The CIO of Bitwise calls for an end to "reckless comparisons" between stablecoins and the free banking era of the 1830s.

Matt Hougan, Chief Investment Officer of Bitwise, criticized comparisons between stablecoins and the free banking era of the 1830s, claiming they are misleading and irrational. He warned that these metaphors distort the current policy debate. The free banking era, which lasted from 1837 to 1863, allowed banks to issue paper money without a national standard, leading to an unstable financial system. Hougan emphasized that today's stablecoins are different, capable of being traded on global exchanges with real-time pricing and clear regulations regarding collateral. He urged lawmakers and regulators to focus on the realities and regulatory frameworks that reflect how stablecoins operate, rather than outdated historical comparisons.