Everything Rostin Behnam said on any show that made the record, most notable first. Each card names its show and opens the statement there.
CFTC was the first real government regulator to touch crypto assets
“We were the first Real regulator to be from a government perspective to touch crypto assets. And there were two reasons. A few years earlier, it had been determined by the agency that Bitcoin is a commodity.”
Assets not clearly defined as securities default to CFTC commodity oversight
“If you look up the definition of commodity in the Coney Exchange Act, there's pretty much everything. Like if it's not a security, it's a commodity. So it naturally sort of fell to us because it wasn't clearly defined as a security.”
US regulations will apply to anything acting as a store of value
“If you're going to do business in the US, you have to understand that we are going to have a regulatory regime that functions and that applies to anything that constitutes or acts like a currency or a store of value.”
Unregulated, dark financial models will not be permitted in the US
“If folks want to completely live in the dark and be away from a regulatory regime or a centralized financial institution, I just don't think that functions in the US. It's just not going to.”
Compounding weather shocks could eventually escalate into national financial market risks
“Is it fair to say that climate change currently is going to cause financial stability or a financial crisis? No, not at the time. But if we have to think about climate change going forward for decades, and when you have these micro shocks across the country, w…”
CFTC climate committee unanimously recommended requiring mandatory corporate climate risk disclosures
“What the recommendation was in the space of disclosures was that with some caveats, not, you know, everyone agreed that need to rethink disclosures, and I think the consensus unanimous decision was the current standard is it's like guidance around climate risk…”
Incoming Biden SEC chair will prioritize mandatory corporate climate disclosures
“So my suspicion is whoever is nominated or potentially in the queue for a SEC chairmanship, this will be a priority for the administration.”
Climate risk is non-linear and requires prescriptive corporate disclosure standards
“Climate risk is very unique as compared to traditional financial market risk. It's not linear in the sense that it's predictable, and then you can rely on past quarters or past performance to predict future outcomes. It is a lot of unknowns, and we need to be …”
Climate stress testing requires international regulatory consistency over domestic US metrics
“Although we have different particular metrics with which we stress test institutions for traditional financial stress in the U.S., Those would be relevant, but the more important thing would be to make sure that we coordinate and do it on a consistent basis in…”
Top recommendation of the CFTC climate committee was pricing carbon
“Number one recommendation was carbon price.”
Multiple major oil and gas companies have endorsed carbon pricing
“The Baker Schultz model has a number of oil and gas companies, a number of large corporations have committed to, or at least advocated for a carbon price”
CFTC derivatives markets historically evolved to mitigate agricultural climate risks
“Historically, we are a market that helps mitigate, in many respects, climate risk. It's certainly commercial risk for a farmer or rancher to be able to know that someone's going to be able to buy their harvest at the end of the season, but ultimately, if you'r…”
Tech giant antitrust scrutiny parallels late 19th-century Standard Oil trust-busting
“You had the government agencies in the states suing Facebook, you have these challenges and these emerging powers in Amazon, and you're seeing these comparisons to standard oil back in the late 19th century and how it evolved and the trust busters”
CFTC cannot have more than three commissioners from the same political party
“By law, we can't have more than three members of the commission of the same political party.”