Feb 1, 2021
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50 - Crypto-Dollars, Regulation, and DeFi
Guest: Jeremy Allaire
Jeremy Allaire is a serial entrepreneur and the Co-founder and CEO of Circle, the firm behind USDC. He advocates for the U.S. crypto industry in Washington, paving the way for current and future regulation of cryptoassets.
USDC and other stablecoins saw a massive influx throughout 2020 into Ethereum and DeFi as demand skyrocketed, providing a glimpse of possible long-term impacts on the future of money. Jeremy argues for a full-reserve money system based on Austrian Economics, moving away from the money creation inherent to today's fractional-reserve systems.
Jeremy details the synergy between fiat stablecoins and
non-sovereign, store-of-value, commodity assets. He envisions a
future of synthetic digital currencies balanced by a basket of
non-sovereign assets.
This is a vital time for instituting effective regulatory measures
for cryptoassets and protocols, and as a front-line advocate,
Jeremy stresses the importance of the crypto industry itself taking
the initiative to front-run regulatory issues via creative
innovation.
Jeremy self-describes as "cautiously optimistic" about establishing meaningful dialogue with regulators like Gary Gensler, Janet Yellen, and FinCen, focusing on specific issues like criminal abuse, self-sovereign identity, and consumer protection.
Jeremy concludes with broad market predictions and analysis of DeFi as a massively underrated space, with the long-term goal of DeFi interacting broadly with real-world identities.
This was an extremely interesting conversation that shed some much-needed light on stablecoins in a regulatory context, and Jeremy remains a key component throughout this development.
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Resources:
Jeremy Allaire on Twitter
https://twitter.com/jerallaire
Circle
https://www.circle.com/
USDC
https://www.circle.com/en/usdc
Centre Consortium
https://www.centre.io/
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Not financial or tax advice. This channel is strictly educational
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