Fight Over Stablecoin Yield Is the 'Tip of the Iceberg': TuongVy Le

Summary

TuongVy Le, General Counsel at Veda Labs and former SEC senior attorney, joins CoinDesk to discuss the market-structure draft, stablecoin yield, SEC/CFTC jurisdiction, NYSE's onchain settlement plans, and prediction-market litigation. She argues the stablecoin yield fight is part of a broader blockchain-driven shift that lets consumers capture more value and that new infrastructure will reallocate rather than destroy credit. She also sees onchain lending growth and tokenized securities as important trends, while state prediction-market suits could reach the Supreme Court.

• Le is optimistic a market-structure bill can pass in coming weeks but flags SEC exemptive authority ambiguity.
• She says the stablecoin yield fight is the tip of a broader consumer-finance paradigm shift.
• She doubts stablecoin yield would collapse the U.S. credit system and expects credit to reallocate.
• Onchain lending protocols like Aave have grown, potentially reducing banks' default lending role.
• NYSE's onchain issuance and trading plan could unlock disintermediation benefits if it avoids recreating old intermediaries.
• Prediction-market lawsuits by states and tribes create a likely circuit split and possible Supreme Court review.
• Le says privacy and zero-knowledge cryptography will become essential for blockchain scaling.
• She believes incumbent financial institutions are not waiting for legislation and the broader blockchain trend will continue.