3 STABLECOINS AND THE FUTURE OF MONEY
by Christian Catalini and Jai Massari
In late 2021, U.S. Securities and Exchange Commission Chair Gary Gensler made a strong statement: It’s time to regulate cryptocurrency markets. He is not the only regulator who believes this. Jerome Powell, chair of the Federal Reserve, issued an urgent call for regulation of stablecoins—cryptocurrencies that are pegged to a reference asset such as the U.S. dollar—and Federal Reserve Governor Lael Brainard signaled that the case for the Federal Reserve to explore a central bank digital currency (CBDC) in response to stablecoins seems to be getting stronger.
Regulators typically only pay this level of attention to systemically important segments of the financial system, ...
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