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Nick Anthony Profile picture
Nick Anthony
@EconWithNick
Policy Analyst at the @CatoInstitute's @CatoCMFA and fellow at the @HRF. Covering CBDCs, financial privacy, and cryptocurrency. Opinions are my own.
Jan 6 • 11 tweets • 4 min read
With @iampaulgrewal’s latest FOIA requests out, there’s a ton of new information to go through.

The most shocking finding across the letters is still the repeated instructions to “pause” cryptocurrency-related activity. But the problems go deeper.🧵 Image Again and again, the FDIC told banks “pause all crypto asset-related activity.” For example, in this case, a bank wanted to offer customers the option to transact with bitcoin. The proposed product is apparently an avenue for bank customers to engage in crypto asset activity, specifically Bitcoin transactions, through a third-party arrangement. … As a result, we respectfully ask that you pause all crypto asset-related activity. (March 11, 2022)
Nov 21, 2022 • 15 tweets • 9 min read
Agreed. And this is precisely why @norbertjmichel and I published a new paper calling for both the Federal Reserve and the Treasury to be prohibited from issuing a central bank digital currency, or CBDC.

The paper is here: cato.org/sites/cato.org…

But I'll break it down below.🧵 Proponents claim a CBDC would promote financial inclusion, spur faster payments, protect the dollar's status, and improve monetary policy---all worthy goals.

Yet all four arguments fail to stand up to scrutiny. Taking a closer look at the...
Oct 26, 2022 • 10 tweets • 5 min read
I'm very excited to share the @CatoCMFA's new policy guide for the next Congress!

Here's a brief thread on some of the recommendations. 🧵

cato.org/sound-financia… First, we call for stronger financial privacy protections. The U.S. government has been chipping away at financial privacy for decades with little to no public oversight.

It's time to restore the protections that should have been there all this time. Image
Aug 26, 2022 • 7 tweets • 3 min read
All eyes are on Jackson Hole, but the real statement of the summer came from @neelkashkari: “I keep asking anybody to explain to me what problem [a CBDC] is solving.” 🧵 I may not always agree with @neelkashkari, but he is absolutely correct when he points out that he can send anyone money with Venmo. You don’t need a CBDC to do that.
Aug 11, 2022 • 12 tweets • 4 min read
The UN officially recommends restricting cryptocurrency and providing a CBDC. Here's a quick thread on why this recommendation couldn't be more flawed. 🧵

UN report: unctad.org/system/files/o… h/t: @gladstein Image While I wrote this paper with the U.S. Congress in mind, every country should be looking towards cryptocurrencies for lessons on how to improve their domestic currencies.
cato.org/briefing-paper…