9. Do you see deregulation as a risk for the dollar’s reserve status?
No, but I do see the dollar and the other reserve currency governments' bad debt situations as threatening to their appeals as reserve currencies and storeholds of wealth, which is what has been contributing to the rises in gold and cryptocurrency prices.
10. Is the exposure that stablecoins have to Treasuries a potential systemic risk?
I don't think so. However, I see a fall in the real purchasing power of Treasuries as being a real risk. That shouldn't produce any systemic risk in stablecoins if they are well-regulated.
11. Could crypto meaningfully replace the dollar, or does it pose different dangers altogether?
Crypto is now an alternative currency that has its supply limited, so, all things being equal, if the supply of dollar money rises and/or the demand for it falls, that would likely make crypto an attractive alternative currency. I think that most fiat currencies, especially those with large debts, will have problems being effective storeholds of wealth and will go down in value relative to hard currencies. This is what happened in the 1930 to 1940 period and the 1970 to 1980 period.
https://x.com/RayDalio/status/1963027932432961663