The Blockchain Socialist Teaser - Q&A: A cryptoleftist take on the STABLE Act
This is a teaser for the third episode in the patreon exclusive Q&A series where I talk about my thoughts on the STABLE Act, which has become infamous in the crypto world, and how I think the cryptoleftist movement should understand and view it. If you don't know, the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, proposed by Rep. Rashida Tlaib (D-Mich.), requires stablecoin-issuing companies to obtain a banking charter and follow "appropriate" banking regulations in their jurisdiction. It also requires them to maintain reserves, equivalent to the dollar amount of their stablecoin issues, at the Federal Reserve and undergo regular audits to ensure compliance. Keep in mind that this bill has not been passed and is not likely to pass in the very near term, but unsurprisingly, this has caused a lot of ire from the crypto community, especially the anti-state libertarians.
During the interview I focus on things said by Rohan Grey who is an aide in Tlaib's office that helped draft the bill and three of the main arguments I've seen circulating against the STABLE Act. Based on that I line out what I think the appropriate cryptoleftist take on the legislation should be. Spoiler alert: don't trust criticisms being hurled by people you are not politically aligned with.
Sources
Old video of Rohan that I think is interesting
Coindesk article with many of the arguments I look in the episode
Thanks again for all your support! As you can maybe tell, my audio is a bit better in this episode because I got a new microphone thanks to your patronage :)
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Send me your questions or comments about the show and I'll read them out sometime.
ICYMI I've written a book about, no surprise, blockchains through a left political framework! The title is Blockchain Radicals: How Capitalism Ruined Crypto and How to Fix It and is being published through Repeater Books, the publishing house started by Mark Fisher who’s work influenced me a lot in my thinking.
The book is officially published and you use this linktree to find where you can purchase the book based on your region / country.