GENIUS leaves a lot unspecified. In particular, we think people are underestimating the risks of decentralized blockchains as novel financial infrastructure. All blockchains are not created equal: Did you know the majority of stablecoin transactions are currently happening on Binance Smart Chain and Tron (see Visa's on chain analytics)? If stablecoins and tokenized assets become systemically important, then blockchains become systemically important infrastructure. Really excited to share this paper covering these risks, and others, for GENIUS-Act stablecoins. Note: I think stablecoins are exciting and offer a lot of potential. But we need to be honest about the risks, and address them.
In October I attended Project Glitch and PGP* (Pretty Good Policy) for Crypto 's DC Privacy Summit, an important event bringing together cryptographers, security hackers, academics, regulators, and policymakers. Here are some remarks I gave and a link to a...