Bitcoin Magazine Podcast Washington's Crypto Power Grab Explained | Bitcoin Policy Hour Ep. 19
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Oct 29, 2025 Ken Egan, Director of Government Affairs at the Bitcoin Policy Institute, dives into the intricate web of crypto regulation in D.C. He unpacks how a leaked DeFi memo has stalled bipartisan talks and the implications for self-custody rights. The discussion expands to the Fed's new 'skinny accounts' for stablecoining and the potential reshaping of banking by innovative crypto solutions. Egan also highlights the intersection of national security and quantum technology, emphasizing the urgent need to safeguard Bitcoin against future threats.
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Fed Moves Toward Modular Access
- The Fed's 'skinny accounts' signal a move toward modular access for stablecoin issuers rather than ad hoc discretion.
- Zack Cohen compares the shift to commoditizing access like an API for regulated participants.
Stablecoins Are Reconfiguring Banking
- Stablecoins and fintech are disintermediating traditional banking roles and expanding who can provide credit and payments.
- Zack Cohen expects Bitcoin-denominated banks and fractional-reserve Bitcoin services to emerge over time.
Regulate For Transparency, Not Gatekeeping
- Require transparency from stablecoin issuers about reserves, counterparties, and tech risks instead of heavy gatekeeping.
- Zack Cohen advises regulation that targets fraud and consumer harm while letting markets choose products.