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On the Brink Podcast: George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking

On the Brink Podcast | Aug 2, 2021

on the brink podcast George Selgin on stablecoins bitcoin and free banking - On the Brink Podcast:  George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking

George Selgin, director of the Center of Monetary Alternatives at the Cato Institute joins the show to discuss Bitcoin, Free Banking, and stablecoins. In this episode:

  • Why George refers to Bitcoin as a synthetic commodity money
  • Why George was excited by the possibility for synthetic commodity money
  • What conditions would have to hold for Bitcoin to be considered money
  • Why money is a spectrum rather than binary
  • Are stablecoins prone to bank runs?
  • Is Tether’s melange of underlying collateral sufficient?
  • How should stablecoins be regulated?
  • Why are regulators looking into stablecoins today?

See: 

FCA Chair Charles Randall Discusses Crypto, Stablecoins and Digital Asset Regulation

More regulation coming: SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps

Minister Freeland releases final report with 34 recommendations on Open Banking from the Advisory committee

  • Comparing stablecoins to Money Market Mutual Funds
  • Why money market funds broke the buck in 08
  • Are stablecoins as systemic as money market funds?
  • George’s objections to Gorton and Zhang’s paper on free banking and stablecoins
  • George’s definition of free banking
  • Was the 1830s-60s period in the U.S. a period of genuine free banking?
  • The actual causes of bank failures in the pre-Civil War period
  • Why ‘unit banking’ was so fragile
  • What lessons can be taken from Canada’s experience with free banking in that era
  • Why the history of Free Banking is a red herring in the stablecoin debate
  • George’s recommendations for a primer on free banking
  • George’s reflections on Hal Finney’s reference to his work
  • Why bank failures are often the consequence of regulation


NCFA Jan 2018 resize - On the Brink Podcast:  George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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