Crypto Currency Regulation
Congress - not bureaucracies - must thoroughly regulate crypto currency (a.k.a. block chain technology). Millions of people buy crypto and we must protect those people from scammers and bad actors. However, we must protect and encourage developers in the crypto industry because it is the next generation of the web. If we shut down crypto, the US will lose millions of new jobs and trillions of dollars in economic power to threats like Russia and China.
The Internet is full of heartbreaking reports on crypto scams causing people to be tricked and lose huge amounts of money. Check out these two articles below (one from The New Yorker) and you’ll see why Americans need a Securities and Exchange Commission division focused on investigating and prosecuting crypto fraud. There’s plenty more on the Internet showing such scans. Meantime, scan these articles:
https://www.newyorker.com/magazine/2021/12/13/half-a-billion-in-bitcoin-lost-in-the-dump/amp
https://john-mecke.medium.com/5-stories-about-people-who-lost-their-bitcoin-cdaaae329468
On the other hand, crypto is an industry that needs to be encouraged and allowed to grow in a healthy and ethical manner. This is why we need regulation. We don’t want to throw the baby out with the dirty bathwater. We just want it to grow correctly.
Bitcoin is the largest crypto but not the only one. Others need to be both regulated and allowed to flourish as it has become an entrenched part of our financial system worldwide.
See the block chain as the new Internet system in its infancy. Crypto currencies can be loosely viewed as a cross between websites and stocks. Many industries from travel to entertainment to banking now make use of crypto. All must do it ethically and with proper government regulations just as the investment bank and stock market industries are regulated to ensure honest and quality markets.
Emerging crypto currencies such as Ethereum, ADA and Solana are the 1990s Googles, Yahoos and Amazons of today. In those early days people built websites on these and other platforms. Similar new industries based upon cryptos are emerging.
A massive e-commerce economy in our country Is growing and we want to make sure that it’s run ethically and fully transparently so that shenanigans and criminals elements don’t harm people who’ll lose money unnecessarily.
The crypto market is trying to do the same as those early websites. Right now, for example, it is made easier for people in countries with little banking infrastructure or access to the financial system. New gaming platforms are being built on the block chain that are not only fun to play but also offer financial rewards.
There are crypto currencies that are building a system that will help companies with logistical organization. Anything they can build on the current Internet you can build on the new block chain system.
This is what crypto currencies, with the help of the new block chain storage system, are about to revolutionize. The block chain system is a decentralized network. Even Amazon has used its influence to bounce websites because of politics.
The other advantage of the block chain system is it’s harder hack into and lose all your company’s or personal data. This is technology we must promote, not destroy, because it is challenging the large banks, Wall Street, social media, and other established businesses.
Congress needs to set the rules for crypto such as how it’s treated under the U.S. tax code without making it too onerous for us to participate. We need to challenge the large corporations who state they are too big to fail.
We need to stop lobbyists from corporations from killing these new companies in the U.S. because if we don’t, they will just move offshore and the United States will lose out on trillions of dollars of income and millions of jobs for you and me.