We have talked a lot today about the dangers that cryptocurrencies pose to our economy.

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.

Thank you, Mr. Giancarlo. I appreciate it.

A single Bitcoin transaction--that is, one purchase or one sale or one transfer--uses the same amount of electricity as the typical U.S. household uses in more than a month.

They are much riskier. They are dangerous to both their users and, as they grow, to the broader financial system.

Look, cryptocurrencies like Bitcoin are terrible for the environment, and that would be true regardless of whether we were getting anything productive out of that energy usage or not.

Cryptocurrencies have turned out to be a fourth-rate alternative to real currency.

The risks of replaying the experience of the 19th century are real.

I just want the IRS to be a good partner in this.