Board member Amanda Wick warns that if the U.S. lags on digital currency innovation, it risks losing global demand for the dollar—and with it, a key pillar of America’s economic power and national security.
What’s the largest risk if the U.S. falls behind on digital currency innovation?
The largest risk is to U.S. dollar demand. Increasingly, people outside the U.S. access dollars not by holding paper bills but by buying dollar-backed stablecoins. Thanks to recent regulation, issuers of those stablecoins must hold high-quality liquid assets—primarily U.S. Treasuries—which, in turn, support the dollar and help stabilize our financing environment. If we don’t lead, global users could choose euro- or yuan-backed stablecoins instead. We should stay ahead with a clear, workable framework that keeps dollar stablecoins the global default. That’s essential for U.S. economic vitality and national security.
How should we modernize AML rules to reflect blockchain realities and protect national security?
Our BSA/AML laws date to 1970, designed for untraceable cash. By contrast, blockchains are observable and transaction-centric. For those of us who’ve worked money-laundering cases, transparent ledgers are a feature, not a bug—they’re effective for tracing illicit funds and enforcing sanctions. Modernization means building data-centric systems that harness blockchain visibility instead of forcing identity-based frameworks. With proper education and tooling, AML/CFT professionals should welcome crypto, because it enables more robust monitoring and real compliance—without wasting billions on rote, check-the-box processes.
What’s the right balance between regulation and innovation?
That’s the trillion-dollar question. We need to stop jamming new tech into old rules—for example, copying bank “travel rule” mechanics wholesale into crypto. Instead, design risk-based, interoperable, data-driven standards suited to programmable, transparent rails.
There are two realities to embrace:
- Crime won’t be eliminated. So build systems that detect, deter, and respond efficiently and effectively.
- Proactive reform beats crisis response. Don’t wait for the next crypto market crash or a 2008-style economic shock. We now have the knowledge to overhaul legacy gaps (e.g., outdated exemptions, fragmented reporting) before stress reveals the cracks.
How can Open Frontier and allies better educate the public about why digital finance matters to everyday economic freedom?
Think about the shift from CDs to streaming. At first, people resisted, but better experiences won out. Finance is undergoing a similar transition. Education lowers fear and replaces speculation with understanding of what crypto can and can’t do.
Open Frontier can be the honest broker: explain capabilities and limits, consumer responsibilities (self-custody, key management), risk tolerance, and real-world use cases. The goal isn’t hype; it’s informed participation so Americans help build the next finance rails—here, not elsewhere.
Given your background, how can crypto advance gender equity?
Financial autonomy is foundational—and historically, women haven’t always had it. In the U.S., it’s been less than 50 years since women could get credit in their own name. Around the world, gatekeepers still constrain access. Crypto—especially with self-custody—can give individuals direct control over money, which matters in contexts like domestic violence, conflict, and displacement (e.g., Afghanistan, Ukraine). With that power comes responsibility: innovation must be paired with financial literacy so people understand custody, security, and risk. Open Frontier can help by bringing excluded groups into the conversation and offering practical, balanced guidance.