Wall Street and crypto battle over the future of money

华尔街与加密货币争锋相对,论战货币的未来

Behind the Money

2026-03-11

19 分钟
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单集简介 ...

US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since then, Wall Street banks have been fighting to change parts of the law. The FT’s digital markets correspondent Nikou Asgari explains what’s provoked US banks and who might have the upper hand in this conflict. Clips from Bank of America, CBS News, CNBC, CNN, Forbes, Fox 5 Atlanta, JPMorgan Chase, The White House The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The stablecoin war: Wall Street vs crypto over the future of money Bitcoin and crypto stocks surge amid relief rally for risky assets Global crypto assets hit $4tn as industry wins backing of US lawmakers - - - - - - - - - - - - - - - - - - - - - - - - - -  Vote for us! Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here. We appreciate your support! - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Nikou Asgari on X (@nikasgari), or on Bluesky (@nikasgari.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • So Nico, I want to ask you to pull up your phone and if you could go to your banking app Okay.

  • Well I bank with Starling.

  • Let me get my phone out and login Okay,

  • once you're logged in tell me what are the last three things that you bought?

  • So my last three things are my tube fair to get into the office this morning The coffee that I bought this morning and then also yesterday my Spotify bill went out of my bank account as well Sounds like a typical weekday routine there.

  • Yep, pretty much.

  • Well, so Niku,

  • the reason I just ask you to do this is because as the FT's digital markets correspondent,

  • you've been covering how these kinds of purchases using your phone might actually one day involve cryptocurrency.

  • Yes, absolutely.

  • I mean, when I was buying my coffee or tapping my phone on the tube,

  • I wasn't thinking about what's actually happening in that transaction once I tap my phone to pay.

  • And I doubt you do at any point either.

  • But crypto companies are looking to change that, the plumbing,

  • the technical stuff that happens once you pay, how you pay and what you pay with.

  • Right now, we pay in US dollars or British pounds or whatever other currency you use.

  • Crypto companies think we should be using stablecoins instead.

  • Now stablecoins are essentially a type of digital cash that's pegged one to one with sovereign currencies like the dollar or the euro.

  • And crypto fans say that stablecoins are better than the money we use at the moment

  • because they're faster and cheaper.