I’m sorry to say that several Democratic senators appear willing to support the CLARITY Act—a sweeping pro-crypto bill that will be voted on next week. All they’re demanding is that Republicans agree to a few cosmetic changes such as a slight toughening of ethics rules, a modest expansion of law-enforcement authority, and a tad bit of strengthening of financial regulators.

All worthwhile improvements, but they don’t cure the bill’s fundamental defects.

Let me get right to the point. Congress should not enact legislation that further legitimizes and expands an industry whose promised public benefits are zilch while its costs and risks are increasing by the day. 

There’s simply no legitimate use for crypto. Its only practical uses are tax evasion, money laundering, fraud, speculation, and crime.

The crypto lobby is large and well-financed. It has already bought off many members of Congress including, sad to say, a number of Democrats. The Wall Street Journal reports that the parent company of Crypto.com has so far........

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