Following the Office of the Comptroller of the Currency’s (OCC) call for community banks to enter the stablecoin market, the Cato Institute’s Nick Anthony argues that banks should embrace the opportunity rather than lobby against competition from emerging financial technologies.

Nick Anthony offered the following statement:

Banks should take seriously the invitation from the Office of the Comptroller of the Currency (OCC) to issue stablecoins. We watched as taxis stonewalled Uber. We watched as hotels stonewalled Airbnb. We watched as car dealerships stonewalled Tesla. Yet all three pushed forward. Stablecoins are likely to do the same. So rather than try to lobby their way out of this situation, banks should welcome the competition.

If you’re interested in speaking with Nick about stablecoin competition, the OCC’s invitation, or what this means for traditional banks, please contact Cato PR at pr@​cato.​org.