Trump’s crypto embrace is a threat to Wall Street

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Financial Times 14h ago

Trump’s crypto embrace is a threat to Wall Street - Financial Times

Quick Summary:

We have seen how this plays out. During the collapses of the stablecoin Terra, the crypto broker and lender Voyager and the fintech intermediary Synapse, many consumers were shocked to find out their funds were not insured, and that it would take months, if not years to recover anything.

As the Trump administration rolls out the red carpet for cryptocurrencies, it is also setting the scene for the rest of Silicon Valley to play a bigger role in finance.

Although Wall Street may not yet have woken up to the stablecoin challenge, it should be very worried about becoming another casualty of Silicon Valley disruption.