There are many reasons why investors, traders and savers prefer US treasuries. Adding stablecoins as a new conduit to express those preferences may well have the effects Mr. Miran identifies. Given that he has identified certain risks, central bankers should now be in a good position to monitor and address them. He has also identified certain opportunities, and central bankers (and governments generally) and market participants should consider how to take advantage of them.

The placement agent failed to make the mandatory FINRA Rule 5123 filing — i.e., it did not submit the private placement memorandum, term sheet, or other offering documents (or a notice that no documents were used) to FINRA within 15 calendar days after the first sale, resulting in a FINRA Rule 5123 and Rule 2010 violation.

For private offerings, it is important to understand that this broker-dealer filing obligation runs parallel with, but is independent of, the issuer’s…

If the tokenized shares really do have the same rights as their traditional counterparts, it stands to reason that their regulatory treatment should be fundamentally similar, and not altered by the mere fact of choosing blockchain as the technological solution for share ownership and record keeping. If anything, as noted in this  to the SEC's Crypto Task Force, investor protection and market efficiency are increased by such similar treatment. The conclusion may be different for…

The crypto industry and retail market participants have been practically begging for this type of guidance. It opens the door for spot trading, on an exchange, ideally through a broker or custodian, and without the market participant needing much personal technical expertise with hot wallets or fearing that the exchange or trading activity will be deemed illegal. Spot trading is perhaps the simplest and most basic interaction a participant can have with crypto markets, and it should form the…