Episode 5: What is the future of money. Talking about regulating stablecoins and cryptocurrencies with Tim Massad, Former Chair of the U.S. Commodity Futures Trading Commission.
Tim Massad, former Chair of the U.S. Commodity Futures Trading Commission (CFTC)
What is the future of money? In this episode, we talk to Tim Massad, former Chair of the U.S. Commodity Futures Trading Commission about how to regulate stablecoins, central bank digital currencies (CDBCs), and other cryptocurrencies. Tim discusses how his experience with helping the U.S. government implement its bail-out of large banks during the 2008 Great Financial Crisis has influenced his perspective on the benefits and risks of stablecoins. Tim also talks about how he is in favor of promoting more competition in the financial sector including from new crypto firms in order to speed up payments in the U.S. while still protecting consumer interests. Finally, Tim encourages young lawyers to seek out opportunities to work on hard problems at the cutting edge of finance, technology, regulations, and more in their careers in order to do meaningful work to make life better for the average American.
Guest bio:
Tim Massad served as Chairman of the U.S. Commodity Futures Trading Commission from 2014 to 2017. Under his leadership, the agency implemented many critical reforms to markets including declaring cryptocurrencies to be commodities subject to the agency’s jurisdiction. Previously, Professor Massad oversaw the Troubled Asset Relief Program (TARP), the principal U.S. government response to the 2008 financial crisis in his capacity as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury. Prior to his government service, Tim Massad was a partner in the law firm of Cravath, Swaine & Moore LLP.
Tim Massad is currently a Research Fellow at the Kennedy School of Government at Harvard University and an Adjunct Professor of Law at Georgetown Law School.
Related links:
Regulating stablecoins isn’t just about avoiding systemic risk. Timothy Massad. The Brookings Institution. October 5, 2021. https://www.brookings.edu/research/regulating-stablecoins-isnt-just-about-avoiding-systemic-risk/
Report on Stablecoins. President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. November 1, 2021. https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf
Engineering is the Key to the Debate Over Whether to Create a CBDC. Timothy Massad. Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. October 17, 2021. https://www.hks.harvard.edu/centers/mrcbg/news-events/massad10172021
Can a Cryptocurrency Break the Buck? Timothy Massad. Bloomberg. May 31, 2021. https://www.bloomberg.com/opinion/articles/2021-05-31/stablecoins-like-tether-should-face-regulators-scrutiny?sref=hU7uPhn8
Coinbase's Small Fine is a Big Warning to IPO Investors. Timothy Massad. Bloomberg. April 8, 2021. https://www.bloomberg.com/opinion/articles/2021-04-08/coinbase-s-small-fine-is-a-big-warning-to-ipo-investors?sref=hU7uPhn8
Facebook’s Libra 2.0. Timothy Massad. The Brookings Institution. June 22, 2020. https://www.brookings.edu/research/facebooks-libra-2-0/
It’s time to strengthen the regulation of crypto-assets. Timothy Massad. The Brookings Institution. March 18, 2019. https://www.brookings.edu/research/its-time-to-strengthen-the-regulation-of-crypto-assets/
Demystifying Crypto: Digital Assets and the Role of Government. Timothy Massad. U. S. Congress Joint Economic Committee. November 17, 2021. https://www.jec.senate.gov/public/_cache/files/cde35d8e-64ba-4af3-aea9-5cb0ff07aacc/massad-testimony.pdf
Crypto and Digital Assets: Ensuring Investor Protection and Market Integrity in the Face of New Technologies. Timothy Massad. Securities and Exchange Commission Investor Advisory Committee. December 2, 2021. https://www.sec.gov/spotlight/investor-advisory-committee/iac120221-agenda.htm
About the podcast:
How Tech Becomes Law is a weekly public inteEngineering is the Key to the Debate Over Whether to Create a CBDCrest tech podcast about technology, public policy, and career advice. We are your co-hosts, Jinyan Zang and Dhruv Gupta. Each episode uncovers insights from leaders in government, business, journalism, and academia to highlight how technology can be built in the public interest. Interviewees discuss how technology can move society forward, what role they play in shaping this, and how students and young professionals can impact the path forward.
We are supported by the Public Interest Tech Lab. Listen to us on your podcast platform of choice. You can find us online at howtechbecomeslaw.org and on social media channels @techbecomeslaw.
