The global stablecoin legislation discussion is increasing every day, but if you have a framework in Singapore, that's independent from the EU and the U.S., it defeats the whole purpose of having a stablecoin that's supposed to be frictionless and make global payments easier.

In this engaging episode, Jason Somensatto, Head of North American Public Policy at Chainalysis, talks all things policy with Lesley Chavkin, Head of Global Public Policy at Paxos. They explore this evolving landscape of crypto policy and the intricacies of crypto regulation, the potential for stablecoins and the impact of policy-making on the future of digital assets.

Lesley explains Paxos' global operations, including their strategic expansion in the EU and the implications of the Markets in Crypto-Assets (MiCA) framework, while sharing a behind the scenes look at their stablecoin partnership with PayPal’s PYUS, and the essential need for a robust federal regulatory regime in the U.S. to reinforce the US dollar dominance globally.

Minute-by-minute episode breakdown

2 | Lesley’s career from the public sector with the CIA and Department of Justice

4 | Navigating crypto policy through global government and financial sectors

6 | Paxos: The “OGs” of blockchain infrastructure for enterprises

8 | Understanding the digital asset stakeholders that have an impact on policy

11 | The difference between a trust structure and a traditional bank

13 | Navigating the challenges of EU’s MiCA stablecoin regulations

16 | The role of stablecoins in payments and US dollar dominance

22 | Terra Luna: Understanding why all stablecoins aren’t created equally

26 | Explaining away concerns to regulators about financial crime in digital assets

33 | The need for a stablecoin federal regulatory program in the USA

39 | The future of stablecoin regulation and global financial innovation

41 | How governments could benefit by using stablecoins

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: PAXOS: Blockchain infrastructure for enterprises
Blog: Stablecoin Policy 101: Dispelling 7 Common Misconceptions About Stablecoins
Blog: Stablecoin Policy 101: State vs. Federal Regulation of Stablecoin Issuers
Blog: Global Dollar Network and USDG: Reshaping the Future of Stablecoins
Blog: 2025 Crypto Crime Report Preview: $2.2 Billion Stolen from Crypto Platforms in 2024, but Hacked Volumes Stagnate Toward Year-End as DPRK Slows Activity Post-July
Chainalysis In Action: Operation Spincaster lands in Delta: Local police equipped to trace and freeze millions from scam wallet
YouTube: Chainalysis YouTube page
Twitter: Chainalysis Twitter: Building trust in blockchain
Tik Tok: Building trust in #blockchains among people, businesses, and governments.

Speakers on today’s episode

Jason Somensatto *HOST* (Head of North America Public Policy, Chainalysis)
Lesley Chavkin (Global Head of Public Policy, Paxos)

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Reshaping the Future of Stablecoins

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