A Princeton financial historian has delivered what may be the least surprising warning in the history of financial warnings: that giving the crypto industry access to the heart of the banking system, without any of the regulations that keep banks from exploding, may cause the crypto industry to explode.
Speaking on the Financial Times “Unhedged” podcast, Brendan Greeley argued that stablecoins—digital tokens pegged to the dollar—are not a financial innovation but a reinvention of banking, minus centuries of development of regulatory safeguards. Crypto is “finance as if the past never happened,” he said.
