Yes, the prognosis continues to look bleaker. The modern story of monetary manipulation by the government via the Fed, marked by spending increasingly unmoored from GDP, is known to TJ readers. The problem has fomented successive bubbles, from dot.com, to real estate, to derivatives. At the moment, the dollar itself is the bubble, as world...
The U.S. treasury has recommended the federal government continue researching the prospect and possible impacts of a digital dollar. The department urged continued “policy and technical work on a potential central bank digital currency (CBDC) so the United States is prepared if a CBDC is determined to be in the national interest.” Treasury secretary Janet...
After years of preparation, Ethereum—the world’s second most popular digital currency after Bitcoin—has completed its transition from the standard Proof of Work (PoW) method of validating transactions and adding new coins to the alternative called “Proof of Stake” (PoS). In PoW, new coins are created by participants solving complex mathematical problems using massive computer power....
CATO INSTITUTE ANALYST WARNS AGAINST FED CBDC PUSH Nick Anthony of the libertarian Cato Institute has strongly criticized a White House summary factsheet drawn from just released agency reports on digital assets. Anthony, a policy analyst with the Cato’s Center for Monetary and Fiscal Alternatives, made his comments in an interview with the Daily Caller...
It’s the American Way. The Crypto industry is quickly catching on to how friendlier legislative stances develop in Congress. It’s a road paved with money. Last week The Blockchain Association, with more than 90 industry members, announced the formation of their “BA PAC,” adding to an already concerted effort by players in the sector to...
A series of Federal reports on cryptos were made available last week as part of the Biden administration’s directive for a whole of government approach to digital assets. The reaction from the largest crypto groups? Color them underwhelmed. Industry group The Blockchain Association said the reports provided no concrete clarity, and lacked “substantive recommendations.” Republicans...
The federal Commodity Futures Trading Commission (CFTC) should have a Congressionally authorized role in regulating “non security tokens and related intermediaries” as long as that role does not infringe on the Security and Exchange Commission’s (SEC’s) broader authority over the industry, SEC chair Gary Gensler told a crypto industry conference on 8 September. Gensler has...
Cryptocurrencies’ crash in recent months proved that established and regulated financial houses, not just start-ups, should offer cryptocurrency platforms and services, Piyush Gupta, CEO of DBS, Singapore’s biggest bank, told the Financial Times. Trusting larger institutions that can implement “guard rails” for crypto speculators will better protect players and help stabilize crypto values, he said. ...
Despite crypto firms’ persistent complaints that the U.S. Securities and Exchange Commission (SEC) is unfairly targeting them for scrutiny, the agency will not reduce its oversight, SEC enforcement director Gurbir Grewal said on 9 September at a Washington conference. The SEC has a duty to protect naïve, poor, and minority investors, Grewal added. Crypto’s recent...
WEAK CONGRESS, STRONG BUREAUCRACY: THE DIGITAL DOLLAR QUESTION When Congress has to write a letter pleading to know whether the Federal Reserve has the extraordinary power to introduce a CBDC without an explicit authorization from the nation’s highest legislative branch, that’s a problem. That’s exactly what happened this past week, when several Republican lawmakers pressed...
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