Money, Not Crypto: The BoE’s Systemic Stablecoin Blueprint
The Governor of the Bank Of England, Andrew Bailey in the FT sets out a systemic stablecoin regime that is open to innovation but anchored in money-like standards. The Bank of England’s three tests are clear: (1) risk-free backing assets; (2) deposit-style protection—insurance and a statutory resolution placing holders as preferred creditors; and (3) direct, uniform 1:1 convertibility into fiat, not reliant on crypto exchanges.
The Myth of a Neutral Fed is Over
This confrontation is sharpened by the electoral cycle. Trump’s allies fear that if a recession hits in the coming year, the Fed—staffed by figures they regard as part of a liberal establishment—will stand aside rather than act decisively to rescue the economy.