Behind the Money Wall Street and crypto battle over the future of money
21 snips
Mar 11, 2026 
Nikou Asgari, FT digital markets correspondent covering crypto and payments, unpacks the clash between Wall Street and crypto over stablecoin rules. She walks through the new federal law, banks’ push to curb interest on stablecoins, lobbying battles, reserve risks, and possible compromises. Short, clear takes on who’s gaining influence and what’s at stake for the financial system.
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Stablecoins Aim To Replace Everyday Money
- Stablecoins are digital cash pegged one-to-one to fiat and aim to replace USD or GBP in everyday payments.
- Nikou Asgari explains crypto firms pitch them as faster, cheaper payment rails that rewrite transaction plumbing.
Trump Era Brought Federal Approval For Crypto
- Under Trump crypto companies gained acceptance, national trust charters, and potential slimmed Fed account access.
- Nikou Asgari notes Kraken claimed recent access to the Fed's core payment rails, a change from prior administrations.
Genius Act Created Stablecoin Guardrails
- The Genius Act was the first US federal law to regulate stablecoins and created guardrails for businesses to operate.
- Nikou Asgari says the law encouraged firms and banks to engage with stablecoins without fear of enforcement.