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The entry of crypto into banking is disrupting the world of financial services so quickly and unpredictably that regulators are far behind, potentially leaving consumers and financial markets vulnerable. https://t.co/xSZwB6oYN9
— Jonathan Lemire (@JonLemire) September 5, 2021
Haven't paid attention to crypto lately? you can start here. As a historian, I am struck by the article's use of "traditional"--yes, FDIC insurance is a "tradition" but one that goes back only to 1930s. "Traditional chartered banks" have state histories https://t.co/BIss6vFeWH
— Rebecca L. Spang (@RebeccaSpang) September 5, 2021
Spot the contradiction in the @nytimes
— Leighton ?? (@lay2000lbs) September 5, 2021
1. Don’t use stable coins because they aren’t backed by anything.
2. Ban banks from holding deposits backing stable coins. https://t.co/ZmNyiE7Psf pic.twitter.com/wqoFzm5Pqd
JUST POSTED: Federal banking regulators are a cautious bunch, careful re every word to avoid unintended market shifts. Yet they've offered repeated warnings recently re potential economic threat presented by cryptocurrency's so-called stablecoins What's up?https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
Move fast and break things, part infinity. https://t.co/GrJ2NVQzV7
— Roger McNamee (@Moonalice) September 5, 2021
Preventing users from getting token airdrops and earning revenue from non-custodial and immutable smart contracts is not "protecting investors," it's protecting the establishment and financial rent-extracting middlemen through regulatory capturehttps://t.co/06Fo9k8jb5
— ChainLinkGod.eth 2.0 (@ChainLinkGod) September 5, 2021
The rapid move by cryptocurrency into banking is setting off alarms in Washington. There's a surge in crypto platforms offering bank-like services, giving out billions of dollars in loans and super high-yield on deposits--all without FDIC insurance. https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators in Washington scrambling to catch up. https://t.co/6yTnVwfgyH
— NYT Politics (@nytpolitics) September 5, 2021
1/ @NYtimes story on #crypto/#banking deserves a thoughtful reply. Issue isn't black & white: anti-crypto forces try to paint us all w/ a broad brush. Bad actors deserve to be called out, but the article ignores fact that regulatory-compliant firms exist. https://t.co/IUYTctBGfV
— Caitlin Long ? (@CaitlinLong_) September 5, 2021
Cryptocurrency was created, in part, to break free of sovereign control and the dollar. But now cryptocurrency coders have built a parallel crypto banking system where a dollar-based "stablecoin" is king. And the risks are real--and largely unregulated. https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
This Sept 5 @NYTimes article is mandatory reading. Front page print edition.https://t.co/Vc7jJVMndh
— Erik Voorhees (@ErikVoorhees) September 5, 2021
Observe how they cast the issue as one of "protecting the public" when what they mean is protecting the fiat banking system.
It cannot be protected, for it is already over.
Shadow banking, rampant speculation, poor regulation and zero consumer protections—if memory serves, those were all key ingredients to the 2008 financial crisis. https://t.co/VGuMSOFkua
— Jen Metzger (@JenMetzgerNY) September 5, 2021
Read @EricLiptonNYT & @el72champs on the financialization of crypto — and how unprepared regulators are to handle it https://t.co/zEPY3Jakl0
— Emily Flitter (@FlitterOnFraud) September 5, 2021
The horse and buggy industry is getting increasingly concerned about the advances made by the upstart motorcar industry. https://t.co/KAAGYEK64B
— Jeffrey A Tucker (@jeffreyatucker) September 5, 2021
1/ @NYtimes story on #crypto/#banking deserves a thoughtful reply. Issue isn't black & white: anti-crypto forces try to paint us all w/ a broad brush. Bad actors deserve to be called out, but the article ignores fact that regulatory-compliant firms exist. https://t.co/IUYTctBGfV
— Caitlin Long ? (@CaitlinLong_) September 5, 2021
Cryptocurrency was created, in part, to break free of sovereign control and the dollar. But now cryptocurrency coders have built a parallel crypto banking system where a dollar-based "stablecoin" is king. And the risks are real--and largely unregulated. https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
we are all making too much money and having too much fun outside of their walled garden
— Mike DAOdas (@mdudas) September 5, 2021
they are worriedhttps://t.co/RItOz1noc1
JUST POSTED: One of the defining challenges facing the Biden administration-and federal regulators he has appointed-is how to confront rapidly shifting world of cryptocurrency and its move now into old-school banking. A NYT examination, with @el72champs https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
The rapid move by cryptocurrency into banking is setting off alarms in Washington. There's a surge in crypto platforms offering bank-like services, giving out billions of dollars in loans and super high-yield on deposits--all without FDIC insurance. https://t.co/0UD19WP7yb
— Eric Lipton (@EricLiptonNYT) September 5, 2021
“@rleshner, 37, started Compound in 2018 after spending a year in a tiny attic office sublet in the Mission district in San Francisco with five colleagues, experimenting with a computer program that would become part of the foundation of the DeFi movement”https://t.co/8wMZ3htFOH
— Robert Leshner (@rleshner) September 5, 2021
This Sept 5 @NYTimes article is mandatory reading. Front page print edition.https://t.co/Vc7jJVMndh
— Erik Voorhees (@ErikVoorhees) September 5, 2021
Observe how they cast the issue as one of "protecting the public" when what they mean is protecting the fiat banking system.
It cannot be protected, for it is already over.
Preventing users from getting token airdrops and earning revenue from non-custodial and immutable smart contracts is not "protecting investors," it's protecting the establishment and financial rent-extracting middlemen through regulatory capturehttps://t.co/06Fo9k8jb5
— ChainLinkGod.eth 2.0 (@ChainLinkGod) September 5, 2021
Sen. Elizabeth Warren says ‘crypto is the new shadow bank’https://t.co/GFBGUqhGdF
— The Block (@TheBlock__) September 5, 2021
エリザベスウォーレン上院議員は「クリプトは新しいシャドウバンクです」と言いますhttps://t.co/w42ngqFAAg
— コイン海外速報 -仮想通貨ニュース- (@CoinNewsFlash) September 5, 2021
Crypto’s Rapid Move Into Banking Elicits Alarm in Washington https://t.co/ob1dFpSMYU
— DJ Peter Vas (@PeterVas6) September 5, 2021
Disrupting centralized institutions is what it’s all about. Crypto’s Rapid Move Into Banking Elicits Alarm in Washington https://t.co/6q8advpb23
— David Ben Kay (@DavidBenKay) September 5, 2021
GFMC executive director @leereiners tells the @nytimes that stablecoins resemble bank deposits without FDIC insurance https://t.co/WpQ4Mahff4
— Duke GFMC (@DukeGFMC) September 6, 2021
This isn't going to end well.
— James Doleman (@jamesdoleman) September 5, 2021
https://t.co/ipdBVIWw9Y
ICYMI: Sen. Elizabeth Warren says ‘crypto is the new shadow bank’https://t.co/GFBGUqhGdF
— The Block (@TheBlock__) September 5, 2021
As More #ConsumersBank With #Crypto, #Washington Sounds the #Alarm: NY Times https://t.co/yHzV1pFg3I #fintech #regulation #bitcoin #ethereum #blockchain #NYTimes @KReyofCoinDesk @CoinDesk pic.twitter.com/GeworWcMfl
— Spiros Margaris (@SpirosMargaris) September 6, 2021