Former Google product lead and Brava Finance founder Graham Cooke believes the world is entering a new financial era, and according to him, the market has already chosen its winner.
On November 30, Cooke wrote in a newsletter, "The financial world is splitting in two." His analysis highlights why Bitcoin, stablecoins, and blockchain payment rails are accelerating faster than government-led digital currency projects, and why Bitcoin’s valuation behaves unlike any traditional asset. Graham Cooke is a well-known fintech entrepreneur, product leader, and former senior Google executive.
Central Bank Digital Money vs. Open Stablecoin Markets
Cooke states that global finance is divided into two competing models. The European Central Bank (ECB) is investing 1.3 billion euros to launch a digital euro by 2029. A Central Bank Digital Currency (CBDC) is a government-issued digital currency that provides central banks with full visibility and control over transactions. Cooke describes this as a centralized system:
One authority. Total visibility. They control the monetary policy at the transaction level.
Meanwhile, in the United States, the recently passed GENIUS Act formalizes regulated, audited stablecoins backed 1:1 by real-world assets such as U.S. dollars or Treasury bills. These stablecoins operate across multiple issuers, fostering competition and reducing single-point failure risks. Cooke wrote, "On the other side, the US Free Market is winning. The GENIUS Act has validated a different path: regulated stablecoins, audited reserves, and competition. The model is distributed. You have choices. You reduce risk by spreading it across multiple licensed issuers."
What is the GENIUS Act?
The GENIUS Act is a U.S. federal law designed to establish a clear regulatory framework for stablecoins. The law emphasizes safety, transparency, and strict auditing, requiring any company issuing a USD-backed stablecoin to:
- •Hold full 1:1 reserves in cash or short-term Treasuries.
- •Undergo regular public audits.
- •Maintain segregated assets, ensuring customer funds are not commingled with corporate money.
- •Register under a federal licensing regime.
Private Fintechs Are Moving Faster Than Governments
Cooke noted that the most significant progress is originating from the private sector. He points to Revolut, Europe’s largest neobank, which recently integrated the Polygon blockchain for settlement. Polygon is a low-cost, high-speed network that facilitates faster transactions compared to traditional banking rails. According to Cooke:
- •$690 million has already moved on the network.
- •Conversions between U.S. dollars and stablecoins are 1:1.
- •Fees on conversion are zero.