The Controversial STABLE Act & Its Implications for Crypto
Rohan Grey, president of Modern Money Network & doctoral fellow at Cornell Law, joins Santiago Velez, co-founder and R&D division lead for Block Digital, to discuss the controversial STABLE Act, the history of private and public monies, and the future of stable coins.
Grey gives a detailed history lesson on money and its relationship to government. They talk through the key tenets of the STABLE Act and its implications for the crypto space overall and stable coins more specifically. Grey explains the differences between Central Bank Digital Currencies and E-Money and touches on the importance of privacy for financial transactions.
Filmed on December 14, 2020.
Key Learnings: The government and public monies are strongly connected, and Grey believes that there are major systemic risks presented by assets aiming to disrupt the government's oversight of the issuance of its money with history providing strong evidence of these risks. For those investing in the crypto space, the passing of the STABLE Act may negatively impact certain types of stable coin projects as some may fall under the umbrella of this bill. Higher regulatory burdens may force some crypto projects to shutdown while those who are capable of meeting the higher bar may flourish with regulatory backing.