On March 7, 2019, Grant Gulovsen, Esq. (@gulovsen), attorney at Gulovsen Law Office, along with Maureen Murat, Esq. (@CrowdieAdvisors) and Samson Williams (@HustleFundBaby) drafted an open letter entitled Acknowledging Risks in Institutional “Stablecoin” Cryptocurrencies and Fractional Reserve Banking. The purpose of the letter was to raise awareness about the potential risks to both the cryptocurrency ecosystem as well as the global banking and financial system when a company like JP Morgan Chase releases its own blockchain-based digital currency.
Much like the introduction of collateralized debt obligations, synthetic credit default options and other novel, complex financial instruments, the introduction of institutional “stablecoins” and digital tokens may present hereunto unknown risk.Acknowledging Risks in Institutional “Stablecoin” Cryptocurrencies and Fractional Reserve Banking
Joining in support of the open letter were attorneys Wesley Williams (@Newchptr), Olta Andoni (@AndoniOlta), Crypto Influencer Roxana Nasoi (@roxanasoi) and the Crowdfunding Professional Association (@CFPAssociation).