The U.S. Finally Has Stablecoin Legislation. Can Crypto Compete With Banks? - Ep. 871

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 18 July 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry. The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language. Now that it’s through, what will this law actually do? And who stands to benefit—or lose? In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain: How the bill won bipartisan support despite political tensions Why banks may think twice before issuing stablecoins And why Circle is applying for a national trust bank charter Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank FalconX Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle Unchained: GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves Fortune: JPMorgan Chase’s new fees for data could ‘cripple’ crypto and fintech startups, executives warn Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations Timestamps: 🎬0:00 Intro 🇺🇸 2:23 Why Dante says this “crypto week” went better than anyone expected 🤝 3:44 How the GENIUS Act won bipartisan support despite major political friction 📜 6:10 Why Dante believes the bill is bigger than just crypto 🏦 9:02 How Circle plans to compete with the banking giants 🪪 15:22 What Circle hopes to achieve with its national trust bank application 🔐 18:28 Why financial privacy matters so much in the U.S. system 💵 19:34 How deposit tokens differ from stablecoins 📈 22:34 What Circle might do when interest-bearing stablecoins are finally allowed 👛 27:43 How this new law could impact everyday Americans and their money Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Unchained wants to hear from you. Help us continue being your no-hype resource for all things
0:05.3	crypto by filling out our quick survey. You could win a free one-year subscription to Bits and Bips
0:11.1	premium coming soon. Visit UnchainedCripto.com slash survey. That is UnchainedCripto.com
0:17.8	slash survey. Or check at the show notes for this episode.
0:21.8	Just yesterday I had a major global meeting with probably 40 or 50 international regulators
0:26.7	and central banks. And for the first time in my seven year career in this sector at the
0:31.6	bleeding edge of this stuff, I was finally able to say America will have a set of rules
0:37.4	for this space and you won't have to rely just on good actors in the private sector for that U.S. representation.
0:47.6	Hi, everyone. Welcome to Unchained. You're no hype resource for all things crypto. I'm your host, Laura Shin. Every episode we're featuring your
0:54.4	comments. We got this comment in response to the recent Pump Fun ICO episode with Joe McCann
0:59.7	and Haseeb Qureshi. On X, Salanas and Italiyakobenko reacted to Haseev's musings on whether
1:06.0	pump can really take on TikTok. He said, quote, you miss all the swings you don't take. If you want your comment
1:12.6	featured, write a review of the podcast overall or leave a comment on our video on YouTube,
1:17.2	Farcaster, or X. This is the July 18th, 2025 episode of Unchained. One early bitcoiner sold 30,000
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1:42.0	and does the work of a team of analysts.
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1:52.1	Today's guest is Dante Desparte, two strategy officer and head of global policy operations at Circle.
1:57.5	Welcome, Dante.
	...

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