June 05, 2024

UNCHAINED: How the U.S. Government Can Protect the Dollar Through Stablecoins

1 hour 25 minutes

Former CFTC chair Chris Giancarlo and his former chief innovation officer Daniel Gorfine say the US is falling behind in the crypto race, but could use stablecoins—and a CBDC—to protect its interests.

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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

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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

Links

Stablecoins:

Stablecoins Are Defense Tech by Morgan Beller

Unchained:

Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse

Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry

SAB 121

Unchained: President Biden Vetoes SAB121 Repeal

FIT21

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Spot Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.

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