Note this post was written July 11, 2025 and does not reflect subsequent developments. EXECUTIVE SUMMARY The US Senate passed the GENIUS Act on June 17, promising a stable regulatory framework for stablecoin issuers. The GENIUS Act excludes yield-bearing stablecoins from its regulatory framework. Citi estimates this would stifle stablecoin’s bull-case, medium-term market capitalization by … Continue reading
Author Archives: Avik Garg
We Know Little About Post-2012 Oil Shocks
Note this post was written on June 17, 2025 and does not reflect subsequent events. EXECUTIVE SUMMARY The pre-2012 consensus that increases in oil prices had a large negative effect on US output is no longer reliable. New evidence suggests oil price moves up to $115 per barrel will have an insignificant effect on total … Continue reading
