Big Tech's chaotic encroachment into finance Hello and welcome to the latest edition of The Counterbalance. This week we’re taking a look at the crypto industry’s quest for legitimacy.

Thanks for the chance to share this in The Counterbalance, a newsletter worth reading and subscribing to. thecounterbalance.substack.com/p/big-techs-...

Big Tech's chaotic encroachment into finance Hello and welcome to the latest edition of The Counterbalance. This week we’re taking a look at the crypto industry’s quest for legitimacy.

My take: “We need to decide if we want these tech companies as financial players. It will be hard to remove them, but we should keep commerce & banking separate. At least ring-fence financial units.”

But the technical analysis did not change: (big tech) stablecoins in a large scale pose risks to consumers, financial stability and might even undermine monetary sovereignity. What changed is the political evaluation of the risks vs. benefits.

Remember 2019?
Steven Mnuchin, former US-Treasury Secretary called then-Facebook’s Libra a 🚨 “national security issue.” 🚨

Now, we’re just a few steps away from the same firms launching their own stablecoins – but this time with legal certainty.

🪙 Big Tech stablecoins: a dangerous mix that could soon become reality

The US is moving towards a #stablecoin regulatory framework, likely boosting issuance and adoption – also by big tech firms. Happy, to see my views cited in the the most recent @balancedeconomy.bsky.social Newsletter on it.

Monopole, Finanzen und KI: Die Macht der Tech-Konzerne und wie wir sie bremsen können | re:publica Die re:publica Berlin ist das Festival für die digitale Gesellschaft und die größte Konferenz ihrer Art in Europa. Die Teilnehmer*innen der re:publica bilden einen Querschnitt unserer (digitalen) Gese...

"Monopole, #Finanzen und #KI: Die Macht der Tech-Konzerne und wie wir sie bremsen können".
Darüber sprechen @cmelches.bsky.social von @fw-recherche.bsky.social und Uli Müller von @rebalance-now.bsky.social

Wo? Stage 7.
Wann? 28.05 um 12:30.
Achtung: hier gab es eine Zeitverschiebung!

Gefahr für Europa: Techgiganten drängen in die Finanzbranche Die Tech-Konzerne sind bereits extrem mächtig. Nun dringen sie auch in den Finanzsektor vor.

"Die Regulierung und Kontrolle der Risiken durch Big-Tech-Finanzdienste bleibt in Europa hinter der Entwicklung zurück.

Dabei sind die Gefahren massiv."

@cmelches.bsky.social in @surplusmagazin.bsky.social

www.surplusmagazin.de/google-apple...

📣 The development of big tech in #finance is rapid. We need a swift and clear European answer. Read about it in more detail: www.finanzwende-recherche.de/wp-content/u...

⚖️ ...if segregation is not successful, the EU needs to introduce necessary tools to break up the financial unit from the big tech. 5/6

🌐 ...a clear segregation of big tech financial services into a ring-fenced unit within the big tech company. 4/6

📲 …promotion of a public and European critical infrastructure, to strengthen EU sovereignty - particularly in the payment sector, as is currently done through the #digitaleuro. 3/6

The #EU needs...

🏦 …more cooperation between supervisory authorities for #competition, #data protection and #finance to understand #bigtech specific risks from their financial activities. 2/6

🚨 New Report! #BigTech is pushing into Europe’s financial sector — posing risks to consumers, markets & European #sovereignty. Our latest @fw-recherche.bsky.social report breaks it down — and lays out a European response.

👀 What you need to know 🧵 1/6

www.finanzwende-recherche.de/wp-content/u...