Crypto is a lousy investment. Unlike, say, the stock market, the cryptoworld currently has no consumer protection.
A digital dollar can play a role here by providing an attractive and officially supported alternative.
Crypto has become a haven for illegal activity.
This is a bipartisan hearing. In fact, it was Ranking Member Kennedy's suggestion to hold it.
They are much riskier. They are dangerous to both their users and, as they grow, to the broader financial system.
Many cryptocurrencies are created through proof-of-work mining. It involves using computers to solve useless mathematical puzzles.
I understand why Americans can be very dissatisfied with the banking industry.
About $1 trillion that this thing dropped.
If, for example, Bitcoin--just one of the cryptocurrencies--were a country, it would already be the 33rd largest energy user in the world.
The United States should begin the development of an effective and secure digital dollar.
Cryptocurrencies have turned out to be a fourth-rate alternative to real currency.