Mike Lee

You know, as you have noted, a lot of the barriers to innovation for cryptocurrencies come from existing laws and uncertainty about how those laws might be enforced.

Throughout the history of our great Nation, entrepreneurs and creators have served as the heartbeat of the American economy.

If we can resist centralizing power in Washington, as has long been the impulse of Democrats and Republicans alike in this town, and instead preserve the space for American innovation to flourish.

Today, American innovators are advancing into the unknown frontiers of cryptocurrencies.

I have deep concerns that Congress is already in the process of doing so.

In fact, for these very reasons aren't there ways in which crypto markets are always improving consumer safety and reducing financial risk?

Cryptocurrencies are already democratizing finance by lowering costs and expanding access to an industry that has historically been hard to reach.

the technology behind cryptocurrencies, meaning, again, blockchain, is something that is going to create a wealth of new opportunities.

If we want the center of innovation to remain right here in the United States for the benefit of American workers and American families, Congress should focus on creating clarity around how existing rules apply to these new technologies.

This really could be a boon for America's poor and middle class. Let's not get in the way of it.

Now for Americans who own a little Bitcoin and use it to buy something or to send some money back home, how could Congress help make it easier for them to comply with the Byzantine labyrinth of legal implications that could accompany that?

There is always a temptation in Washington to expand the Federal Government's reach.

I introduced the Digital Asset Market Structure and Investor Protection Act earlier this year.

Rigid one-size-fits-all regulation is something that is kind of scary, especially when it is targeted at the cryptocurrency.

It should do so with an eye to not destroying this industry rather than simply using a machete.

Because they are based on a new technology, they could offer some real advantages, it seems to me, to lower-income customers.

In some cases, it could threaten the lives of people. In other words, it can be more than just an inconvenience. For some, it could mean the difference between life and death.

Auto enrollment is an idea that is founded in behavioral economics and recognizes the reality that people typically make decisions based on habit and human nature.

I also believe in the American people and I think auto enrollment could end up harming the daily budgets of many low-income Americans and young families.

Removing the responsibility and the opportunity from the American people to make a conscious decision to save is not necessarily going to make them more financially literate, nor will it empower them to handle the financial burdens that…

The financial literacy of Americans is a problem. It is an issue. I think it is something that ought to be addressed not only in families but in schools, in workplaces, homes, civil society, institutions of civil society.

President Biden's vaccine mandate from my perspective not only will but is already making things worse, which is odd because it doesn't even exist yet.

Reconnecting Americans to work is one of the most important policy goals of our time.

Work is something of a foundational component of living a happy, healthy, productive life.

I have heard from employers across Utah say they may have to fire as much as 20 percent of their workforce.