By Mike Koetting
Republicans in Congress declared the week of July 14 as “Crypto Week” with the intent of passing three bills on crypto currencies as part of a push to boost and legitimize the U.S. cryptocurrency industry by giving it a regulatory framework that’s lighter than what traditional financial assets and institutions face but at the same time creates an aurora of legitimacy. All three of these bills passed. One, the so-called GENIUS Act, had already been passed by the Senate—with 18 Democratic votes– and Trump has signed it into law. The other two also passed, but face an uncertain future in the Senate. Not surprisingly, the value of existing cryptocurrency soared with the attention. Bitcoin, the best known cryptocurrency, hit an all-time high.
The details of these bills aren’t anywhere near as important as the fact that crypto is being treated seriously. There is no compelling reason for cryptocurrencies and profound reasons why they should simply be ignored. Or banned if ignoring them turns out to leave too many risky possibilities in play.
Continue reading “Why Do We Tolerate the Crypto Scam?”
Between Hell and High Water 