Bangladesh, Dec. 22 -- The global fascination with cryptocurrencies shows little sign of fading. What began as a fringe technological experiment has evolved into a multi-trillion-dollar ecosystem that now commands the attention of governments, regulators, banks, and ordinary citizens alike. In the United States, the passage of the Guiding and Establishing National Innovation for US Stablecoins Act-better known as the Genius Act-in July marked a symbolic turning point. It signaled that crypto assets are no longer operating entirely in regulatory limbo and that lawmakers increasingly accept their permanence in the financial landscape.

Yet beneath the hype, lobbying, and promises of innovation lies a fundamental and unresolved question: are...