Why Rohan Gray thinks Stablecoin issuers must be banks

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Rohan Gray, assistant professor at Willamette Law, talks about the STABLE Act, which would require stablecoin issuers to obtain a bank charter, require Federal Reserve approval, and require issuers to have FDIC insurance. In this episode, Gray, an adviser to Bill, discusses:

  • how the past history of financial innovation and the events that posed systemic risks require the STABLE law
  • how he, not being a member of the staff of Congress, got involved in the bill
  • how the bill would prevent stablecoin issuers from committing crimes that banks have perpetrated by forcing them to become banks
  • why he thinks open source rule-enforcing smart contracts and publicly auditable blockchains aren’t a fundamentally new way to prevent the kind of events that pose systemic risks that the STABLE law aims to prevent
  • why existing regulatory and licensing regimes are insufficient
  • how he would respond to people in countries like Argentina who have seen their currencies devalued by their government the STABLE Act, and who might say that this bill exposes them to a different kind of risk
  • how much of Facebook’s Diem rollout, as opposed to existing stablecoins such as Tether, USDC or Dai, was a motivation for this bill
  • whether, by focusing closely on systemic risk, this bill could crush crypto and fintech innovation that could help the unbanked and underbanked
  • if he sees a way forward for this bill to pass

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Crypto.com: http://crypto.com

Blocknative: https://www.blocknative.com/unconfirmed

Episode links:

Rohan Gray: https://twitter.com/rohangrey

STABLE act: https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact

Presentation of the bill:

https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-obtain-bank-charters

Implications of the invoice for operating an Ethereum node:

https://www.coindesk.com/stable-act-ethereum-node-illegal

https://www.coincenter.org/the-unintended-consequences-of-the-stable-act/

https://www.coindesk.com/stable-act-ethereum-node-illegal

Interviews with Rohan Gray and Jeremy Allaire on The Block Live: https://www.pscp.tv/w/1OwxWVgmqyMJQ

Raging Interview with Acting Currency Controller Brian Brooks: https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/

Link to the Crypto News summary:

https://unchainedpodcast.com/why-mass-mutuals-btc-buy-is-so-significant/


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