
‘We’re still in the early stages’
Superintendent Adrienne A. Harris of New York state’s financial services regulator discusses the maturation of crypto, why FTX didn’t pass muster and waiting for Congress to act.
Experts decoding the financial industry of tomorrow.

Superintendent Adrienne A. Harris of New York state’s financial services regulator discusses the maturation of crypto, why FTX didn’t pass muster and waiting for Congress to act.

The rise of stablecoins poses complex and novel cross- border legal challenges. With the right model-law approach, policymakers can can maintain stable value and protect consumers while safeguarding monetary integrity and financial stability.

By using smart contracts and liquidity pools, automated market
makers (AMMs) can make trading simpler, more efficient and faster, and tap new sources of liquidity to boost markets. As more assets are tokenized, AMMs could increasingly become a key part of the future of finance.

In theory, blockchain technology enables the creation of a financial system that is independent of centralized intermediaries or other single points of failure. In practice, the stablecoins used to transact on public blockchains heavily depend on their issuers or small groups of administrators. The Frankencoin seeks to enable the creation of money without banks or other trusted third parties.

Many early cryptocurrency promoters trumpeted the end of fiat cash and a new form of finance. But the rise of stablecoins has shown the old US dollar is still dominant — and point toward a new kind of money for the future global economy.

The rise of generative AI has raised concerns over sustainability, security and bias. Integrating with blockchain technology can help — decentralizing systems, improving computational efficiency and improving transparency.

Blockchain is an innovative technology that, so far, has only delivered a few real-world solutions. But distributed computing
and blockchain could allow us to fortify today’s overly complex and brittle IT stack — especially in the age of artificial intelligence.

Alongside the hype and headlines, crypto assets are increasingly being used to provide financial services and creatively solve tangible problems. A case study from South America shows how blockchain-based tools are playing out for businesses and in local economies.

Central banks and some of the biggest players in mainstream finance have embraced private internal blockchain to optimize ledgers. But more public blockchains could revolutionize
financial systems and unlock innovation.

David Newns, head of Switzerland’s SIX Digital Exchange (SDX), explains how to get a blockchain-based stock exchange off the ground and what such platforms could mean for the future of markets and finance.
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