Jeremy Allaire on the Regulatory Fallout After Terra

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 14 May 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. Jeremy Allaire is the CEO of Circle, a leader of the USDC consortium. In today’s episode, he and NLW review the state of the stablecoin discussion among U.S. regulators before the implosion of UST and LUNA, and how the events of the last week have changed the discourse. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - 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. - 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 Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: joe daniel price/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	We looked at it very closely for over six months.
0:03.5	And our view is that it was literally a ticking time bomb.
0:06.9	And we thought it had about 30 or 40 days.
0:10.5	And then it happened faster because of risk off in the crypto markets,
0:14.8	this peg defense mechanism, which was built on the idea that Bitcoin go up, really challenging when Bitcoin go down.
0:24.9	Welcome back to The Breakdown with me, NLW.
0:29.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:34.9	The breakdown is sponsored by nexo.io, near NFTX, and produced and distributed by
0:40.1	CoinDesk. What's going on, guys? It is Friday, May 13th, and today I have on Jeremy Aller, the CEO of Circle.
0:51.5	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:55.7	to it, give it a rating, give it a review, or if you want to get deeper into the conversation,
1:00.6	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash
1:06.1	breakdown pod. Also, a disclosure as always, in addition to them being a sponsor of the show, I also work
1:12.4	with FTX. Now, obviously, we have lived through quite the week in crypto history. And if you've
1:19.2	listened to any of my shows about it, you know that I think that the Terra ecosystem implosion
1:23.6	has potentially big implications for the regulatory discussion, around crypto, defy, and certainly
1:30.6	around stablecoins. To get a more insider perspective on that from someone who spends a ton of time
1:37.0	with those people upon whom this situation might have made an impression, I invited Jeremy to
1:42.5	come talk about where the state of the stable
1:45.0	coin discussion was before this all happened and what he's seen this week in terms of any
1:49.6	implications. He actually has a more optimistic take than you might think. So without any further ado,
1:55.5	let's dive in. All right, Jeremy, welcome back to the breakdown. Actually, this might be your first
	...

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