Latest news with #WyomingBlockchainSymposium
Forbes
32 minutes ago
- Business
- Forbes
Bitcoin And Stablecoins Lead Payments Revolution In The U.S.
The pace of change in digital assets is astonishing. In less than twenty years, what began as a niche experiment has entered the global financial mainstream, shaping how money moves, how people save, and how businesses think about cross-border commerce. On August 20, 2025, Federal Reserve Governor Christopher Waller underscored that momentum during a keynote at the Wyoming Blockchain Symposium. His remarks framed payments innovation not as a speculative gamble but as the continuation of a century-long story, technology reshaping the way we transact. 'Payments are experiencing what I have called a technology-driven revolution,' Waller said. 'Stablecoins and other digital assets are the latest stage in this transformation.' His comments arrived at a critical moment. Stablecoins, Bitcoin, and tokenized assets are no longer fringe ideas debated in online forums. They are settling into the financial mainstream, accelerated by legislation, institutional adoption, and a cultural shift toward viewing digital money as infrastructure rather than novelty. The End of the 'Next Bitcoin' Hunt Historically, retail investors enter crypto markets searching for 'the next Bitcoin.' The hope was simple. If Bitcoin could rise from pennies to over $100,000, perhaps another coin could replicate the trajectory. But history suggests otherwise. Bitcoin's path is singular. Its emergence, decentralization, and early adoption are unrealistic to re-create. While thousands of tokens have launched, none have replicated Bitcoin's network effect, decentralization, or store-of-value status. Owning a full Bitcoin isn't required to participate, fractional ownership makes the asset accessible to anyone. Owning $100, $1,000, or $5 of a Bitcoin provides exposure to the same asset. The misconception that investors must hold one whole coin often drives riskier bets on illiquid, speculative tokens. Speculating on quick gains in crypto resembles a lottery gamble, while the notion of a 'second Bitcoin' reflects hype rather than economic reality. Why Stablecoins Could Extend the Dollar's Global Role, According to Fed Governor If Bitcoin represents digital gold, stablecoins represent digital dollars. Initially designed as a safe haven for traders seeking refuge from volatility, they have rapidly expanded in scope. Stablecoins are now being used to move dollars across borders, provide banking access in inflation-prone economies, and even support remittances at lower costs than traditional providers. 'I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally,' Waller said in Wyoming. He went on to say that stablecoins 'have the potential to improve retail and cross-border payments.' The timing of his remarks is significant. Just last month, the GENIUS Act, the first piece of U.S. crypto legislation, became law. The parallels to past innovations are striking. Waller noted how credit cards evolved from simple cardboard imprints to magnetic strips, chips, and mobile tap-to-pay. The private sector drove each stage, layered onto the backbone of public infrastructure such as the Fed's interbank settlement systems. Stablecoins, he argued, are the latest chapter in that continuum. Federal Reserve Governor Weights In On If Private Sector Should Lead Payments Innovation Waller's perspective suggests that innovation in payments is best driven by the private sector, with the Federal Reserve focused on providing the underlying rails and oversight. 'I am a strong believer in the benefits of the free market,' he said at the Symposium. 'It is generally the private sector that can most reliably and efficiently allocate resources and take risks to explore the value of new technologies. I also see firsthand the important role the Federal Reserve plays in fostering a payment and settlement system that is both safe and efficient.' He pointed to two complementary models. The first is private-sector-led innovation, as seen with card networks and stablecoins. The second is public infrastructure that enables innovation, such as Fedwire or the FedNow instant payments system. Both, he emphasized, will be necessary for the future of digital payments. The Federal Reserve Sees Stablecoins Moving From Hype to Reality Skepticism often accompanies new technology. Crypto, in particular, has attracted critics who view it as speculative or unsafe. Waller pushed back on this narrative, arguing that at its core, digital assets simply represent a new way of doing something ancient, exchanging and recording value. By contextualizing crypto as part of a longer arc of innovation, Waller helps strip away some of the fear and sensationalism that has clouded public debate. AI Joins the Payments Revolution Another trend reshaping payments is the growing role of artificial intelligence. For years, machine learning has been used to detect fraud and monitor suspicious activity. Now, AI systems are poised to automate reconciliation, enhance compliance, and support round-the-clock payments innovation. In the same way distributed ledgers brought 24/7 settlement, AI may bring 24/7 monitoring and optimization. 'Agentic AI…appears to be the next wave,' Waller said, underscoring the private sector's role in developing real-world applications. Digital Assets Are Rapidly Advancing What is striking about today's environment is not only the pace of innovation but also the cultural acceptance of crypto and digital assets. Just a decade ago, Bitcoin was dismissed as a fringe experiment associated with online forums and speculative bubbles. Today, it is integrated into mortgages, ETFs, and institutional portfolios. Stablecoins are now discussed in the same breath as card networks. Digital Asset focused conferences feature not only technologists and entrepreneurs but also central bankers and regulators. The Lottery Gamble vs. Infrastructure Reality For everyday investors, the lesson is clear. Chasing the next Bitcoin or speculating on meme tokens is a gamble, not a strategy. Those who approach crypto purely as a get-rich-quick scheme risk learning the hard lessons of volatility. But for policymakers, institutions, and consumers, the story is one of infrastructure. Bitcoin is increasingly recognized as a store of value. Stablecoins are poised to become digital dollars that move across borders with ease. And the underlying rails, smart contracts, distributed ledgers, AI-enabled systems, are becoming part of the invisible fabric of the global economy. Stablecoins and Bitcoin Signal a New Era in Global Finance Waller closed his remarks by emphasizing collaboration. The Fed, he said, must continue engaging with innovators, understanding emerging technologies, and adapting infrastructure to support them. 'It is my belief that the Federal Reserve could benefit from further engagement with innovators in industry, particularly as there is increased convergence between the traditional financial sector and the digital asset ecosystem,' he said. Summer Mersinger, former CFTC commissioner and current CEO of the Blockchain Association, joined Waller for a fireside conversation after Waller's remarks. Their discussion underscored both the opportunities and challenges. Stablecoins, they agreed, are both innovative and disruptive. The Fed must balance innovation with stability. Bitcoin, Stablecoins, and the Federal Reserve's Next Payments Chapter Bitcoin, stablecoins, and digital assets are no longer abstract ideas. They are reshaping finance in real time. Searching for 'the next Bitcoin' misses the reality that there will not be another. The real story is integration, as digital assets become embedded in the global financial system. From mortgages backed by Bitcoin reserves to dollar-pegged stablecoins driving cross-border trade, the shift is underway. This is not speculation but infrastructure built on efficiency, access, and resilience.
Yahoo
21 hours ago
- Business
- Yahoo
U.S. Federal Reserve's New Supervision Chief Sold on Bringing Crypto to Finance
The U.S. Federal Reserve's newest vice chair who supervises Wall Street banking, Michelle Bowman, made a crypto speech on Tuesday that could have been uttered by one of the industry's own policy wonks, advocating that banks get behind the digital assets surge and that the Fed give the sector rules that won't get in crypto's way. At the Wyoming Blockchain Symposium, Bowman warned banks that don't embrace the shift toward crypto "will play a diminished role in the financial system more broadly," and she further underlined what's already been an obvious change in crypto sentiment from U.S. banking regulators. "Your industry has already experienced significant frictions with bank regulators applying unclear standards, conflicting guidance, and inconsistent regulatory interpretations," she said. "We need a clear, strategic regulatory framework that will facilitate the adoption of new technology, recognizing that in some cases, it may be inadequate and inappropriate to apply existing regulatory guidance to address emerging tech." In March, President Donald Trump nominated Bowman to be elevated from a board seat to the role of vice chair for supervision, and she was sworn in about two months ago. She'll occupy a leading role in the Fed's writing and adoption of rules for stablecoins, as outlined by the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and her latest remarks show how much she's aligned with the president on fostering the technology. "Regulators must recognize the unique features of these new assets and distinguish them from traditional financial instruments or banking products," Bowman said, advocating that the pending rules be closely tailored to what the industry is doing and not a "worst-case scenario." Bowman addressed asset tokenization, saying it can make transfers of ownership faster, mitigate "well-known risks" and make the process cheaper, and she said stablecoins are "positioned to become a fixture in the financial system." "It is essential that banks and regulators are open to engaging in new technologies and departing from an overly cautious mindset," she said. The vice chair also said the agency "should consider allowing Federal Reserve staff to hold de minimus amounts of crypto or other types of digital assets so they can achieve a working understanding of the underlying functionality." "I certainly wouldn't trust someone to teach me to ski if they'd never put on skis, regardless of how many books and articles they have read, or even wrote, about it," Bowman beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
CNBC
a day ago
- Business
- CNBC
We maintain our $180k-$200k bitcoin price target by year-end, says SkyBridge's Anthony Scaramucci
Anthony Scaramucci, SkyBridge Capital founder and managing partner, joins 'Squawk Box' to discuss this week's Wyoming Blockchain Symposium, who the next Fed chair should be, state of bitcoin, his thoughts on stablecoins, and more.
CNBC
2 days ago
- Business
- CNBC
Gemini taps Ripple for credit line ahead of IPO: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin, ether and XRP tumble to kick off the week as heightened macro concerns triggered more than $500 million in forced selling of long positions. And, Caitlin Long, founder and CEO of Custodia Bank, which specializes in crypto and is based in Wyoming, discusses the Federal Reserve's shifting stance on crypto as well as bank-issued stablecoins from the Wyoming Blockchain Symposium taking place in Jackson Hole.
