Author Archives: Claire Chen

Debt / Economy / Technology

Stablecoin Issuers as a Growing Class of Treasury Buyers: Implications and Risks

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Executive Summary  Introduction  Congress’ recent passage of the GENIUS Act, the first significant regulatory framework for stablecoins, opens the door for increased crossover between traditional finance and cryptocurrency, or decentralized finance. The law sets a framework for future stablecoin regulation and prohibits interest-bearing stablecoins and prevents big tech and retail firms from issuing stablecoins without … Continue reading →

The Trade-Off Behind the Trade Deficit 
Economy / Tariffs / Trade

The Trade-Off Behind the Trade Deficit 

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Executive Summary  Introduction  President Trump has long called for the U.S. to impose higher tariffs to reduce the trade deficit, which he has declared a national emergency. His administration announced unprecedented unilateral tariffs to reverse what it alleges are unfair trade practices. This strategy ignores the accounting principle known as the balance of payments: The … Continue reading →