Gensler also said several times during the interview that he doesn't see private forms of money as viable in the long term, comparing crypto to the Wildcat banking era of the 19th century when banks in remote areas of the U.S. distributed nearly worthless paper currency backed by bonds and other securities. "History tells us that private forms of money don't last long," Gensler told the Washington Post.
You mean like the private
federal reserve paper currency
notes backed by bonds and other securities
held at the Federal Reserve? I will admit he's right on one thing, this form of money indeed won't last long. Given the USD's current trajectory, it won't last past mid-century.