The bumpy road Gensler has been on as digital assets gain prominence in international banking.
Digital assets are the next step forward in the development of the internet and should be recognized as such. The Internet eliminated the need for intermediaries by distributing information freely.
Also, financial assets have been, or are in the process of becoming, decentralized thanks to blockchain technology.
The dilemma of how to keep track of financial assets has been at the heart of finance from the beginning of recorded history. In the past, governments or banks have been in charge of keeping track of asset ownership and transactions.
Without competition, this practice prevailed, making money a manipulable commodity, reducing the incentive to save, and compelling consumers to seek out new ways to preserve their buying power. Setting the inflation goal at 2% without being able to provide a clear explanation for doing so is an example of one of these corrosive expressions.
Bitcoin, a byproduct of a publicly distributed ledger called blockchain, overcame this precedent. By fusing a decentralized ledger with a peer-to-peer verification/mining network, Bitcoin has emerged as the first step toward a completely decentralized, permissionless monetary system.
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