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Regulation is coming for cryptocurrency. The SEC Chief Gary Gensler has stated concerns over the stablecoin marketplace and DeFi as a whole. But what does that mean? And why are regulators concerned about cryptocurrency?
Today's Links:
https://techcrunch.com/2021/09/20/following-sec-lawsuit-threat-coinbase-cancels-launch-of-lend-product/
https://www.coindesk.com/policy/2021/09/21/secs-gensler-calls-stablecoins-poker-chips-at-the-wild-west-crypto-casino/https://awealthofcommonsense.com/2021/09/why-do-stablecoins-offer-such-high-rates-of-interest/https://www.bloomberg.com/news/articles/2021-03-27/crypto-shadow-banking-explained-and-why-12-yields-are-common
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0:00 Intro
2:03 My experience with regulators
3:07 What happened with Coinbase Lend?
4:37 Why did the SEC prevent the Coinbase Lend program?
6:18 Why is SEC Chief Gensler concerned with stablecoins?
7:04 Does the SEC want to regulate cryptocurrency?
7:27 Can cryptocurrency even be regulated?
8:34 SEC's main complaint with crypto exchanges
9:32 The SEC is careful about not stifling crypto innovation
10:42 Is the SEC just using fear tactics to force crypto regulation?
11:09 Why do stablecoins offer such high rates of interest?
12:46 Why are regulators fearful about stablecoins?
16:08 An example of how "shadow banks" make so much money
18:55 Are regulators just trying to protect banks?
19:42 My conclusions on what regulations will look like for crypto
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