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/