50 - Crypto-Dollars, Regulation, and DeFi | Jeremy Allaire
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 1 February 2021
⏱️ 75 minutes
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50 - Crypto-Dollars, Regulation, and DeFi
Guest: Jeremy Allaire
Jeremy Allaire is a serial entrepreneur and the Co-founder and CEO of Circle, the firm behind USDC. He advocates for the U.S. crypto industry in Washington, paving the way for current and future regulation of cryptoassets.
USDC and other stablecoins saw a massive influx throughout 2020 into Ethereum and DeFi as demand skyrocketed, providing a glimpse of possible long-term impacts on the future of money. Jeremy argues for a full-reserve money system based on Austrian Economics, moving away from the money creation inherent to today's fractional-reserve systems.
Jeremy details the synergy between fiat stablecoins and non-sovereign, store-of-value, commodity assets. He envisions a future of synthetic digital currencies balanced by a basket of non-sovereign assets.
This is a vital time for instituting effective regulatory measures for cryptoassets and protocols, and as a front-line advocate, Jeremy stresses the importance of the crypto industry itself taking the initiative to front-run regulatory issues via creative innovation.
Jeremy self-describes as "cautiously optimistic" about establishing meaningful dialogue with regulators like Gary Gensler, Janet Yellen, and FinCen, focusing on specific issues like criminal abuse, self-sovereign identity, and consumer protection.
Jeremy concludes with broad market predictions and analysis of DeFi as a massively underrated space, with the long-term goal of DeFi interacting broadly with real-world identities.
This was an extremely interesting conversation that shed some much-needed light on stablecoins in a regulatory context, and Jeremy remains a key component throughout this development.
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Resources:
Jeremy Allaire on Twitter
https://twitter.com/jerallaire
Circle
https://www.circle.com/
USDC
https://www.circle.com/en/usdc
Centre Consortium
https://www.centre.io/
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Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier internet money and internet finance. |
| 0:18.9 | This is how to get started, how to get better, and how to front-run the opportunity. |
| 0:23.7 | This is Ryan Sean Adams, I'm here with David Hoffman and we're here to help you become |
| 0:28.9 | more bankless. |
| 0:30.5 | David, this was an exceptional interview with Jeremy Alair. |
| 0:34.6 | What were some of the highlights for you? |
| 0:36.6 | Jeremy Alair, founder of Circle and USDC, really a timely episode because of how much regulatory |
| 0:44.5 | action there's been, especially in the last quarter of 2020 and 2021, shows that there's |
| 0:50.1 | no signs of that slowing down. |
| 0:52.4 | And USDC and crypto dollars seems to be kind of at the forefront of that regulatory conversation. |
| 0:58.6 | So that's one of the big topics that we get into with Jeremy Alair, as well as, of |
| 1:03.4 | course, USDC inside of DeFi, USDC replacing the commercial banking layer and all the |
| 1:09.8 | benefits that public permissionless blockchains like Ethereum can offer the world using |
| 1:15.0 | things like USDC. |
| 1:17.0 | Yeah, it's interesting because he seemed pretty bullish actually on the regulatory side |
| 1:22.1 | that we were going to kind of come out ahead. |
| 1:24.8 | And I'm not sure that he'd always say that. |
| 1:27.4 | So there have probably been times where I've seen him in various ways frustrated with the |
| 1:34.8 | regulatory bodies of the US and kind of their handling of crypto. |
| 1:38.5 | But he seemed pretty optimistic this time around. |
| 1:40.9 | What's interesting to me, David, is he knows none of these regulators on a first-name basis. |
| 1:46.8 | So he's very plugged into that world and is kind of fighting for crypto in DC at that |
... |
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