Stablecoin regulation has become a hot topic, and for very good reason. For one thing, it’s an extremely fast-growing space. Stablecoins are also a primary way that the crypto industry interacts with the banking system. And beyond that, as we know, crises often originate from assets that promise to be safe. (Remember money market mutual funds that broke the buck during the 2008 financial crisis.) But are regulators equipped to deal with stablecoins under existing law? On this episode, we speak with Timothy Massad, the former chair of the CFTC and a current research fellow at Harvard’s Kennedy School of Government. He explains why he believes regulatory progress can be made right now with the laws that currently exist, and what a new arrangement for issuers would look like. This transcript has been lightly edited for clarity.