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Rachael Horwitz
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The Financial Times take on stablecoins ladies and gentlemen
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Rachael Horwitz
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I’ve always thought “wallet” is not the best name for what we are talking about in crypto and kinda misleading, bet people who don’t pay attention to crypto are confused today. What do you think is a better name for the function of crypto wallet?
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I think crypto legislation in the form of the GENIUS Act passing is really similar to the encryption wars of the 90's. Like encryption, crypto has potential for both innovation and carries new legal/social risks. In the 90's the U.S. faced a choice: restrict a powerful technology out of fear, or embrace and regulate it wisely. We embraced encryption (after a lot of backlash to the Clinton admin earlier proposals) and the result is the secure web, e-commerce, messaging, and the modern internet as we know it. GENIUS represents a really similar crossroads IMO.
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Next time someone claims crypto is uniquely dangerous for sanctions evasion or terror financing, remember this story: in 2023, Iran-backed militias exploited Visa & Mastercard networks to move billions using prepaid cards, cross-border arbitrage, and FX gaps in Iraq. $450M+ in profits for U.S.-sanctioned groups. So while Visa/Mastercard themselves didn’t violate sanctions (since their Iraqi partners weren’t sanctioned at the time), the scheme functionally enabled sanctioned entities to circumvent U.S. restrictions. All of this happened using traditional financial plumbing considered safe and compliant.
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Boring (cool) stuff w/ tailwinds in crypto: > Payments (stablecoins) > Tokenized assets > Going public onchain > Zero knowledge proofs (data privacy) > Crypto-native social media > Next chapter for DeFi - accountability, transparency, institutional-grade rigor for auditable, programmable finance
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I really need X to work b/c can you imagine talking about stablecoins on Bluesky?
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