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New regulation to solve stablecoin problems is a chimera: Gregory Zerzan

Gregory Zerzan, who served at the U.S. Department of the Treasury, the U.S. Department of the Interior, and as legal counsel to the House committees on Agriculture, Financial Services, and Energy & Commerce participated in the 4th Annual Security Token Summit 2022 for an exclusive session to discuss the government regulations on the cryptocurrency industry.

The Terra Luna crash has shaken the world of cryptocurrency and people’s belief systems. A lot of the discussions during the summit was revolving around this topic. Discussing the possibilities of new regulations protecting investors from such a catastrophe, Zerzan said no one is forced to buy a stable coin and that there are no shortages of laws describing what our deposits and our securities are. 

“The idea that some new law is now going to solve whatever the alleged problem is, is a chimera. It's simply not true and it's not going to happen.”

He added that it is very much possible that there will be actually some sort of new regulatory push on stablecoin. He raised the question if anyone would benefit from that. He believes people who want institutional stability would benefit from that.

“I don't think anyone told me I had to buy Luna, it was a choice I made. So I would agree and disagree with my colleagues. We're all members of the same political organization,” Zerzan added while justifying his stance against new regulations.

The session was called “Government Regulation: Lessons Learned and the Path Forward” with Bruce Fenton, Targ Patience of idclear, Gregory Zerzan of Jordan Ramis PC, Jay Clayton of Sullivan & Cromwell, and Hon. J Christopher Giancarlo of Willkie Farr as the panelists. The session was hosted by Susan Li, from Fox Business.

Produced by Blockchain Venture Studio Draper Goren Holm, Security Token Summit is a high-end, Security Token & Digital Securities focused event. It features a robust agenda spanning a variety of themes such as custody, compliance, regulation, investing, marketing, tokenization, standards, issuance, and real estate.

About Gregory Zerzan:

With a background at the U.S. Department of the Treasury, the U.S. Department of the Interior, and as legal counsel to the House committees on Agriculture, Financial Services, and Energy & Commerce, Gregory Zerzan focuses his practice on advising national and global clients in their interactions with Congress and federal agencies. He advises clients in the financial services, energy, natural resources, and technology industries on their relationships with the federal government, including pursuing legislative and regulatory changes, responding to government inquiries, and preparing for hearings and appearances before Congress and federal agencies. With a first-hand understanding of the legislative and regulatory processes, he understands the challenges of navigating difficult issues involving the federal government. Frequently appearing on television as a national media commentator, he has published analyses on issues facing American businesses in leading publications including The Wall Street Journal, Forbes, and The Washington Times.

 

About Draper Goren Holm

Draper Goren Holm, a partnership between Tim Draper, Alon Goren, and Josef Holm, is a venture studio and fund focused on accelerating and incubating early-stage blockchain and fintech startups, while simultaneously producing the industry’s top cryptocurrency events, Security Token Summit, Global DeFi Summit, and LA Blockchain Summit. Portfolio companies include LunarCRUSH, Return, H2Crypto, Tezos Stable Technologies, Totle, Ownera, Degens, Giftz, Vertalo, CasperLabs, Rivet, Simetria, and more. More information can be found at https://drapergorenholm.com.