Rohan Grey, assistant professor at Willamette Law, talks about the STABLE Act, which would require stable coin issuers to obtain a banking charter, require approval from the Federal Reserve and require issuers to have FDIC insurance. In this episode, Grey, an advisor to the bill, discusses:
  how the past history of financial innovation and events that have posed systemic risks necessitates the STABLE Act
 how he, not being a staff member of Congress, became involved in the bill 
 how the bill would prevent stablecoin issuers from committing crimes that banks have perpetrated by requiring them to become banks
 why he believes open source smart contracts enforcing rules and public audit-able blockchains are not a fundamentally new way to prevent the type of events that pose systemic risks that the STABLE Act aims to prevent
 why existing regulatory and licensing regimes are insufficient
 how he would answer people from countries like Argentina who have had their currency devalued by their government the STABLE Act, and who might say this bill exposes them to a different type of risk
 how much the rollout of Facebook's Diem, as opposed to existing stablecoins such as Tether, USDC or Dai, was a motivation for this bill
 whether, by focusing narrowly on systemic risk, this bill could squash crypto and fintech innovation that could help the un- and under-banked
 whether he sees any path forward for this bill to be passed
   
 Thank you to our sponsors!
 Crypto.com: http://crypto.com
 Blocknative: https://www.blocknative.com/unconfirmed
  
 Episode links:
 Rohan Grey: https://twitter.com/rohangrey
 STABLE Act:  https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact 
  
 Introduction of bill: 
  https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-obtain-bank-charters
  
 Implications of the bill for running 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
  
 Rohan Grey and Jeremy Allaire interviews on The Block Live: https://www.pscp.tv/w/1OwxWVgmqyMJQ
  
 Unchained interview with acting Comptroller of the Currency Brian Brooks:  https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/
  
 Link to the Crypto News Recap:
  https://unchainedpodcast.com/why-mass-mutuals-btc-buy-is-so-significant/
  

Why Rohan Grey Believes Stablecoin Issuers Need to Be Banks - Ep.155

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