Macro Hive Conversations With Bilal Hafeez
Yesha Yadav on Crypto Bankruptcies, Stablecoin, and Treasury Market issues
Dec 1, 2023
Yesha Yadav, Associate Dean and Professor of Law at Vanderbilt University, discusses crypto bankruptcies, regulation and enforcement risks, the impact of AI on financial markets, and the role of stablecoins and CBDCs. The podcast also explores bankruptcy courts' role, the use of enforcement actions, vulnerabilities in the US Treasury market, and ends with a casual conversation on TV show recommendations.
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Quick takeaways
- The bankruptcy courts lack expertise in crypto markets, affecting the recovery of unsecured creditors and highlighting the need for tailored regulations.
- Relying solely on enforcement actions in crypto regulation can limit collaboration, information sharing, and potentially undermine regulatory agencies in the long run.
Deep dives
The Impact of Recent Crypto Bankruptcies on Regulation
The collapse of major crypto institutions like FTX, Celsius, Voyager, and BlockFi has highlighted the need for tailored regulations in the crypto ecosystem. The bankruptcy courts have played a crucial role in these cases, making important decisions about information disclosure, creditor status, and governance. However, the bankruptcy courts lack expertise in crypto markets, and the high cost of buying expertise has affected the recovery of unsecured creditors. The regulatory role of bankruptcy courts has implications for the SEC and other regulatory bodies, as they navigate the evolving landscape of crypto regulation.
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