From Pine View Farm

The Crypto Con 0

Writing at the Washington Monthly, Graham Steele, expresses concern that Congress might fall for the Crypto Con. He notes that

Last month, a bipartisan majority of the House of Representatives passed a bill to deregulate the cryptocurrency industry. The Financial Innovation and Technology for the 21st Century or “FIT 21” Act passed with 71 Democratic votes and now heads to the Senate for consideration, where there appears to be bipartisan interest considering the measure. And while the White House released a statement of opposition, it did not threaten to veto the legislation. But even if the bill dies in the Senate or on the president’s desk, its progress is still worrisome because it might augur that an inadequate regulatory regime is coming for the booming crypto economy.

Follow the link to find out why he thinks this bill is a not very good really really bad exceedingly stupid idea.

Aside:

If you want to learn more about the Crypto Con, check out Harry Shearer’s Le Show, where he has a regular feature on the “Crypto Winter.” (Click on an episode and you can see what topics are covered in that episode and what time they appear.)

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