“I am concerned that this legislation, and the broad adoption of stablecoins that it will facilitate, may trigger a crisis at the very heart of the banking system,” writes Mark Copelovitch, a professor of political science and public affairs at the University of Wisconsin-Madison. Copelovitch is also the author of “The International Monetary Fund in the Global Economy: Banks, Bonds, and Bailouts” and co-author of “Banks on the Bank: Global Capital, Securities Markets, and the Political Roots of Financial Crises.”
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