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grahamsteele.bsky.social
Focused on the law & politics of finance. Current Rock Center at Stanford Law School & Roosevelt Institute. Former Assistant Secretary, US Treasury Department & Democratic chief counsel, Senate Banking Committee. https://law.stanford.edu/graham-steele/
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Posts 42 Comments 8

Many are (rightly) dunking on the AI-focused part of this bizarre post, but the "crypto will revolutionize payments" portion is just as unhinged. Stablecoins are currently not viable for payments because they are more cumbersome and often more expensive than bank-to-bank transfers or payment cards.

submitted 5 hours ago • 3 comments

When a cold-call goes very wrong:

submitted 9 hours ago • 14 comments

This week, the Senate is voting on crypto stablecoin legislation while President Trump holds a dinner for the largest owners of his crypto meme coins. As I told @ushousefsc.bsky.social, the President's crypto conflicts are bad for consumers, taxpayers, and honest businesses.

submitted 1 day ago • 0 comments

1/ We’re thrilled to announce a new cohort of fellows whose expertise in tech innovation, government, and economic policy will help us expand the ideas in our toolbox to build an economy that works for all of us. Please welcome:

submitted 4 days ago • 1 comment

After the spectacular failure of FTX, Coinbase has become the face of the “good” version of the crypto industry. They’ve reportedly allowed their customers’ data to be stolen and it’s now being held for ransom. We need more—not less—regulation of crypto platforms.

submitted 5 days ago • 0 comments

After the financial crisis, Wall Street banks are subject to a leverage ratio limiting the amount they can borrow. The Trump administration plans to weaken these rules. This will enrich shareholders and executives, make banks more fragile, and increase the risks of another taxpayer bailout.

submitted 5 days ago • 0 comments

White House spokeswoman Karoline Leavitt said Friday that it was “ridiculous” to suggest “that President Trump is doing anything for his own benefit,” and that he was re-elected because Americans trust “he acts in the best interest of our country.” www.wsj.com/world/middle...

submitted 8 days ago • 0 comments

This would be a great time to have a functional Securities and Exchange Commission. (Unfortunately, we don’t.)

submitted 10 days ago • 0 comments

Trying to get comfortable with the fact that the Pope may have owned a Joe Crede jersey at some point in his life.

submitted 11 days ago • 1 comment

#ICYMI: The week’s top stories ✅ Why the Fed can’t keep ignoring climate risk ✅ Trump’s trade chaos—and what a smarter strategy could look like More in our #RooseveltRundown: rooseveltinstitute.org/roosevelt-ru...

submitted 11 days ago • 0 comments

Excited for the blog posts and op-eds on the "originalist case for suspending habeas corpus."

submitted 11 days ago • 0 comments

submitted 11 days ago • 471 comments

I feel quite confident in saying the fact the President launched a corrupt crypto scheme *after* the election is not “one of the many reasons” Americans voted for him. These conflicts of interest are bad for investors and the public and unfair to honest businesses.

submitted 11 days ago • 0 comments

This is the second time OCC has bypassed notice-and-comment to roll back Biden era bank rules. The Acting Comptroller also unilaterally pulled OCC out of the interagency climate risk principles that were implemented through notice-and-comment.

submitted 12 days ago • 0 comments

Regulators can reclaim public power and build a safer, fairer system. There’s unfinished business when it comes to banking reform, and we can’t wait for another financial failure to address it.

submitted 13 days ago • 1 comment

For @justsecurity.org, @profhilaryallen.bsky.social and I lay out the national security and financial stability risks of crypto. Congress and the Trump administration's promotion of crypto will facilitate more illicit financial activity and undermine financial stability and democratic governance.

submitted 13 days ago • 0 comments

The Treasury Secretary continues to peddle financial deregulation as the cure for the chaos caused by the Trump Administration's economic policies. But deregulation will only make things worse, by making the financial system less stable and accessible for working people. bsky.app/profile/econ...

submitted 15 days ago • 3 comments

submitted 16 days ago • 0 comments

It’s understandable that younger generations feel the financial system doesn’t work for them. But it’s abhorrent that the crypto industry uses this nihilism to take advantage of people and disappointing that a major national news outlet is so blasé about it. This is going to ruin a lot of lives.

submitted 16 days ago • 2 comments

I don't believe I've seen a company confess to bribery in an SEC filing before but I do tell my students, the securities laws don't care about your crimes as long as you're honest about them.

submitted 17 days ago • 8 comments

Crypto has always wanted access to the banking system but banks have wanted nothing to do with crypto's volatility and scam culture. Now, Wall Street has decided to get in on the crypto grift. This won't end well for consumers or taxpayers. www.bloomberg.com/news/article...

submitted 19 days ago • 0 comments

United States' capital markets used to be the envy of the world. Thanks to Donald Trump, investors are losing confidence and are taking their money elsewhere.

submitted 19 days ago • 2 comments

Hard to think of anything more “arbitrary and capricious” than a college student using AI to write agency rules no actual human being could explain or justify.

submitted 20 days ago • 0 comments

"Weakening oversight of the financial system and assaulting the independence of agencies will only create financial instability." ESB expert @grahamsteele.bsky.social testifying before @ushousefsc.bsky.social on the deregulation of Wall Street and the risks to consumers and working people.

submitted 20 days ago • 0 comments

The administration’s top economist is “incoherent” and “out of his depth.” He’s not the only one.

submitted 21 days ago • 0 comments

Tariffs--not all of the other terrible things that were happening--were what caused Gary Cohn to quit as NEC director in Trump I.

submitted 22 days ago • 0 comments

New Details Emerge on Trump Officials’ Sprint to Gut Consumer Bureau Staff www.nytimes.com/2025/04/27/b...

submitted 23 days ago • 1 comment

And now, a note on Bill Owens who, until this past week, was the executive producer of 60 Minutes. We’ll be back next week with another edition of 60 Minutes.

submitted 23 days ago • 1381 comments

In 2023, several banks that specialized in crypto failed because crypto is a volatile asset class that experienced runs in 2022. Yesterday, the Fed and FDIC repealed the reasonable policies Biden Administration bank regulators instituted after those failures. www.wsj.com/articles/fed...

submitted 25 days ago • 1 comment

Our cover this week

submitted 26 days ago • 10 comments

Exclusive: The EPA's fight to freeze $20 billion in already-distributed funding has “significant legal vulnerabilities,” a top government attorney warned via email politi.co/44CMZnS

submitted 27 days ago • 129 comments

Per @wsj.com White House officials reportedly took the President’s browbeating of the Fed seriously enough that lawyers researched whether sufficient grounds exist to justify removing the Fed Chair “for cause.” www.wsj.com/economy/trum...

submitted 27 days ago • 0 comments

You don’t have to fire the Fed chair to rattle the system. As our fellow @grahamsteele.bsky.social explains in @nytimes.com, just casting doubt on its independence is enough to shake a pillar of the US economy. www.nytimes.com/2025/04/23/u...

submitted 27 days ago • 0 comments

Remembering when a President letting campaign donors stay in the Lincoln bedroom was a scandal that rocked Washington.

submitted 27 days ago • 0 comments

Great article by @colbylsmith.bsky.social on the perils of the President’s broadsides on the Fed and its independence. Trump can damage the institution—and the economy—even if he’s not ultimately successful in removing the Fed chair. www.nytimes.com/2025/04/23/u...

submitted 27 days ago • 0 comments

The US government is choosing to be a debt collector now.

submitted 28 days ago • 0 comments

It's funny how the logic of protecting expertise from political interference makes sense for a certain type of independent agency, but is largely deemed irrelevant for the other independent agencies that Trump is colonizing

submitted 29 days ago • 5 comments

The FDIC safeguards the banking system, ensuring that bank deposits will be there when people need them. These senseless proposed staff cuts will put people's hard-earned money at risk.

submitted 29 days ago • 0 comments

My unpopular opinion is that people—including the Secretary of Homeland Security—should be able to use cash without being stigmatized or criminalized.

submitted 29 days ago • 2 comments

It's Patriots Day, so happy Here Comes The Pizz-er to all who observe. www.espn.com/mlb/story/_/...

submitted 29 days ago • 15 comments

Stocks slumped, bonds sold off and the U.S. dollar continued to lose ground on Monday as markets reverberated from President Trump’s trade war and new attacks on the chair of the Federal Reserve.

submitted 29 days ago • 45 comments

The letter was signed by the general counsels of two federal agencies and a third senior official .....

submitted 32 days ago • 6 comments