This is the Cato Daily Podcast for Friday, November 12th, 2021.

I'm Caleb Brown.

The executive branch wants Congress to do well, something about stable coins,

the cryptocurrency that's pegged to the US dollar.

Cato's Norbert Michelle and Jennifer Shulph say that what's really needed here is clarity,

and regulators so far aren't providing much to the burgeoning crypto space. We spoke earlier this week. The Biden

administration is concerned about stable coins and a report was issued urging

Congress to take the lead on that to whoever would like to take it.

What was the what was the thrust of that report?

The thrust of the report was sort of a whiff in that they're just saying we want Congress to do something.

Everybody knows that Congress isn't going to do anything anytime soon.

The part of it that's not a whiff though, their big

recommendation that's there is that they want only insured financial institutions

banks to issue stable coins.

So they want to isolate banks from that competition completely and totally.

Jennifer, the way crypto has developed on earth,

it hasn't made use of traditional banking institutions and yet it seems pretty clear to me that banking institutions really want a lot of the wealth that's in crypto to move into those institutions.

What role did banks themselves play in getting this advice to Congress going?

Well, it's always difficult to say exactly who is speaking to the

President's working group.

But actually, in this circumstance, the President's working group, but actually in this circumstance the President's

working group noted all of the individuals that it took commentary from in

...