Understanding the STABLE Act and the Push to Regulate Crypto | Rohan Grey

Hidden Forces

Demetri Kofinas

Business, Government

4.8 • 1.6K Ratings

🗓️ 14 December 2020

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 168 of Hidden Forces, Demetri Kofinas speaks with Rohan Grey, an expert on the legal design and regulation of digital fiat currency and one of the prime authors of the recently proposed STABLE Act put forward by congresswoman Rashida Tlaib of Michigan and congressmen Jesús García and Stephen Lynch of Illinois and Massachusetts respectively.

The stated justification for the bill is to "protect consumers from the risks posed by emerging digital payment instruments, such as Facebook's Libra and other Stablecoins," which the authors define as "digital currencies, whose value is permanently pegged to or stabilized against a conventional currency like the dollar and which pose new regulatory challenges while also representing a growing source of market, liquidity, and credit risk."

The goal of this conversation was to get absolutely clear on the language and intent of the regulation, not just as a standalone document but as part of a much larger regulatory agenda that is being put forward by the more progressive factions of the democratic party. What is clear is that much of this depends on how we define money and what we mean when we talk about "a deposit."

Regardless of what your personal beliefs are, regulation is coming. The question is what is it going to look like and how is it going to impact you and your community, whether that community is your local community, your business community, or a crypto community?

This conversation is meant to help you begin to wrap your arms around this new paradigm, to understand what you think about it and how you want to respond to it.

You can gain access to the episode overtime, Demetri's additional conversation with Jeremy Allaire, as well as the transcript and rundown to this week's episode through the Hidden Forces Patreon Page.

All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 12/08/2020

Transcript

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0:00.0	The Hidden Forces Podcast features long-formed conversations, broken into two parts,
0:05.3	the second hour of which is made available to our premium subscribers,
0:09.3	along with transcripts and notes to each conversation.
0:13.0	For more information about how to access the episode overtime's, transcripts, and
0:17.0	rundowns, head over to patreon.com slash Hidden Forces.
0:22.0	You can also sign up to our mailing list at Hidden Forces. You can also sign up to our mailing list at Hiddenforces.io.
0:26.0	Follow us on Twitter at Hidden Forces pod and leave us a review on Apple Podcasts.
0:32.0	And with that, please enjoy this week's episode. What's up, up, everybody? What's up everybody? My guest on this episode of Hidden Forces is Rowan Gray,
0:59.0	an expert on the legal design and regulation of digital Fiat currency and one of the prime
1:05.1	authors of the recently proposed Stable Act, a piece of legislation put forward by
1:10.7	Congresswoman Rashida Talib of Michigan and Congressman Jesus Garcia
1:15.6	and Stephen Lynch of Illinois and Massachusetts, respectively.
1:20.5	The stated justification for the bill is to quote protect consumers from the risks posed by emerging digital payment instruments such as Facebook's Libra and other stable coins, which the authors define as quote, digital currencies whose value is permanently pegged
1:36.9	to or stabilized against a conventional currency like the dollar and which pose new regulatory risks while also representing a growing
1:46.0	source of market, liquidity, and credit risk.
1:50.5	The news of this bill came out a little over a week ago, and just a week after that, the Federal Trade Commission, along with the Attorney Generals for 48 U.S. states, led by the State of New York, filed an antitrust lawsuit against the social media company,
2:05.2	Facebook, in an effort to quote, stand up for the millions of consumers and many small businesses
2:11.7	that have been harmed by Facebook's illegal behavior.
2:15.4	I want to submit that these two events, the announcement of the Stable Act and the news
2:20.2	about the Facebook antitrust lawsuit are not disconnected.
2:24.0	I believe that we are in the early stages of a multi-decade cycle of increased regulation,
2:31.0	taxation, and fiscal spending that will dramatically disrupt the prevailing
	...

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