Fractional Banking, Narrow Banking & the Adoption of Stablecoins w/ Scott Shay, Founder of N3XT

Scott Shay is the founder of N3XT and the founder and former chairman of Signature Bank. In this episode, Scott gives a masterclass on fractional reserve banking versus narrow banking and takes us behind closed doors of Signature Bank’s collapse during the 2023 regional banking crisis. He also offers a rarely heard perspective on Wall Street’s rush into crypto, explaining why he believes some of the industry may be moving too fast.Subscribe to the podcast on Spotify: https://open.spotify.com/show/2Y3bQRj... Subscribe to the podcast on Apple: https://podcasts.apple.com/us/podcast... Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.This show is powered by Sei. Learn more about Sei: https://www.sei.io/This show is sponsored by Sumsub. Get your copy of its State of the Crypto Industry report: https://sumsub.link/cdt Follow Crypto in America: https://x.com/CryptoAmerica_Follow Sei: https://x.com/SeiNetworkFollow our hostsJacquelyn: https://x.com/jacqmelinekGerald: https://x.com/thatgeraldEleanor: https://x.com/EleanorTerrett TIMESTAMPS 00:00 - Concerns Over the Embrace of Crypto by Trad-Fi04:14 - Re-Litigation of Trades and Stablecoins10:50 - N3XT's Core Operations as a Blockchain12:20 - Narrow Banking Explained15:28 - Glass–Steagall Legislation Ethos in Crypto17:11 - Signature Bank Behind Closed Doors19:45 - Adoption of Crypto Rails22:52 - Modern Day Crypto Banking27:53 - N3xt Bank & Access to Federal Reserve Payment Accounts30:53 - What Else is Scott Watching?