Crypto in the US! Clarity Act, Prediction Markets, Stablecoins vs CBDCs with Chris Giancarlo

**Chris Giancarlo** (0:00)
Let's get one thing clear as custard here, okay? There's no privacy in stablecoins. None.
Zero. The word privacy barely appears in the Genius Act. So for people who are saying, oh, CBDC is dangerous, government's gonna have all this data, there's no privacy protection in stablecoins.

**Tony Edward** (0:25)
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**Chris Giancarlo** (2:53)
It's great to be back on, back in the studio with you, Tony.

**Tony Edward** (2:56)
Absolutely. Chris, I've always enjoy our conversations because you bring a wealth of knowledge with markets and governments, and there's a lot happening in DC around crypto, and I had to get you back on.

**Chris Giancarlo** (3:08)
So glad to be here, especially at this time with so much happening.

**Tony Edward** (3:11)
Absolutely. It feels like we're at a historic moment, 250th year of the United States, and we're on the cusp of getting possibly crypto legislation.

**Chris Giancarlo** (3:20)
Yeah. In fact, Tony, I mentioned to you as we're getting ready, I've got a new book coming out in October, and it's October of 2026, so on the 250th anniversary. I spent a lot of time reflecting on how, in many ways, that revolution that took place, 250, was a decentralized network of militiamen and Yeoman farmers against a centralized order of the British hierarchy in North America, and that decentralized network destabilized that hierarchy and led to the United States, which is a government that's formed on both centralized and decentralized principles. We both have a central government, but we have local governments. We have individual rights and liberties, and yet we have centralized powers of government. And so it was a synthesis of both decentralization and centralization. And in many ways, we see the same thing going on right now in the financial system. What was a very centralized hierarchy is being challenged by a new technology based on decentralization. And in my book, I speculate what's going to result from this. Are we going to get the same synthesis of the two?
Or will the hierarchy win out in the end? Or will decentralization become the norm? It's going to be interesting to see how that plays out.

**Tony Edward** (4:33)
It's so analogous, the two situations. And while one was physical, this one is digital and around much more of currency.

**Chris Giancarlo** (4:43)
Isn't it interesting that the senator from Massachusetts of all place, in response to this decentralization challenge to centralized order, announced the formation of an anti-crypto army.