Should the U.S. government create a digital dollar?

Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in…

Consumers should be free to choose their bank,.

According to the FDIC, 8.4 million U.S. households lacked a bank account as of 2017, putting America behind other rich countries. Minorities and the young are heavily overrepresented among the unbanked, so addressing this problem is a matter of both financial inclusion and equal opportunity. Fortunately, the…

Taking a closer look at some suspicious statistics.

It's difficult to outdo the crypto community when it comes to making bold quantitative claims that, stripped out of context, mislead the incautious. But Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco recently came close. In remarks last week to the annual (and, alas, virtual) Consensus conference…