Usual Money CEO Pierre Person Discusses Innovation and Regulatory Challenges in the Crypto Space
Staff Writer • 2024-08-30
The Stonks Go Moon podcast has quickly become a platform where industry leaders dissect the latest developments in finance and technology. In a recent episode, the show welcomed Pierre Person, former member of the French National Assembly and current CEO and Co-Founder of Usual Money, to discuss the intersection of politics, regulation, and innovation in the cryptocurrency space. Bridging Politics and Crypto: The Usual Money Approach Pierre Person's journey from politics to entrepreneurship is one that uniquely positions him to navigate the complex world of crypto regulation. During his tenure in the French National Assembly, Person played a pivotal role in shaping France's crypto asset legislation, a background that now influences Usual Money's strategic approach. "As you know, there's nothing more challenging than crypto regulation," Person remarked. "New technologies constantly push the boundaries of existing frameworks. My experience in the Assembly gave me an advantage in understanding the regulatory landscape and creating a setup that attracts capital while reducing risk." Person emphasized that France and Europe offer clear and transparent rules, which he believes are crucial for fostering innovation in decentralized finance (DeFi). "It's not just about Usual Money," he noted. "It's about creating an environment where every entrepreneur can build with confidence." Stablecoins: The Future of Commercial Money Person also touched on the future of stablecoins, asserting that they represent a new form of commercial money. However, he expressed concerns about existing regulations, particularly those that he believes favor traditional banks over innovative fintech solutions. "Stablecoins like Usual Money's are the future of commercial money," Person explained. "But the regulatory framework has been designed to slow down their development. We need rules that encourage competition, especially in Europe, where most stablecoins are denominated in US dollars." Despite these challenges, Usual Money's stablecoin has maintained stability and growth, even during recent market turbulence. "Our stablecoin is backed by real-world assets, allowing us to maintain stability and attract a growing community," Person said. A Vision for a Decentralized Future Usual Money's strategy is clear: decentralization and community ownership. Person envisions a fully decentralized on-chain protocol where users not only contribute to the network but also share in the value it generates. "We're creating a protocol that is transparent and decentralized," Person stated. "Unlike traditional stablecoin issuers, we want to distribute ownership and value to our users. It's about building a future where the community has a say in the direction of the protocol." Challenges and Opportunities in France's Crypto Landscape When asked about the challenges of operating a crypto business in France, Person highlighted the high cost of hiring talent and the lack of venture capital (VC) funding as significant hurdles. However, he remains optimistic, noting that Usual Money's remote-first approach allows them to attract top talent from around the world. "France has some of the best engineers in the world," Person acknowledged. "But we need more VC funding in Europe and a tax system that supports innovation. Despite these challenges, Usual Money has grown to become the leading DeFi issuer in France, and we're committed to staying here." Balancing Innovation with Regulation As a strong advocate for tech innovation, Person has also faced criticism for his push towards deregulation. However, he believes that a balanced approach is necessary to protect consumers while fostering growth. "We need to find an equilibrium," Person concluded. "It's not about being completely for or against crypto. It's about understanding the future of crypto and creating pragmatic solutions that protect consumers while allowing innovation to thrive."
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