Steve Hanke and Matt Sekerke write about the Lummis-Gillibrand Responsible Financial Innovation Act:
The draft Lummis-Gillibrand Responsible Financial Innovation Act was unveiled on June 7 to much fanfare. The names of Senators Cynthia Lummis (R., Wyo.) and Kirsten Gillibrand (D., N.Y.) on the bill suggest a bipartisan solution bridging the world of finance as it currently exists and the Wild West of cryptocurrencies, digital tokens, “smart” contracts, and decentralized, autonomous organizations.
Lummis and Gillibrand have put together a Rorschach test of a bill. As far as we can tell, the only thing animating it is the belief that innovative digital currencies already exist, or soon will. But if you take away that belief, the bill does very little. As art, satire, or a mirror for the mass delusion of crypto, it may be perfect; but as legislation, it is deeply unsatisfying.
Read the whole thing here.