Wall Street Fed Insider Jumps Ship to Blockchain Startup - What's Her Game?

According to industry sources, Michelle Neal is ditching her cushy Executive VP role at the New York Federal Reserve Bank to head up Fnality International starting in 2025. I've got to wonder what's prompting this banking bigwig to abandon the traditional financial system for a DLT settlement platform. Money talks? Or perhaps she sees which way the wind is blowing.

Neal isn't exactly a newcomer - she's cut her teeth at places like BNY Mellon, Deutsche Bank, and Nomura Securities. Now she'll be running a company backed by 20 global institutions that launched Sterling Fnality Payment System last year. Convenient timing, if you ask me.

Fnality's whole game revolves around tokenized central bank money backed by an integrated central bank account. They're apparently plotting to roll out similar systems for the US dollar and euro too - if they can convince the central banks, that is.

The revolving door between government and private sector keeps spinning. Neal will be replacing Rhomaois Rham, Fnality's founding CEO who's stepping down. What insider knowledge is she bringing with her from the Fed? And who wins when regulators become the regulated?

This is classic financial establishment musical chairs - and I can't help but notice how the big money players always seem to land comfortably when the music stops. The blockchain revolution gets co-opted one executive appointment at a time.

10.1k

8

Report