How Stablecoin Work Shaped Policy Views

Chastity Murphy, former Senior Advisor at the U.S.Treasury and Visiting Research Fellow at the University of Manchester, shares her experiences working on digital money legislation, including the Stable Act. She reflects on the transition from cash to digital payments along with her current research developing offline, anonymous public interest payment systems.

Key Takeaways:

• How early stablecoin legislation shaped our understanding of digital money, privacy, and consumer protection

• The gap between technologists and policymakers in understanding digital money

• Real-world risks of surveillance and data visibility in financial transactions

• The potential for new cryptographic capabilities like selective disclosure and zero-knowledge proofs

• Practical approaches for creating offline, anonymous, and interoperable digital payment systems that don't sacrifice usability

Guest Bio:

Chastity Murphy is a Visiting Research Fellow at the University of Manchester's Law & Technology Initiative, and one of the leading architects of privacy-preserving digital public money. A former Senior Advisor at the U.S. Treasury Department, she helped shape federal policy on central bank digital currency (CBDC) and digital payments, building on her earlier work as the first congressional staffer (under Rep. Rashida Tlaib) to draft stablecoin legislation.

Her current research at Manchester's Digital Public Money Infrastructure (DPMI) project explores how cryptography and shield-law protections can make digital money safe for people—not platforms. The work prototypes use cases such as anonymous public-interest payments and privacy-secure disbursement systems for reproductive-health providers, disaster aid, and humanitarian relief. This work focuses on ensuring that the right to transact safely endures across political climates, crises, medical emergencies, and everyday use.

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