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The Miner of Last Resort: Cryptocurrency, Shadow Money, and the Role of the Central Bank
In this episode, Graham Steele, former Assistant Secretary for Financial Institutions at the U.S. Treasury and current academic fellow at Stanford Law School, discusses the implications of cryptocurrency and blockchain on the central banking functions of government. This is the eighth episode in our 11-part series, Technology vs. Government, featuring former California State Assemblymember Lloyd Levine.
About Graham Steele:
Graham Steele is an Academic Fellow at Stanford Law School’s Rock Center for Corporate Governance. He has extensive experience at the highest levels of financial policy, having served as the Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, where he was responsible for policy on banks, credit unions, insurance, fintech, and financial cybersecurity. Prior to his role at Treasury, he directed the Corporations and Society Initiative at Stanford Graduate School of Business. His formative policy experience was on Capitol Hill, where he served for nearly eight years on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, including as Chief Counsel for the Democratic Staff, working on the Dodd-Frank Act in response to the 2008 financial crisis.
Interviewer:
Lloyd Levine (Former California State Assemblymember, UCR School of Public Policy Senior Policy Fellow)
Key Discussion Points:
History Repeats Itself: Exploring how cryptocurrency echoes past eras of private money creation like the "Free Banking" and "shadow banking" eras, which often led to financial instability and government intervention.
Crypto vs. Blockchain: A simple breakdown: cryptocurrency is the digital asset (like Bitcoin), while blockchain is the underlying technology that records the transactions.
Public vs. Private Money: Why government-backed money (like the U.S. dollar) has inherent stability and consumer protections that private cryptocurrencies lack.
Solving a Real Problem? Analyzing crypto's promise of faster, cheaper payments and greater financial inclusion against its current realities, such as high volatility and reliance on the traditional banking system.
A Regulatory Wild West: The challenges of regulating a borderless, often anonymous system, including fraud, "rug pulls," and market manipulation.
The Future of Crypto: Will it become a responsible financial tool, remain a niche investment, or continue to pose systemic risks?
🎵 Music by: Vir Sinha
🔗 More on the UCR School of Public Policy: https://spp.ucr.edu/podcast
📱 Follow us on Instagram: @ucr_spp👉 Subscribe so you don’t miss an episode and stay tuned for more conversations on the policies shaping our future!
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By UCR School of Public Policy
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In this episode, Graham Steele, former Assistant Secretary for Financial Institutions at the U.S. Treasury and current academic fellow at Stanford Law School, discusses the implications of cryptocurrency and blockchain on the central banking functions of government. This is the eighth episode in our 11-part series, Technology vs. Government, featuring former California State Assemblymember Lloyd Levine.
About Graham Steele:
Graham Steele is an Academic Fellow at Stanford Law School’s Rock Center for Corporate Governance. He has extensive experience at the highest levels of financial policy, having served as the Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, where he was responsible for policy on banks, credit unions, insurance, fintech, and financial cybersecurity. Prior to his role at Treasury, he directed the Corporations and Society Initiative at Stanford Graduate School of Business. His formative policy experience was on Capitol Hill, where he served for nearly eight years on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, including as Chief Counsel for the Democratic Staff, working on the Dodd-Frank Act in response to the 2008 financial crisis.
Interviewer:
Lloyd Levine (Former California State Assemblymember, UCR School of Public Policy Senior Policy Fellow)
Key Discussion Points:
History Repeats Itself: Exploring how cryptocurrency echoes past eras of private money creation like the "Free Banking" and "shadow banking" eras, which often led to financial instability and government intervention.
Crypto vs. Blockchain: A simple breakdown: cryptocurrency is the digital asset (like Bitcoin), while blockchain is the underlying technology that records the transactions.
Public vs. Private Money: Why government-backed money (like the U.S. dollar) has inherent stability and consumer protections that private cryptocurrencies lack.
Solving a Real Problem? Analyzing crypto's promise of faster, cheaper payments and greater financial inclusion against its current realities, such as high volatility and reliance on the traditional banking system.
A Regulatory Wild West: The challenges of regulating a borderless, often anonymous system, including fraud, "rug pulls," and market manipulation.
The Future of Crypto: Will it become a responsible financial tool, remain a niche investment, or continue to pose systemic risks?
🎵 Music by: Vir Sinha
🔗 More on the UCR School of Public Policy: https://spp.ucr.edu/podcast
📱 Follow us on Instagram: @ucr_spp👉 Subscribe so you don’t miss an episode and stay tuned for more conversations on the policies shaping our future!
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