How the U.S. Government Can Protect the Dollar Through Stablecoins - Ep. 655

Episode • Jun 4, 2024 • 1h 27m

In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership.

Show highlights:

How governments should embrace blockchain technology to become better at its job, according to Chris
How the financial system needs to change for the younger generations
Whether the U.S. is losing ground in terms of innovation
Why Daniel thinks stablecoins are much more than a trading instrument for crypto
Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be”
How Singapore is already giving licenses to USD stablecoin issuers
Whether the dollar should be trademarked to protect it
How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction
Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream
Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water”
Why Chris believes that China is lying about not intending to export the technology behind the digital yuan
Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill

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First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

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Guests:

Chris Giancarlo, Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad
Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator
FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo
Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy?
Daniel Gorfine, Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center
Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch
Building digital infrastructure for the future of finance

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