What happens when stablecoins on Ethereum represent $3T in US Treasury demand? @SecScottBessent expects this growth, so do key financial institutions.
In that scenario, Ethereum's digital security becomes a matter of National Security. For the U.S. and other countries as well.
The path towards Ethereum being designated as Critical Infrastructure is closer than it seems.
When that happens, in what manner do nation states show up to bolster Ethereum's digital security? Do they re enforce it off-chain? Do they make attempts at domineering on-chain?
The path ahead requires Ethereum to figure out how to stand firm in its values while also integrating with the established political machinery. It's time for integration.
There are substantial political problems to solve.
On the one hand, we are closer than ever to "perfect" software with advances in formal verification, automated red teaming with LLMs, and robust markets for security talent and exploit discovery contests.
On the other hand, perfect digital security is not provable. As the stakes rise, we need more and more contingencies.
We would do well to think through these issues with crypto-native priors before others advance solutions with fiat priors.
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