Replying to Avatar L0la L33tz

Very strongly disagree with this categorization for reasons you actually lay out very well in your article.

If we assume that BSA would be rolled back & not apply to stables this take would make sense to me, but i dont see that happening - esp after WH digital assets report.

Until then difference between stables and a CBDC is in name only imo.
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Nick Anthony 4mo ago

The Bank Secrecy Act requires existing actors to file around 27.5 million reports a year. Even if requiring stablecoin issuers to do similar reporting doubled the number of reports, then that's still a fraction of the 200 billion digital transactions Americans make each year.

I don't like either scenario. But that's a big difference in terms of state surveillance.

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Diacone Frost 4mo ago 💬 1

At best it's just reducing number of private banks, isn't it?

less competition, easier to control.

backed by cbdc instead of $ in the future.

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Nick Anthony 4mo ago

Yes, there is the risk of CBDCs speeding up bank consolidation. While not directly on CBDCs, I wrote about how the Federal Reserve has been contributing to bank consolidation since its inception in this article.

https://www.cato.org/publications/reforming-federal-reserve-part-3-a-glance-at-interventions-in-payment-services