BREAKDOWN: Has the SEC Won the Battle to Regulate Stablecoins?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 October 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
Bloomberg is reporting that a forthcoming U.S. Treasury Department report will give the Securities and Exchange Commission broad powers to regulate the $131 billion part of the crypto industry.
This episode is sponsored by NYDIG.
2021 has been the year of crypto regulation. In China, that has manifested as a complete banning of bitcoin mining and crypto trading. In the U.S., the verdict is still out, but it has been clear there has been a fair bit of jockeying behind the scenes for authority. A new report suggests the Securities and Exchange Commission has been successful in its lobbying efforts to take a stronger hand with the fast-growing stablecoin market.
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Exit” by Isaac Joel. Image credit: Joshua Roberts/Bloomberg/Getty Images, modified by CoinDesk.
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Transcript
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| 0:49.7 | Perhaps no one has been a bigger beneficiary than the US, which jumped from something like |
| 0:53.9 | 16.8% of global hash power before the ban to now more than 35%. |
| 0:59.1 | How does that relate to the regulatory conversation here? |
| 1:02.1 | Well, it means that U.S. regulation around Bitcoin mining would and will have a proportionally |
| 1:07.1 | bigger impact now on the shape and the face of the Bitcoin industry. |
| 1:11.1 | One major economic jurisdiction going dark as China has, raises the relevance of the |
| 1:16.7 | decisions that are made in all the other jurisdictions in which crypto operates. |
| 1:22.0 | Welcome back to The Breakdown with me, NLW. |
| 1:26.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts |
| 1:30.2 | remaking our world. The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 1:39.8 | What's going on, guys? It is Tuesday, October 26th, and today we are talking about news that |
| 1:45.7 | suggests that the SEC may be winning the behind-the-scenes battle to regulate stable coins. |
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