After the failures of crypto operations Terra/Luna, Celsius and FTX, most consumers have now wised up to the perils of crypto investment. According to one recent survey, 75 per cent of Americans who have heard of cryptocurrencies are not confident in their safety and reliability. The crypto industry’s parade of fraud and failure may also even be starting to wear down its previously stalwart venture capital supporters: there are some indications that some crypto venture capital investors are shifting their focus to artificial intelligence.
In this context, it’s particularly jarring to see Republican members of Congress propose a mammoth piece of draft legislation that is a prettily wrapped gift for the crypto industry. These members of Congress seem determined to legislate a market for crypto that the industry is struggling to sustain on its own. To paraphrase the character Regina George in the film Mean Girls, lawmakers should stop trying to make crypto happen.
Source: Congress should stop trying to make crypto happen | Financial Times
