trying to make news. >> tucker: well, if nothing else, it's interesting to see history, history that we've watched unfold, a story in which the facts, not at all in dispute, get rewritten in real time -- and you wonder how many other stories have been rewritten, but we can see this one being written -- rewritten. in elizabeth warren's telling, actually the people of martha's vineyard are the heroes and ron desantis is the villain because he deceived them. now, we just heard -- and again it's factually not in dispute -- that island residents deceived their venezuelan siblings, telling the

ms. fraser, mister moynahan and the senate banking committee, senator warren asked you all i believe essentially to acknowledge that you are using new tools and services to gallic, gauge climate risk to your portfolios. i want to focus on you mister sharp because you have a large interest in mortgage but in the two years since our you changing your lending, your diligence standards for properties exposed to climate risk. wildfires, forest fires. you've had two years to get those rests, have you changed your standards? >> it's something we talk a lot about and we've always factored some of those risks into the properties we finance. so it continues to be something that we talk about . whether or not we've specifically changed the magnitude of that, that i can't answer right now. >> i don't mean it is a critical question. there's been data suggesting there is a disproportionate flow of those mortgages to danny and freddie and those high risk areas and if you don't know off the top of your head we can follow-up off-line but there's been recording on that and i'd like to see the data because it's ob