Austin Campbell, board member at Open Frontier, says digital finance is more than tech—it’s a global tool for financial freedom, giving people secure access to the U.S. dollar while bolstering market integrity.
Q1: What’s the biggest risk if the U.S. falls behind on digital currency innovation?
Austin Campbell: The U.S. dollar and capital markets are the global gold standard, underpinning both our economy and our influence in the world. If we fall behind, other nations could seize the opportunity to set the standards and capture leadership, which would weaken U.S. sovereignty and power. But the reverse is also true: if we take advantage of innovation, we can entrench and even expand our leadership. The stakes are high—this moment is an inflection point where delay risks loss, but smart adoption could secure U.S. dominance for decades.
Q2: How should policymakers think about risk management in crypto compared to traditional finance?
Austin Campbell: Crypto presents a fundamentally different risk profile. In traditional systems, intermediaries play essential roles—like settlement—that in crypto can be handled directly by technology. That reduces some risks, including issues that have lingered since 2008, but introduces new challenges. Policymakers often use the phrase “same risk, same rules,” but from my perspective as both a former trader at a major bank and chief risk officer of a crypto company, that doesn’t hold true. These are not the same risks, and we need to build intelligent, tailored solutions rather than force-fitting old models.
Q3: What’s the biggest misconception policymakers have about how crypto markets work?
Austin Campbell: The biggest misconception is confusing the ledger with the economics. A blockchain is simply a ledger—like Excel or a paper notebook—with special properties: it’s public, tamper-resistant, and maintained by a community rather than a single party. But too often, policymakers overfixate on whether something is recorded on a blockchain and assume that changes its nature. In reality, what matters is the underlying economic activity. Overemphasis on the technology, and underemphasis on the economic function, leads to distorted debates and unworkable rules. We need to reframe policy around outcomes, not just the medium.
Q4: How do you explain crypto’s importance to someone who sees it as only speculation or risk?
Austin Campbell: Every market has speculation, but that’s not the whole story. The deeper importance of crypto is that it provides a 24/7, open-access global ledger. For people in countries with unstable currency regimes, subject to inflation, expropriation, or government seizure, crypto offers a way to opt into the U.S. dollar system voluntarily. That’s transformative: it gives individuals financial freedom and security they’ve never had before, while also reinforcing U.S. economic norms abroad. So yes, speculation exists, but the bigger picture is a tool for empowerment and inclusion, with benefits for both the U.S. and the world.
Q5: What’s the most important thing about blockchains people don’t yet understand?
Austin Campbell: Blockchains may ultimately be more effective at fighting financial crime than current systems. Traditional finance operates in silos, each bank or regulator only sees a limited view. In crypto, even if pseudonyms are used, the entire ledger is public and permanent. That makes it easier to detect suspicious patterns and pursue criminals, even years later. Tools like stablecoins also allow for freeze-and-seize capabilities, closing off the dollar system to bad actors worldwide. Done right, blockchains aren’t just about innovation; they’re about enhancing the integrity of the financial system and strengthening enforcement against wrongdoing.
Q6: What do you hope Open Frontier can do?
Austin Campbell: My hope is that Open Frontier highlights the societal benefits of crypto both at the individual level and systemically. For individuals, it’s about giving people more control over their money and access to financial freedom. At the systemic level, it’s about fixing lingering issues from the 2008 crisis with new tools.
Too often, the debate around crypto is dominated by commercial interests shouting past one another. Open Frontier can elevate the broader societal value of innovation, shaping the conversation toward how this technology strengthens democracy, fairness, and resilience.