The Stablecoin Train Is Leaving the Station

In the meantime, other countries will use their head start in regulating this rapidly evolving technology to grab a share of this new field in ways that could undermine U.S. financial leadership. Would it matter if a Swiss-issued, euro-backed stablecoin took market share away from dollars? Maybe not so much. But what if China, which is already working with Russia and other allies on crypto solutions that bypass the dollar in foreign trade, fills the vacuum?

 

I suppose I shouldn't complain too much. The world might be a much better place if the U.S. squanders this opportunity to turn open-access protocols and the natural demand for dollars into a new form of domination. 

 

But the flip side is that if, as expected, the legislative process in the U.S. drags on for a lot longer, it will perpetuate the existing system of Washington-regulated, Wall Street-managed surveillance. That's a system that puts bank compliance officers and many other types of middlemen into subtle but powerful rent-seeking positions within the global financial system, imposing trillions of dollars in unnecessary costs and often insurmountable barriers to financial access on every person on earth. 

 

It's time to act.

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