Former Coinbase CTO Proposes Replacing Fed's Interest Rate Setting Authority with Market Order Book

On January 26th, Coinbase CEO Brian Armstrong wrote on the X platform that the main reason for inflation is the overissue of money. If the United States stops printing money (i.e. achieving a balanced or surplus budget), interest rates can be lowered and economic growth can be reactivated. He said that interest rates are only a crude means to alleviate the underlying problem.
Balaji, the former chief technology officer of Coinbase, responded that it was possible to completely transfer the power of setting interest rates from the Federal Reserve to the market. He mentioned that Bitfinex has implemented this mechanism overseas, and perhaps other institutions can promote it in the United States. This approach replaces centralized decision-making by central banks with market-based interest rate order books, enabling a decentralized banking system.