Stablecoins are marketed as a “killer app” that can perform three roles simultaneously.[1] They aspire to operate as a money-market instrument with a state-of-the-art holding system.[2] They not only bridge real-world accounts and blockchain wallets but aim to …

Since the Second World War, the U.S. dollar has been the dominant global currency for trade, settlement, and reserve purposes. As other countries seek to move away from the dollar system, key U.S. policymakers believe that the rise of dollar …

In a new article,  I examine how the role of derivatives in the crypto industry compares in terms of sophistication and leverage with their role in traditional finance.  Engaging in the first qualitative and empirical analysis of the issue, …

Stablecoins have emerged as a central pillar of the digital asset ecosystem, offering a bridge between traditional fiat currencies and decentralized finance. The GENIUS Act, a stablecoin regulation proposal, is advancing with bipartisan support through the U.S. Senate.^[1] Given …

One of the primary attractions of cryptocurrency, for libertarians and blackmailers alike, is its relative freedom from the governmental oversight and involvement that comes with traditional currency.  Yet this anti-government tilt is a problem where chapter 11, or bankruptcy generally, …