Wendy Sherman: “For 5 years, I have been trying to ban American investments in cryptocurrency. I am the only Member of this House to get…”

“For 5 years, I have been trying to ban American investments in cryptocurrency. I am the only Member of this House to get an F grade from the only crypto-promoting organization that rates Members of Congress. My fear is that we will view Sam Bankman-Fried as just one big snake in the crypto garden of Eden. The fact is, crypto is a garden of snakes. Now, from the outside, crypto just looks like a token, an electronic pet rock for the 21st century, something that might be good to invest in--though it has no apparent value--because you might get somebody else to buy it from you for more than you paid for it. But in reality, crypto aspires to be a currency and compete with the U.S. dollar. It is not a currency yet, but if it has any long-term value, it is because its promoters are successful in turning it into a currency. Now, the U.S. dollar is an excellent currency. It is a medium of exchange that will be used billions of times today for people to buy this or that. It is a medium of exchange. It is a measure of value. So how can a cryptocurrency compete with the U.S. dollar and other established currencies? Whenever you come up with a new product, you find an advantage that you think you have--at least for part of the market--of your product over the incumbent products, and then you name your product after that advantage.…”