Fed chair Jay Powell: “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital US currency.” Stablecoins – maybe, Crypo- no he is trying to reframe a discussion around digital that is really about trust.

We wrote a response to the Bundesbank  last year… “The world’s biggest banks clearly see themselves as the solution to central-bank denominated currencies. However, it is essential to recognize that money itself is not what makes economic transactions and markets function— it’s trust. What these institutions fail to recognize is that trust is the essential prerequisite for private market transactions not just currency problems… Today, investors need an operating system for on-demand access to verified private data. Because this kind of operating system isn’t currently within the purview of central banks, its significance has been ignored. It’s this private data operating system that allows payment & value to be commuted during a digitized asset transaction.” (Quote is slightly altered, but as the original author I felt free to tinker.)

Wall Street bequeathed “Too Big To Fail” on the American economy. Big Banks are no longer the only game in town thanks to DeFi, and when it comes to the currency, neither are the central banks…

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