Columbia Business School Debunks 5 Stablecoin Myths Stalling US Crypto Reform
As the US Senate edges closer to finalizing its digital asset market structure bill, one surprisingly simple issue is holding up progress: stablecoin yield.
While headlines focus on DeFi oversight and token classification, Columbia Business School adjunct professor and crypto policy analyst Omid Malekan warns that much of the debate in Washington is based on myths rather than evidence.
Banks vs. Stablecoins: Are US Lawmakers Fighting a Phantom Threat?Malekan identifies five persistent misconceptions about stablecoins and their impact on the banking system
I am disappointed that market structure legislation seems to be held up by the stablecoin yield issue. Most of the concerns bouncing around Washington are based on unsubstantiated myths.
So I've written a new article tackling the 5 biggest. They include:
1) Whether stablecoins… https://t.co/U2fQcPNZyV
According to Malekan, who has reportedly been lecturing at Columbia Business School since 2019, these misconceptions, if left unchallenged, threaten to stall meaningful crypto legislation.
- Myth 1: Stablecoins shrink bank deposits
Contrary to popular belief, stablecoin adoption does not necessarily cannibalize US bank deposits.