BREAKDOWN: The Stablecoin TRUST Act Could Enshrine Financial Privacy

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4.7 • 698 Ratings

🗓️ 7 April 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A discussion draft of the bill was released by Sen. Pat Toomey. This episode is sponsored by Nexo.io, Arculus and FTX US. One of crypto’s biggest allies in the Senate, Pat Toomey (R-Pa.), has just released a discussion draft of a bill that would clarify stablecoin legislation. On today’s episode, NLW breaks down what the bill includes and why some in the crypto space are calling it a major step forward for financial privacy. - From cash to crypto in no time with Nexo. Invest in hot coins and swap between exclusive pairs for cash back, earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head on to nexo.io and get started now. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka 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 “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Kevin Dietsch/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Thursday, April 7th, and today we are talking about the new
0:28.0	stablecoin legislation from one of crypto's most staunch allies in the Senate.
0:34.0	Before we get into that, however, if you are enjoying the breakdown, please go subscribe,
0:38.1	give it a rating, give it a review, or if you want to dig deeper into the conversation,
0:42.3	come join us on the breakers discord. You can find a link in the show notes or go to bit.org
0:45.9	dot lee slash breakdown pod. Also, a disclosure as always, in addition to them being a sponsor
0:51.8	of the show, I also work with FTX. Now, if you can't
0:56.0	tell from my voice, I have finally succumbed to the preschool sickness that has been flying around
1:02.3	my family, so apologies in advance for the throatiness, but we still have a podcast to do. And this has
1:09.6	been quite a positive regulatory week. For those of you who
1:13.6	missed my show on either Monday or Tuesday, I've lost all track of time. We got really surprising
1:19.0	news, frankly, out of the UK, where a chancellor of the exchequer, Rishi Sunak, announced that
1:24.3	Great Britain was looking to become a global crypto asset hub. He announced a set of
1:29.3	proposals, including a review of tax approaches to defy loans, an NFT mint from the Royal Treasury,
1:36.5	and the recognition of stable coins as a payment option, which, as you'll see, will be relevant
1:41.2	to our conversation today. Now, this stands kind of in contrast to what
1:45.7	has been a contentious relationship between crypto companies and the UK's financial conduct authority.
1:51.8	Now, of course, as you've seen from the U.S., different parts of a government can have very different
1:55.9	attitudes towards crypto, but I think it still has to be seen as overall a pretty positive step for the
	...

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