Brendan Greeley

We have those.

We know how they work.

And so I think there's only one innovation in finance.

It's not completely true.

But like the most prominent innovation in finance, which we run into again and again and again, is putting runnable liabilities on one side of the balance sheet and crap assets on the other side.

That's it.

That's the innovation.

And so I think that the danger we run into with crypto is that all these things that are presented as technical innovations...

are actually financial sleight of hand.

The technology is not that important.

The finance we know, we understand, we can grasp.

There's a reason why we have the SEC in the United States.

It's because stocks all went belly up in the 1930s.

There's a reason why we have the FDIC and the Comptroller of the Currency and state bank regulators in the United States.

It's because even though we're grateful for bankers for being risk takers and innovators, and we have to make sure that we know what's on their balance sheets.

We gotta be hard nosed and like take a clear look at them.

and make them prove what's on their balance sheets.

So what we've done in the United States with stablecoins, for example, is we've taken the regulatory status of Antebellum America and recreated it.

There's no deposit insurance on stablecoins right now in America, and they're regulated by the states.

We tried this.