Google veteran says U.S. free markets are winning after 'genius' idea

Former Google product lead and Brava Finance founder Graham Cooke says the world is entering a new financial era,.

And according to him, the market has already chosen its winner.

On Nov. 30, Cooke wrote in a newsletter, “The financial world is splitting in two.”

His analysis lays out 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.

Related: Explained: What is a stablecoin?

Central bank digital money vs. open stablecoin markets

Cooke says global finance is divided into two competing models.

The ECB is investing 1.3 billion euros to launch a digital euro by 2029. A CBDC is a government-issued digital currency that gives central banks full visibility and control over transactions. 

Cooke describes it 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, enabling competition and reducing single-point failure risks.

"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 issuer," Cooke wrote.

Related: Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer

What is the GENIUS Act?

The GENIUS Act is a U.S. federal law designed to create a clear regulatory framework for stablecoins.

The law focuses on safety, transparency, and strict auditing, meaning that any company issuing a USD-backed stablecoin must:

• Hold full 1:1 reserves in cash or short-term Treasuries
• Undergo regular public audits
• Maintain segregated assets, so customer funds aren’t mixed with corporate money
• Register under a federal licensing regime

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Private fintechs are moving faster than governments

Cooke noted that the most meaningful progress is coming 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 enables faster transactions than 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

Related: American kids to receive free $1,000 but they can’t put it in Bitcoin