The global stablecoin legislation discussion is increasing every day, but if you have a framework in Singapore, that's independent from the EU and the U.S., it defeats the whole purpose of having a stablecoin that's supposed to be frictionless and make global payments easier. In this engaging episode, Jason Somensatto , Head of North American Public Policy at Chainalysis , talks all things policy with Lesley Chavkin , Head of Global Public Policy at Paxos . They explore this evolving landscape of crypto policy and the intricacies of crypto regulation, the potential for stablecoins and the impact of policy-making on the future of digital assets. Lesley explains Paxos' global operations, including their strategic expansion in the EU and the implications of the Markets in Crypto-Assets (MiCA) framework, while sharing a behind the scenes look at their stablecoin partnership with PayPal’s PYUS, and the essential need for a robust federal regulatory regime in the U.S. to reinforce the US dollar dominance globally. Minute-by-minute episode breakdown 2 | Lesley’s career from the public sector with the CIA and Department of Justice 4 | Navigating crypto policy through global government and financial sectors 6 | Paxos: The “OGs” of blockchain infrastructure for enterprises 8 | Understanding the digital asset stakeholders that have an impact on policy 11 | The difference between a trust structure and a traditional bank 13 | Navigating the challenges of EU’s MiCA stablecoin regulations 16 | The role of stablecoins in payments and US dollar dominance 22 | Terra Luna: Understanding why all stablecoins aren’t created equally 26 | Explaining away concerns to regulators about financial crime in digital assets 33 | The need for a stablecoin federal regulatory program in the USA 39 | The future of stablecoin regulation and global financial innovation 41 | How governments could benefit by using stablecoins Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Website: PAXOS: Blockchain infrastructure for enterprises Blog: Stablecoin Policy 101: Dispelling 7 Common Misconceptions About Stablecoins Blog: Stablecoin Policy 101: State vs. Federal Regulation of Stablecoin Issuers Blog: Global Dollar Network and USDG: Reshaping the Future of Stablecoins Blog: 2025 Crypto Crime Report Preview: $2.2 Billion Stolen from Crypto Platforms in 2024, but Hacked Volumes Stagnate Toward Year-End as DPRK Slows Activity Post-July Chainalysis In Action: Operation Spincaster lands in Delta: Local police equipped to trace and freeze millions from scam wallet YouTube: Chainalysis YouTube page Twitter: Chainalysis Twitter: Building trust in blockchain Tik Tok: Building trust in #blockchains among people, businesses, and governments. Speakers on today’s episode Jason Somensatto *HOST* (Head of North America Public Policy, Chainalysis) Lesley Chavkin (Global Head of Public Policy, Paxos) This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.
