Bryan Daugherty on blockchain policy, Trump's latest move
On this episode of the CoinGeek Weekly Livestream, SmartLedger Solutions co-founder Bryan Daugherty joined Kurt Wuckert Jr. to discuss how things are going in Washington, what Trump administration changes mean for blockchain, and how the new rules could shape the industry going forward.
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Wuckert's latest article on CoinGeek: Bitcoin's Sons of Liberty
Wuckert opens the show by reminding everyone it's almost Independence Day in America. Yes, it's the weekend when the United States celebrates its hard-won independence from Britain, and there will be lots of BBQs, beers, and parties.
However, not many Americans know that the original revolutionary government only lasted until 1789 when there was a coup d'etat, Wuckert says. He invites us to check out his latest article on CoinGeek: Bitcoin's Sons of Liberty.
Wuckert's article describes how the original government was overthrown and draws parallels with how BTC has been co-opted by institutions. The original protocol (BSV), on the other hand, is true to censorship resistance and an open-source world that provides real utility for all.
Daugherty on the latest shenanigans in Washington DC
Wuckert begins the conversation with Daugherty by discussing the Big Beautiful Bill and how it will increase deficit spending. Daugherty agrees it's sad and says he feels for future generations who will have to pay it off.
Despite disagreement with the Big Beautiful Bill, Daugherty says the Trump government has provided clarity for the blockchain and digital currency markets. Whereas the previous administration took a 'regulation by enforcement' approach, Trump has provided direction, and he believes this government is sincere when it says it wants America to be the world leader in blockchain and digital currencies.
Who has the most influence on how things are playing out? Daugherty says the Treasury Department has a huge influence, and its Bank Secrecy Act still influences many aspects of how new rules will turn out. Trump's Executive Orders have also created some big changes, including a robust defense of open-source development, self-custody, and more.
A change in mentality across the industry
Talking about governments, Daugherty highlights how the attitude and mindset of many industry participants have changed over the last decade or so. While many originally championed decentralization and the inability of governments or institutions to interfere, they're now cheering on their involvement, largely in the hopes their preferred coins will increase in value.
One thing Daugherty finds particularly disturbing is the massive boom in the private stablecoin market. Now, rather than a decentralized protocol for money and the freedom that would entail, there are endless layer-two private stablecoins, and we'll all pay the corporations that generate them fees for using them.
The different types of blockchain
With so many different blockchains now available, Wuckert laughs fondly at how he used to categorize them by their potential use cases. Some were money, some were for data integrity, others for contract enforcement, etc. He eventually came to the conclusion that the most scalable one that can do all of these things and more should win. Is there a movement toward defining a separate category for data integrity chains as opposed to speculative assets? Daugherty says he avoids talking about speculation when dealing with policymakers. He's had conversations with many different departments in defense, education, agriculture, and other areas, and they're all very interested in how scalable blockchains can be used for data integrity.
Generally speaking, the government officials Daugherty talks to have a much better understanding of blockchain post-FTX. Some are looking to fast-track it into systems, while others in the European Union and elsewhere are taking a much more cautious approach.
A high-level overview of what's happening in Washington
Wuckert asks Daugherty for a broad-stroke picture of what's going on right now. For example, what's happening with the GENIUS Act and what does 'Mature Blockchain' mean in law?
Daugherty picks up on the second concept first. He says the term 'Mature Blockchain' has been talked about at length, and it basically comes down to a six-pronged questionnaire they must fill in within 60 days of the CLARITY Act becoming law.
Upon passage of the CLARITY Act, those tasked with interacting with the Securities and Exchange Commission (SEC) on behalf of various chains must report to it, demonstrating that no person or entity controls more than 20% of coins or governance tokens, a commitment to open source development, decentralized upgrades, functional usability without permission, programmatic value creation, and the existence of a complete roadmap.
Entities will have to self-report, and there will be costs associated with compliance. There will also be other jurisdictions following similar models, and there'll be costs related to compliance there, too. A lot of people involved in the industry right now will be replaced by men in suits in the coming years, Daugherty predicts.
To hear more about Teranode, blockchain utility, and how the Trump administration is shaping the future of blockchain in the USA, check out the livestream episode here.
Watch: Breaking down solutions to blockchain regulation hurdles
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