Stablecoins: Could This Banking "Loophole" Save Cryptocurrency? | Thomas Hogan & Kate Wand
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Show Notes
With the rise of crypto, and particularly in the case of stablecoins, Thomas Hogan argues that “Electronic stablecoins are the modern analog to paper banknotes.”
Stablecoins are just one type of cryptocurrency, and the regulations behind stablecoins is one of the most controversial topics in the crypto world.
Regulators & the Biden administration have their eye on them, warning that stablecoins threaten financial stability.
Although regulators' stated reason is to protect consumers and stabilize the banking system, and many of them may even truly believe that their means are justified, history has shown that the result of these types of regulations for banknotes have achieved the ends of destroying competition and creating a monetary monopoly.
But what if the current debate over stablecoin regulations is missing a vital piece of information?
What if a little-known loophole, that’s been around for decades, changes the game?
In this video, we are going to tell that story.
full podcast discussion: https://youtu.be/g46_lnBbGPA
article: https://www.coindesk.com/consensus-magazine/2023/01/23/can-banks-issue-stablecoins/
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0:00 - Introduction: Stablecoin regulations
0:55 - Effect of SBF and FTX crash
2:37 - the loophole
4:33 - Stablecoins & Banknotes
7:06 - why are stablecoins/bitcoin valuable?
9:22 - CBDC: Cutting off the competition?
12:58 - currency wars
17:17 - the low hanging fruit
18:57 - the pre-fed system
19:24 - competition vs monopolies
22:30 - the march of regulation
27:08 - why don't banks issue stablecoins?
30:24 - acknowledging the issue
32:20 - no need for excess regulation
32:59 - last thoughts