Rohan Grey, assistant professor at Willamette Law, talks about the STABLE Act, which would require stable coin issuers to obtain a banking charter, require approval from the Federal Reserve and require issuers to have FDIC insurance. In this episode, Grey, an advisor to the bill, discusses:
how the past history of financial innovation and events that have posed systemic risks necessitates the STABLE Act how he, not being a staff member of Congress, became involved in the bill how the bill would prevent stablecoin issuers from committing crimes that banks have perpetrated by requiring them to become banks why he believes open source smart contracts enforcing rules and public audit-able blockchains are not a fundamentally new way to prevent the type of events that pose systemic risks that the STABLE Act aims to prevent why existing regulatory and licensing regimes are insufficient how he would answer people from countries like Argentina who have had their currency devalued by their government the STABLE Act, and who might say this bill exposes them to a different type of risk how much the rollout of Facebook's Diem, as opposed to existing stablecoins such as Tether, USDC or Dai, was a motivation for this bill whether, by focusing narrowly on systemic risk, this bill could squash crypto and fintech innovation that could help the un- and under-banked whether he sees any path forward for this bill to be passed
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Crypto.com: http://crypto.com
Blocknative: https://www.blocknative.com/unconfirmed
Episode links:
Rohan Grey: https://twitter.com/rohangrey
STABLE Act: https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact
Introduction of bill:
https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-obtain-bank-charters
Implications of the bill for running an Ethereum node:
https://www.coindesk.com/stable-act-ethereum-node-illegal
https://www.coincenter.org/the-unintended-consequences-of-the-stable-act/
https://www.coindesk.com/stable-act-ethereum-node-illegal
Rohan Grey and Jeremy Allaire interviews on The Block Live: https://www.pscp.tv/w/1OwxWVgmqyMJQ
Unchained interview with acting Comptroller of the Currency Brian Brooks: https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/
Link to the Crypto News Recap:
https://unchainedpodcast.com/why-mass-mutuals-btc-buy-is-so-significant/
Arianna Simpson of Autonomous Partners on Privacy, Cryptokitties and Crypto Regulation
Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming
SXSW Episode: Amber Baldet, Blockchain Program Lead at JPMorgan, on the Potential Clash Between Blockchains and the Right to Be Forgotten
SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean
Spencer Bogart on Bitcoin's Maturation and the SEC Overhang on Crypto
The Gender Imbalance in Crypto: Jalak Jobanputra on Why It's a Problem and Her Effort to Fix It
Brian Kelly on Token-Curated Registries, Robinhood Crypto Trading and the Petro
Olaf Carlson-Wee on Whether $100 Million Worth of Frozen Ether Should Be Restored
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