Has the SEC Won the Battle to Regulate Stablecoins?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 27 October 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. 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. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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.

Transcript

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0:00.0	Perhaps no one has been a bigger beneficiary than the U.S., which jumped from something like
0:04.2	16.8% of global hash power before the ban to now more than 35%.
0:09.4	How does that relate to the regulatory conversation here? Well, it means that U.S. regulation
0:14.1	around Bitcoin mining would and will have a proportionally bigger impact now on the shape
0:19.1	in the face of the Bitcoin industry.
0:27.3	One major economic jurisdiction, going dark as China has, raises the relevance of the decisions that are made in all the other jurisdictions in which crypto operates.
0:32.3	Welcome back to The Breakdown with me, NLW.
0:36.5	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:43.5	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:50.1	What's going on, guys? It is Tuesday, October 26th, and today we are talking about news that
0:56.0	suggests that the SEC may be winning the behind-the-scenes battle to regulate stable coins.
1:02.9	Now, I just want to talk first about regulation and coverage of regulation on this show from
1:07.9	a meta perspective. Anyone who's been listening frequently has
1:11.6	seen this year that there is a ton of regulatory focus. And here's why. I believe there is
1:18.0	nothing more consequential to the next phase of the crypto industry than where the regulatory
1:23.8	questions, particularly in the U.S., but in general around the world, land over the
1:28.7	course of the next year or so. Let's take the example of China to make this point.
1:34.7	When the first regulatory news started coming out of China in April and early May, it seemed like
1:40.8	just more of the same. It seemed like the People's Bank of China, reinforcing previous
1:45.5	policies that, while, yes, limiting the way that people could interact with Bitcoin and
1:49.8	cryptocurrencies didn't really say anything new. That, of course, changed towards the end of
1:55.7	May when the vice premier of the CCP got involved and actually suggested what would become the China Bitcoin
	...

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