Don’t Let Regulators Kill Crypto

PayDepot Bitcoin ATM machine in a shop in Union City, N.J., May 19, 2021. (Mike Segar/Reuters)
Regulators are taking aim at crypto. Congress should stop them.

NRPLUS MEMBER ARTICLE A mericans are excited about crypto. Who can blame them? Digital currencies promise to eliminate the middleman in all manner of value transfers, starting with financial markets. But no good deed goes unpunished, and federal regulators are growing panicked that their control might be diminished.

The recently passed infrastructure bill in Congress, President Biden’s Working Group report on stablecoins, the Securities and Exchange Commission’s “regulation by enforcement” policy, and the Federal Reserve’s flirtation with a Central Bank Digital Currency (CBDCs) all reveal Washington’s intent to scale back or even kill this blossoming industry.

Government crypto foes warn of systemic risks, insufficient consumer and

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