We certainly have the ability to implement transfer authorization, from the sender side, using good authentication technology. This doesn’t have to be cryptocur

We certainly have the ability to implement transfer authorization, from the sender side, using good authentication technology. This doesn’t have to be cryptocurrency: it can just be the same techniques that we use to authenticate people logging into their bank account, eg passwords, MFA, passkeys, Face ID. We don’t do that for a bunch of business reasons given in the article (mostly that sending institutions are disincentivized from enabling this, and regulators have come up with a kludge that spreads the losses out in weird ways.) The result is that we use a system based on trust, reversal and insurance. This seems fine, but it almost certainly raises costs across the entire system in ways that we can’t obviously measure. Those costs presumably show up in places that typical consumers can’t really see, unless they’re very sophisticated: for example, higher management costs and worse spreads and weird fees.