How to interpret Matt 16:19?

Christ giving Peter the keys of the kingdom of heaven

At Matt 16:19, Christ says to Peter: “I will give you the keys of the kingdom of heaven; and whatever you bind on earth will have been bound in heaven, and whatever you loose on earth will have been loosed in heaven.”

This is one of the most important texts in the debates between Protestants, Roman Catholics, and Eastern Orthodox about the nature of the Church and the role of Peter. Many Roman Catholics appeal to this text to prove not only that Peter occupies a special place of primacy among the apostles, but also that he is infallibly guided by God in his decisions.

In this video below, I offer an alternative reading. My reading is compatible with all manner of ecclesiological perspectives, and yet it does not motivate a Roman Catholic notion of the papacy. See the video for more details.