{"id":6535,"date":"2021-07-14T16:28:35","date_gmt":"2021-07-14T16:28:35","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6535"},"modified":"2021-09-14T12:53:11","modified_gmt":"2021-09-14T12:53:11","slug":"keeping-the-dollar-public","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/07\/14\/keeping-the-dollar-public\/","title":{"rendered":"Keeping the dollar public"},"content":{"rendered":"

The public needs protection from the Wild West land grab that\u2019s now going on in money, says Rohan Grey, my guest on the latest episode of the New Money Review<\/em> podcast<\/a>.<\/p>\n

\"\"<\/p>\n

Rohan Grey<\/em><\/p>\n

Grey, Assistant Professor of Law at Willamette University in the US, was one of the authors of a controversial bill brought before the US Congress late last year, called the \u2018Stable Act\u2019.<\/p>\n

The Stable Act\u2019s objective\u2014it wasn’t passed but is due to return to Congress later this year\u2014was to protect consumers from the risks posed by emerging digital payment instruments, such as Facebook\u2019s planned new \u2018Diem\u2019 currency and other private sector \u2018stablecoins\u2019.<\/p>\n

The authors of the Act called for stablecoin issuers to be regulated as banks, a suggestion that went down like a lead balloon with much of the cryptocurrency community.<\/p>\n

Stablecoins are digital versions of existing fiat currency, such as the dollar, euro or yen. Their value has risen explosively<\/a> in recent years. They have also been called \u2018the first battleground of the coming crypto regulation wars<\/a>\u2019.<\/p>\n

Notable stablecoins include Tether, the cryptocurrency market\u2019s version of the dollar<\/a>, which has grown from $3bn to over $60bn in size in just a year.<\/p>\n

There\u2019s Circle, which is now growing even faster and whose issuer went public on the New York Stock Exchange last week. And there\u2019s tech giant Facebook\u2019s planned new version of the dollar<\/a>.<\/p>\n

Amidst all this private sector experimentation with digital money, what role is left to the state? According to Grey, we shouldn\u2019t leave the crucial discussion over the future of money in the hands of private actors.<\/p>\n

In his view, it\u2019s time for national parliaments to step up and make crucial decisions on digital money\u2019s design.<\/p>\n

This is a crucial debate and one we\u2019re going to hear a lot more about in coming years.<\/p>\n

Here are some excerpts from the podcast discussion:<\/p>\n

Why the money infrastructure is a public good<\/strong><\/p>\n

\u201cIt\u2019s a matter of democratic legitimacy. We\u2019ve seen throughout history these key infrastructural moments when we hand over control to certain private actors. Then we spend decades living in the repercussions. This is one of those moments. When it comes to the digitization of currency, this is a Wild West frontier land grab. I hope we don\u2019t end up repeating the same political dynamics of most historical land grabs.\u201d<\/p>\n

\u201cIt\u2019s a matter of democratic legitimacy\u201d<\/p><\/blockquote>\n

The risks of shadow banks and shadow deposits<\/strong><\/p>\n

\u201cIf you allow private actors to create something that walks and talks like public money, but has none of the safeguards and none of the policy oversight that comes with public money, the result is recurrent crises and systemic breakdowns, where the public has to bail out these actors.\u201d<\/p>\n

\u201cOne of the major causes of instability in the lead-up to the 2008 financial crisis was that various actors which we now call \u2018shadow banks\u2019 were issuing instruments that were effectively deposits. But in US deposit law there\u2019s a well-recognised and long-standing loophole: the definition of a deposit is as something a bank does. So if you\u2019re not a bank, by definition what you\u2019re issuing can\u2019t be a deposit, even if it walks and talks and is functionally like one.\u201d<\/p>\n

\u201cThe result is recurrent crises and systemic breakdowns, where the public has to bail out these actors\u201d<\/p><\/blockquote>\n

Stablecoin issuers should be regulated as banks<\/strong><\/p>\n

\u201cLet\u2019s be very clear. These actors are issuing a deposit, version 2.0. They should be regulated as banks, not [via] the hodge-podge, barely regulated money transmitter framework they\u2019re currently operating under.\u201d<\/p>\n

The risks in stablecoins<\/strong><\/p>\n

\u201cThe conversation ends up focusing on the asset side. Do we have enough collateral? Do we have enough reserves? In my opinion the focus should be on the liability side\u2014what are you promising? If you can\u2019t guarantee that promise under all circumstances, it\u2019s not a safe promise. I\u2019ve never seen a single theory of collateral that is actually safe.\u201d<\/p>\n

The US is now backstopping the world\u2019s shadow money<\/strong><\/p>\n

\u201cWe now have this system of international swap lines [between central banks] precisely to backstop the shadow money issued around the world, where the US is effectively the insurer of last resort for the European banking system, among others.\u201d<\/p>\n

\u201cI think Tether is a ticking time bomb\u201d<\/p><\/blockquote>\n

Tether is a ticking time-bomb<\/strong><\/p>\n

\u201cI think Tether is a ticking time bomb. The level of opacity, the level of shadiness and the track record of the people involved are extremely worrying. And huge parts of the crypto ecosystem depend on Tether. The people who are going to be hurt the most are the suckers in that ecosystem.\u201d<\/p>\n

Listen to the podcast<\/a> to hear more.<\/em><\/p>\n

I am taking a summer break – the podcast will return in September.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from\u00a0New Money Review<\/em><\/span><\/p>\n

Digital currency – a central banker’s view<\/a><\/p>\n

A new age of private money<\/a><\/p>\n

Keeping money public<\/a><\/p>\n

Breaking the buck<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The public needs protection from the Wild West land grab that\u2019s now going on in money, says Rohan Grey, my guest on the latest episode of the New Money Review […]<\/p>\n","protected":false},"author":3,"featured_media":6536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1027,1014,1011],"tags":[1213,2037,1835,1420],"class_list":{"0":"post-6535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-our-picks","11":"category-payment","12":"category-value","13":"tag-circle","14":"tag-rohan-grey","15":"tag-stablecoins","16":"tag-tether"},"yoast_head":"\nKeeping the dollar public - 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