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

Published: Dec. 14, 2020, 9 a.m.

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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 Jes\\xfas Garc\\xeda and Stephen Lynch of Illinois and Massachusetts respectively.\\xa0\\xa0\\xa0

The stated justification for the bill is to \\u201cprotect consumers from the risks posed by emerging digital payment instruments, such as Facebook\\u2019s Libra and other Stablecoins,\\u201d which the authors define as \\u201cdigital 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.\\u201d\\xa0\\xa0

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 \\u201ca deposit.\\u201d

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\\u2019s additional conversation with Jeremy Allaire, as well as the transcript and rundown to this week\\u2019s episode through the Hidden Forces Patreon Page.\\xa0

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

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