Introduction: 0:00

• Heath Tarbert, Chief Legal Officer and Head of Corporate Affairs at Circle, joins the podcast.
• Formerly worked in public service as Chair and Chief Executive of the CFTC under President Donald Trump, Acting Under Secretary of International Affairs at the Treasury Department, Associate Counsel to the White House during the financial crisis, Supreme Court Clerk, and more.
• Why he went to law school.
• Mentors who shaped his point of view.
• Learning about humility from SC Justice Clarence Thomas.

Building a career around banking and financial markets: 8:53

• Heath on starting his pre-law career in accounting and finance.
• Becoming the White House counsel right before the financial crisis began.
• Working on the Dodd-Frank act.
• Pushing for more bipartisan financial legislation.
• How corporations can help make financial legislation more purple.

Being picked to lead the Commodity Futures Trading Commission: 16:50

• Heath on the purpose of the CFTC.
• Being chosen because of his understanding of international markets.
• Having to learn about agriculture and energy after accepting the job.
• Regulating markets during the early days of the COVID-19 pandemic.

Advice to young people considering careers in politics and public service: 22:13

• Heath on dealing with political difficulties of a career in Washington.
• Adopting stoicism.
• Accepting the things that are out of your control.
• Recognizing the amount of control you have over markets in these public roles.
• Managing stress and taking principled positions during crises.

Breaking down CFTC regulation of cryptocurrencies: 30:17

• Heath on why some crypto currencies are viewed as commodities.
• Why it’s important for the FTC and CFTC to work together.
• The positioning of fiat currency products like stablecoins.

Why the CFTC chose to engage with cryptocurrencies: 37:26

• Heath on why the government can’t ignore crypto.
• Comparing crypto to online calling.
• Moving existing and expensive systems onto the internet.
• Removing systemic risk from reliance on financial institutions.
• Serving people who are left out of the current financial system.

Why Heath joined Circle as Chief Legal Officer: 41:40

• Heath on working for a mission-driven company.
• Envisioning the future of online financial transactions.
• Working with a stablecoin backed by fiat currency. 
• The importance of stablecoin to the future of the US dollar.
• Seeing the US fall behind Russia and China in digital currencies.
• Feeling joy in explaining how stablecoins operate.

Should lawyers move beyond legal into business operator roles?: 47:15

• Heath on using your legal background to give you an edge on the executive team.

Rapid-fire questions: 49:16

• Heath’s favorite part of the day-to-day.
• Professional pet peeves.

Book recommendations: 53:31

• The Enchiridion of Epictetus

What Heath wishes he’d known as a young lawyer: 55:21

• Heath on living in the present.