7 months ago
VanEck’s head of integer assets research, Matthew Sigel, criticized a caller US Treasury Department’s views connected integer assets successful a recent report, claiming it had an anti-stablecoin stance based connected outdated world views.
Sigel stated that the Treasury relied connected a azygous world survey by Gary Gorton and Jeffery Zhang to warrant a penchant for centralized fiscal systems. Additionally, helium said the study’s US-centric humanities investigation promotes a “recycled narrative” that backstage wealth is inherently unstable, deeming it misleading.
Sigel added:
“History from different countries shows that backstage currencies don’t automatically pb to instability — erstwhile the close checks and balances are successful place, they tin beryllium conscionable arsenic reliable arsenic government-issued money.”
The Treasury Department’s papers had affirmative remarks astir representing existent assets connected the blockchain, a process known arsenic tokenization. It added that stablecoins and tokenization could reshape the fiscal landscape.
However, it warned of imaginable stableness risks related to stablecoins and argued that their increasing reliance connected Treasuries presents risks if near unregulated.
Outdated arguments
Sigel argued that Gorton and Zhang’s survey circulates wrong an world “echo chamber,” reinforcing US-specific concerns without acknowledging planetary precedents. He said stablecoins person shown the imaginable to relation securely nether due regulatory frameworks worldwide.
Additionally, Sigel criticized the examination betwixt 19th-century wildcat banknotes and stablecoins, arguing that the Treasury’s stance fails to see however backstage integer currencies tin run successful a unchangeable mode successful modern fiscal ecosystems.
He added that modern stablecoins person real-time information and transparent transactions that are acold removed from the chaotic environments of the past, and the aged problems bash not use to them.
Sigel concluded with a telephone for broader, planetary scrutiny. He believes knowing the imaginable of stablecoins and backstage integer currencies requires moving beyond US-only perspectives and drafting connected planetary fiscal experiences.
Additionally, Sigel urged US regulators to follow a much inclusive presumption that reflects the realities of an interconnected, integer planetary economy.
The station VanEck expert criticizes US Treasury’s outdated stance connected stablecoins appeared archetypal connected CryptoSlate.
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