In this episode of Unchained, Laura Shin interviews Austin Campbell about the potential U.S. stablecoin bill and its controversial provision to ban yield-bearing stablecoins. Campbell argues that this ban, driven by lobbying from banking associations, is misguided and anti-competitive, favoring large financial institutions and non-U.S. issuers while harming American consumers and small businesses. He critiques the rationale behind protecting community banks, suggesting it promotes an outdated, localized financial model and hinders U.S. competitiveness in the global digital economy. Campbell also addresses concerns about regulatory complexity, proposing that stablecoins can be structured under existing banking supervision rather than securities laws. The conversation explores the potential benefits of allowing yield-bearing stablecoins, such as providing better returns for small business owners and underbanked individuals, and concludes with a discussion on the likelihood of the ban passing and potential future legislation addressing synthetic dollars like Athena. A news segment covers stories including Circle exploring a sale, a DOJ probe into a Coinbase cyber attack, and a $260 million exploit on the SWE blockchain.
