How cryptocurrency creates risks for everyone | Tonantzin Carmona | TEDxMidAtlantic
In 2008, Tonantzin Carmona's family lost their home — one foreclosure notice among millions. She took two lessons from that wreckage: a financial system can collapse on people who had no hand in building it, and when it does, the people who did build it rarely pay. She's hearing the same warning signals now, in crypto.Her argument isn't that crypto is a bad bet. It's that you're already exposed whether or not you ever touch it. Pension funds and 401(k)s, your energy bill, scams clustered in working-class neighborhoods — the risk has quietly crossed from Wall Street to Main Street. And the newest weak link, stablecoins, ties this volatile market back to ordinary banks and Treasury bonds, so the next panic might not spread one foreclosure at a time. It could spread at the speed of code.
Underneath the finance is a harder question about who gets to write the rules. With crypto money now bankrolling a huge share of our politics and regulators loosening the guardrails, Carmona asks whether our institutions are even strong enough to stop the next crisis — and what it means that we may be setting up 2008 all over again, on purpose.
Her challenge: if the powerful can rewrite the rules for themselves, can the rest of us rewrite them for everyone? Tonantzin Carmona is a fellow at Brookings Metro who focuses on wealth and inequality, financial and emerging technologies, and state and local policy implementation. She has been featured in Bloomberg, The Washington Post, CNN, Politico, Los Angeles Times, Axios, Fortune, Bloomberg Tax, Associated Press, NPR Marketplace, Quartz, TechCrunch, Tech Monitor, and Crain’s Chicago Business.
Carmona’s professional background spans roles in public policy, communications, politics, and philanthropy. She previously served as special assistant to the president for economic policy at the White House National Economic Council, as well as senior advisor at the Department of the Treasury’s Inflation Reduction Act Implementation Office. She has also championed federal policies as the Illinois political director for the 2020 presidential campaign of Sen. Elizabeth Warren (D-Mass.) and as Sen. Warren’s deputy press secretary on Capitol Hill.
At the local level, Carmona spearheaded several citywide initiatives. As chief of policy for the Chicago City Clerk, Carmona led the Chicago Fines, Fees, and Access Collaborative, which culminated in significant reforms of the city’s regressive public finance policies. Additionally, she launched Chicago’s municipal ID card, which simultaneously serves as a government-issued ID, transit pass, and library card, while ensuring substantial data privacy protections for applicants. As director of the Office of New Americans at the Chicago mayor’s office, she led the development of several immigrant integration policies, including the city’s first language access ordinance. Furthermore, in her role as deputy policy director at the mayor’s office, she led the City-County Collaboration, which identified $70 million in savings and new revenue sources. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx Receive SMS online on sms24.me
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