If you are someone who cares about the future of America’s economy, you should take a minute to read this article.
Since you’re reading CoinDesk, you likely have a foundational understanding of cryptocurrency, stablecoins and digital assets. But if you’re an American who wants the dollar to remain dominant, you should also understand why it’s imperative these financial technologies be developed here, not abroad. Otherwise, these technologies will be used to end the dollar’s leadership in the global economy.
This op-ed is part of CoinDesk’s State of Crypto Week sponsored by Chainalysis. Amanda Wick, form chief of legal affairs at Chainalysis, is the CEO of the Association of Women in Crypto and current prosecutor on the Jan 6. committee.
Too many people who should know better say de-dollarization isn’t a real concern. Rather than facts to support their view, they spout a long-unmerited, unbridled American exceptionalism. In reality, since Bretton Woods, America has enjoyed an unnatural advantage from global use of the dollar, which has masked our slide into toxic political polarization and democratic erosion.
The power of the dollar, which we probably haven’t deserved for 70 years (or at least since Nixon delinked our currency from gold in 1971), enabled the development of a completely broken political system, painting over the mold and decay our politics have become.
De-dollarization is a real concern having recently had a front-row seat at the national-level dialog on the subject. I have seen first-hand the massive problems we face as a country and watched as both political parties ignored them for perceived selfish gain.
From 2021 to 2022, I served on the House Select Committee working with a team of the world’s greatest investigators researching the many causes of the Jan. 6, 2020 attack on the U.S. Capitol building.
And let’s be clear, there were many.
We tried to convey the clear and present danger of big tech companies, misinformation campaigns, polarization and the rise of extremism and hate groups. As the lead financial investigator, I looked into not only who funded the attack, but also how right wing extremism was funded, how our financial system responded (or didn’t), and what recommendations could help prevent future attacks.
Most of these findings were…
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