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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


First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

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