The Global Interdependence Center
La Jolla, California
Thoughts crypto ecosystem on the Crypto Ecosystem
Remarks by Christopher J. Waller
Member, Board of Governors of the Federal Reserve System
February 10, 2023
Crypto ecosystem
The latter two parts may facilitate the trading of crypto-assets, but also have much broader applications.
He begins with a brief review of concepts which are applicable to other applications:
- distributed ledger technology
- The technology is simply a database management protocol that has various permissions regarding who can write to the database and who can read the database.
- Smart Contracts
- Smart contracts also can be used in conjunction with a centralized data management protocol to automate the execution of certain transactions in non- crypto-assets. For example, over time, they could be used to speed up the clearance and settlement of securities transactions
- Tokenization
- In any trade of assets, there are issues regarding how much personal information you need to provide to conduct the trade. For example, some personal information is needed to protect against the possibility of anonymous trading, which can promote money laundering. Tokenization, when combined with data vaults to securely store personal information, can be used to trade objects in a way that protects one’s identity from being exploited for profit.
While these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries.
crypto-assets themselves.
The question is, why would someone hold such an asset? What is the value proposition of such an asset? The answer isn’t new or unique, but rather is based on economic relationships that result in objects having value. One reason objects have value is because of their intrinsic properties.
He discusses economic value and intrinsic value theory.
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Other agenda items which I will follow later post event:
Agenda Feb 10th, 2023
8:45 a.m. | Registration and Coffee
9:15 a.m. | Welcoming Remarks
Stephen Sexauer, Chief Investment Officer, San Diego County Employees Retirement Association and GIC Advisory Council Member
9:30 a.m. | Session I: A Conversation with Governor Christopher Waller on Digital Assets
Christopher J. Waller, Ph.D., Member of the Board of Governors of the Federal Reserve System
Moderator: David E. Altig, Ph.D., Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta and GIC Advisory Council Member
10:15 a.m. | Break
10:30 a.m. | Session II: Decentralized Finance: What is Defi? Why does it matter?
Will Peck, Head of Digital Assets, WisdomTree
Anthony Bassili, Head of Asset Allocators, Coinbase
Jim Bianco, President and Macro Strategist, Bianco Research, LLC
Moderator: Donald Rissmiller, Founding Partner and Chief Economist, Strategas and GIC Board Member
11:15 a.m. | Session III: Crypto as an Investment: A new asset class? A speculative asset?
William Kennedy, GIC Board Chair and CEO, RiskBridge Advisors, LLC
Ian Toner, Chief Investment Officer, Verus Investments
Tom Jessop, President, Fidelity Digital Assets
Moderator: Michael Melvin, Ph.D., Executive Director, Master of Finance Program and Pacific Center for Asset Management, UCSD
12:00 p.m. | Networking Lunch in the Courtyard
1:00 p.m. | Keynote Speech
Patrick T. Harker, Ph.D., President and Chief Executive Officer, Federal Reserve Bank of Philadelphia
Moderator: William Kennedy, GIC Board Chair and CEO, RiskBridge Advisors, LLC
2:00 p.m. | Session IV: Productivity in the age of Crypto: “Everywhere but the productivity numbers”
Holly Wade, Executive Director, NFIB Research Center and GIC Board Member
Mark P. Mills, Senior Fellow at the Manhattan Institute and a Faculty Fellow at Northwestern McCormick School of Engineering and Applied Science
Laura Speake, Ph.D., Chief Economist, Caterpillar, Inc.
Leland R. Miller, Chief Executive Officer, China Beige Book International and GIC Board Member
Moderator: Kevin Kliesen, Business Economist and Research Officer, Federal Reserve Bank of Saint Louis
3:00 p.m. | Conclusion
Stephen Sexauer, Chief Investment Officer, San Diego County Employees Retirement Association and GIC Advisory Council Member
Bankwatch 