BREAKDOWN: What You Need to Know About Biden's Stablecoin Report
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 November 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
The much anticipated document has finally been released, and here’s what the crypto community is saying about it.
This episode is sponsored by NYDIG.
The President’s Working Group on Financial Markets has finally released its much-anticipated report on Stablecoins. In this episode, NLW breaks down:
- The PWG’s three major concerns surrounding stablecoins
- The significance of its recommendation that Congress legislate stablecoins
- The reactions of the crypto community, stablecoin issuers and interested politicians
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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 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 “Dark Crazed Cap” by Isaac Joel. Image credit: Samuel Corum/Bloomberg/Getty Images, modified by CoinDesk.
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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. |
| 0:16.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:22.7 | What's going on, guys? It is Tuesday, November 2nd, and today we are discussing the long-awaited |
| 0:30.2 | stablecoin report from the Biden administration and what you need to know about it. |
| 0:36.1 | So this report has been teased all month. I mean longer, |
| 0:39.8 | really, but especially this month. We've known it was coming. People have been speculating |
| 0:44.1 | around what it was going to include. Some, like Senator Pat Toomey, have criticized the process |
| 0:48.8 | by which it was created, but everyone has been waiting to see the actual report. Now, this comes from the President's Working Group on Financial Markets, |
| 0:58.1 | the Federal Deposit Insurance Corporation, or FDIC, |
| 1:01.4 | and the Office of the Comptroller of the Currency, or OCC. |
| 1:04.8 | The working group is comprised technically of Treasury Secretary Janet Yellen, |
| 1:09.5 | Federal Reserve Chair Jerome Powell, |
| 1:11.3 | SEC Chair Gary Gensler, and acting CFTC chaired Rustin Benham. |
| 1:16.2 | However, each of these folks was able to designate a representative should they so choose. |
| 1:21.2 | We're going to spend a lot of today on interpretation, so let's actually start with words |
| 1:26.3 | from the document itself. and I'm going to read |
| 1:28.8 | the key excerpt, I think, of the report's executive summary. Quote, |
| 1:33.2 | To address the prudential risks of payment stablecoins, we recommend that Congress act promptly |
| 1:39.0 | to enact legislation to ensure that payment stablecoins and payment stable coin arrangements |
| 1:44.0 | are subject to a federal |
| 1:45.7 | prudential framework on a consistent and comprehensive basis. Because payment stablecoins are an |
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