Law & Policy

Over the weekend, I read Yesha Yadav and Brendan Malone's new article "Stablecoins and the US Treasury Market." The authors point to structural difficulties in regulating the Treasury market, and question whether it will remain a liquid collateral source as stablecoins grow. Ultimately, I think the growth of this market has many advantages, but this paper is essential reading to understand the challenges the US will face to get there. Read my writeup here and subscribe for more.

Over the weekend, I read Yesha Yadav and Brendan Malone's new article "Stablecoins and the US Treasury Market." The authors point to structural difficulties in regulating the Treasury market, and question whether it will remain a liquid collateral source as stablecoins grow. Ultimately, I think the growth of this market has many advantages, but this paper is essential reading to understand the challenges the US will face to get there. Read my writeup here and subscribe for more. 

https://open.substack.com/pub/broganlaw/p/non-newtonian-liquidity-in-treasury?r=487bq2&utm_medium=ios

broganlaw.xyz — elite legal services for $700/hr and less — you’re burning money by not hiring us 💸

Structural concerns with permissible reserve assets are the biggest unknown IMO when it comes to stablecoin legislation. Thanks for sharing.