Reading list
Shortform reading
This is an incomplete list of the shortform reading (and listening and watching) I’ve been doing lately.
Monopoly Round-Up: The Slow Death of Banking in America
Crypto interests came after the local banker last week in a bitter Congressional fight. They didn't win, but it's not over. Plus, the "Mamdani effect" is real, and Canada aligns with China.
Forcing Bank Deposits to Subsidize Stablecoins: the GENIUS Act
Whatever else one might think about stablecoins or the GENIUS Act, its insolvency provisions are an absolute mess, both conceptually and in drafting. If the GENIUS Act becomes the law, we're in for a FUBAR situation when a stablecoin issuer ends up insolvent. Even more concerning, if a bank custodian for a stablecoin issuer's reserves ends up insolvent, the claims of the stablecoin investors will come ahead of the bank depositors. That's right. Crypto comes ahead of ma-and-pa.
The effect: stablecoins are being subsidized by bank deposits. Now that's GENIUS.