Bankless Stablecoins and National Security | Former CFTC Chair Timothy Massad
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May 27, 2024 
Timothy Massad, a senior fellow at Brookings and former CFTC chair, dives into the complex world of stablecoins and their implications for national security. He discusses how stablecoins could challenge U.S. sanctions, the balance of innovation and regulation, and the historical context of these digital assets compared to eurodollars. Massad emphasizes the need for a robust regulatory framework to prevent illicit activities while supporting innovation in the rapidly evolving financial landscape.
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Early Crypto Involvement
- Timothy Massad first testified about crypto before Congress 10 years ago, in 2014.
- Around that time, the CFTC, under his leadership, declared Bitcoin a commodity.
Commodity vs. Security
- Surprisingly, something can be both a commodity and a security at the same time.
- Massad explains why the CFTC declared Bitcoin a commodity, not to start a turf war, but because of its use in futures contracts.
First Impressions of Stablecoins
- Timothy Massad found stablecoins to be an interesting application of blockchain technology for on-chain money.
- He became particularly interested in stablecoins with Facebook's announcement of Libra.