Rohan Grey, assistant professor at Willamette Law, talks about the STABLE Act, which would require stable coin issuers to obtain a banking charter, require approval from the Federal Reserve and require issuers to have FDIC insurance. In this episode, Grey, an advisor to the bill, discusses: <ul> <li style="font-weight: 400;">how the past history of financial innovation and events that have posed systemic risks necessitates the STABLE Act</li> <li style="font-weight: 400;">how he, not being a staff member of Congress, became involved in the bill </li> <li style="font-weight: 400;">how the bill would prevent stablecoin issuers from committing crimes that banks have perpetrated by requiring them to become banks</li> <li style="font-weight: 400;">why he believes open source smart contracts enforcing rules and public audit-able blockchains are not a fundamentally new way to prevent the type of events that pose systemic risks that the STABLE Act aims to prevent</li> <li style="font-weight: 400;">why existing regulatory and licensing regimes are insufficient</li> <li style="font-weight: 400;">how he would answer people from countries like Argentina who have had their currency devalued by their government the STABLE Act, and who might say this bill exposes them to a different type of risk</li> <li style="font-weight: 400;">how much the rollout of Facebook's Diem, as opposed to existing stablecoins such as Tether, USDC or Dai, was a motivation for this bill</li> <li style="font-weight: 400;">whether, by focusing narrowly on systemic risk, this bill could squash crypto and fintech innovation that could help the un- and under-banked</li> <li style="font-weight: 400;">whether he sees any path forward for this bill to be passed</li> </ul>   Thank you to our sponsors! <a href="http://crypto.com/">Crypto.com</a>: <a href= "http://crypto.com/">http://crypto.com</a> Blocknative: <a href= "https://www.blocknative.com/unconfirmed">https://www.blocknative.com/unconfirmed</a>   Episode links: Rohan Grey: <a href= "https://twitter.com/rohangrey">https://twitter.com/rohangrey</a> STABLE Act: <a href= "https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact"> https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact</a>    Introduction of bill:  <a href= "https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-obtain-bank-charters"> https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-obtain-bank-charters</a>   Implications of the bill for running an Ethereum node: <a href= "https://www.coindesk.com/stable-act-ethereum-node-illegal"> https://www.coindesk.com/stable-act-ethereum-node-illegal</a>   <a href= "https://www.coincenter.org/the-unintended-consequences-of-the-stable-act/"> https://www.coincenter.org/the-unintended-consequences-of-the-stable-act/</a>   <a href= "https://www.coindesk.com/stable-act-ethereum-node-illegal"> https://www.coindesk.com/stable-act-ethereum-node-illegal</a>   Rohan Grey and Jeremy Allaire interviews on The Block Live: <a href= "https://www.pscp.tv/w/1OwxWVgmqyMJQ">https://www.pscp.tv/w/1OwxWVgmqyMJQ</a>   Unchained interview with acting Comptroller of the Currency Brian Brooks: <a href= "https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/"> https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/</a>   Link to the Crypto News Recap: <a href= "https://unchainedpodcast.com/why-mass-mutuals-btc-buy-is-so-significant/"> https://unchainedpodcast.com/why-mass-mutuals-btc-buy-is-so-significant/</a>

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Why Rohan Grey Believes Stablecoin Issuers Need to Be Banks - Ep.155

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