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00:00Sonali why why back to the beginning. Yeah. Really back to the beginning actually lower than where we were just a week ago. And if you look just earlier this week we had a moment where Bitcoin surpassed forty two thousand dollars. Again that was a little over three days ago. And heading into the beginning while we're still seeing a little bit of a lift. We do see bitcoin lower on the 24 hour period. And over the last three days. So what are we looking at here. We we had all of this excitement. Where did it all go. And by the way when you're talking about bitcoin and you look at a theorem as well you see that when the bitcoin excitement wanes the other coins have even more of an outflow. So you do see an even bigger drop off in the theory of itself. The one thing you see stable is the stable coins. I wanted to draw attention to it not only because it's been stable throughout much of this crisis. Emily there's also news out on stable coin today a major hedge fund on Wall Street that is trying to short it and fund an artificial way to short it as it faces regulatory scrutiny. You and I have talked about this before with Marty Chivers earlier this week. That stable coin regulation will be just as important as we think about crypto regulation overall. So a lot of unanswered questions for the industry here. And as you say back to where we started. All right Charlie thank you. Stay with us. We're going to come back to President Biden's recent executive order now. Our next guest to Michael Tilghman. He was the head of global policy at Andreessen Horowitz and is now part of Katie Horne's new yet to be named cryptocurrency firm. He's also worked closely with the biggest in politics Hillary Clinton President Biden John Kerry former President Obama and worked in collaboration with the World Bank M.I.T. and governments around the world. So to Michael. You certainly have quite the resumé. Really curious for your thoughts on crypto now and how it is being used in geopolitics. The spotlight on cryptocurrency given the war in Ukraine and the concerns about it being used for illicit activities as well. What does this tell you. Well this is certainly a heartbreaking moment. And our thoughts and prayers are with the people of Ukraine. I think that for us and for many in the community our primary concern is how we can help support the Ukrainian people and nation in this moment of need. What we have seen over the last few weeks is a really extraordinary groundswell of support. We've been in close touch with Minister Alex for the ISE who is Ukraine's deputy minister of digital transformation. He and others in the Ukrainian government a few weeks back issued a plea to those around the world with digital assets to support them. They posted digital addresses for digital wallets and they have received now 100 hundred million dollars in support from individuals all around the planet who for the first time in history can give help directly to assist a government that is in crisis in the context of this conflict. What we're seeing is that the Ukrainian government is using those resources to purchase non-lethal equipment like body armor rations night vision goggles that are helping to keep their people safe. And it's also proving to be an incredibly important instrument in preserving data distributed data networks like our we've are providing a safe haven for resources and for information that would otherwise come under threat as a result of the Russian invasion. And they're also being used to preserve evidence of war crimes for future prosecution. So certainly the first major conflict in which we've seen Web three tools play a significant role. And fortunately they seem to be proving very useful to the Ukrainian people in this moment of crisis. To that point there's concern crypto could be useful to the Russian people that wealthy Russians could use crypto currency to circumvent sanctions. This at the same time that President Biden with this executive order is telling the U.S. government to do more research here to figure out you know how the U.S. government should approach it. You seem pretty optimistic about this executive order. Why. Well the most important thing to listen to the most important people listened to as it relates to sanctions evasion or Fin said the agency of the U.S. government it is responsible for tracking illicit financial flows. They came out a few days ago and said that they are quite confident that crypto assets and digital assets are not going to be used and are not being used for large scale sanctions evasion. I've had many long discussions with national security and law enforcement agencies this week. They are extremely comfortable with their ability to track illicit flows and feel that these instruments are not going to play a significant role in Russia's ability to circumvent the sanctions. More broadly the executive order presents a real watershed moment for the community. This is the first time that we have seen a serious hole of government effort on the part of the United States to launch a comprehensive conversation about what we want the future of the Internet to entail. And we think this is excellent news. What we are finding in our discussions with the leaders in the administration and in Congress is that those who take the time to really dig in and study the potential of these technologies come away very encouraged by the array of problems that we have the potential to solve. Certainly. Please. I'm really curious about something that you started to mention a little earlier. You know the ability to get help and purchase non-lethal weapons here. You know obviously this fundraising is such a massive scale has really drawn the attention of many communities here. But I'm wondering here about what the dark side can be too and what would happen if some of this power to fundraise had gotten into the wrong hands. Well it certainly is a risk that we need to be very mindful of within the Web 3 community. What we're seeing right now is that law enforcement and national security leaders are confident in their ability to manage and track illicit transactions that utilize digital assets. And those who are engaging on behalf of open societies are finding an incredibly valuable and potent new set of tools that can help in responding to this crisis. I remember in 2008 I went in alone with Joe Biden to Tbilisi the capital of Georgia during the Russian invasion of that country. And as that city was ringed with Russian armor the then chairman Biden and I started putting together plans for a one billion dollar relief package that would assist the Georgian people. And what we recognized very quickly on our way home is that it was going to be very tough to get the assets there quickly in a traceable manner and have confidence that they were going to be used correctly. So all of you will. You'll remember that during Iraq we used pallets of hundred dollar bills. This is a quantum leap forward in terms of our ability to transparently move assets into complex emergency solvency. Really quickly here. You mentioned are we even the ability to trace war crimes potentially. Is there any evidence that the international the ICC is able to to actually use it. I mean is there any evidence that the international community is actually tracing war crimes via botching technologies. Already in advance of the conflict you saw the Ukrainian government and leaders in Ukraine stockpiling thousands and thousands of sensitive documents on the R weave platform in order to facilitate future post-conflict rebuilding. In the event that the hard copies of those documents would be destroyed. And as we speak there is documentation of atrocities and war crimes going on. Utilizing that platform it's a distributed Arctic architecture which means that it would be virtually impossible for the Russians or other bad actors to eliminate this evidence. And it addresses what has historically been one of the greatest challenges in war crimes prosecution which is how do you maintain a strong chain of evidence from the time that an atrocity is committed to the time that you're able to bring charges in The Hague.

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Biden's 'Breakthrough' Crypto Executive Order

Former Andreessen Horowitz Head of Global Policy Tomicah Tillemann, now taking part in Katie Haun's new crypto firm, joins Emily Chang and Bloomberg's Sonali Basak for a deep dive into U.S. President Joe Biden's crypto executive order and why he thinks it is a "breakthrough moment for democracy." He also shares his views on the role of crypto in the war in Ukraine, and how it is revolutionizing humanitarian aid efforts. (Source: Bloomberg)

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