Brian Armstrong: belief

Transcript context

…Are stablecoins mostly about regulatory arbitrage? Because they’re less regulated than banks. But if they were regulated at the same level, why would I want a stablecoin rather than a traditional bank account? That’s true. I think if you needed to go through all of the overhead to open an account to store stablecoins, then it would lose a lot of the value. I agree with that. Part of what’s innovative about stablecoins is that with a self-custody wallet, you can be anywhere in the world, just have a smartphone and open an account in a few minutes. That’s a big deal. There are a lot of people in the world who wish they could open a bank account, but they’re unbanked, they’re underbanked — all these kinds of words. Where do you think the changing regulatory landscape is headed? If you think about the Bank Company Holding Act of 1987, among other things, it creates a certain separation between banks and commerce. And so far as fintech and banks either work together or use each other’s ideas — that seems to break down the traditional separation between banking and commerce. That, in turn, gets the FDIC worried about the values of which assets they’re actually protecting. What’s the long-run regulatory equilibrium there?…

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