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Christian Catalini

@catalini

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Several people have asked why I don’t see dollarization as a strong use case for stablecoins. While it’s currently driving adoption, and the idea of stablecoins reinforcing dollar dominance is appealing, the concept is fundamentally flawed. First, countries have the ability to make the widespread use of stablecoins very hard for consumers, and they will do so if any player gains significant scale. The reason this hasn’t happened yet is that stablecoins are still a rounding error. Libra was seen as a threat from the start due to its potential scale, and any stablecoin that reaches a similar level of regulatory attention will face the same treatment. Second, if you play this out, dollarization is a bug, not a feature. It will lead to new capital controls and won't help USD dominance. The first adopters will be the small economies facing hyperinflation—precisely the ones US Treasury is concerned about destabilizing.
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Crypto Policy Needs to Empower Builders, Not Speculators— Crypto Policy Needs to Empower Builders, Not Speculators — If the United States is to lead in crypto and AI, it needs clear rules that recognize the value these innovations can bring to the economy. Unfortunately, neither presidential candidate seems to understand this. The cryptocurrency industry is going all in on November’s US presidential election. But for all the investment it remains unclear how either candidate would approach the issue and prioritize builders over speculators. To establish the US as a leader in this strategic sector, the next administration must first replace the current lineup of hostile financial regulators, led by U.S. Securities and Exchange Commission Gary Gensler, who has consistently rejected meaningful dialogue with the industry.
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The Wells Notice to Opensea underscores SEC Gary Gensler’s approach of regulation by enforcement, continuing his trend of targeting high-profile innovators rather than creating a regulatory framework that genuinely protects investors and consumers. What’s at risk? NFTs represent a breakthrough in digital market design, enabling the differentiation of digital originals from copies. Where markets were once nonexistent or flawed, an efficient one can now emerge. Creators are no longer forced to bundle content into subscriptions or offer it free on social media, hoping to monetize later. Yet, under the current regulatory environment, much of this potential is stifled by the threat of NFTs being labeled as securities. Ironically, creators seeking to build lasting value are most at risk, while bad actors chasing quick gains are favored. https://www.forbes.com/sites/digital-assets/2024/08/29/how-the-secs-attack-on-nfts-harms-creators/
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