‘There is no legitimate use case for crypto’ — US Representative Stephen Lynch

Key Points

1. US Democratic lawmakers label cryptocurrencies as a 'scam' with no legitimate use case, citing risks like ransomware heists.

2. Representative Maxine Waters opposes the CBDC Anti-Surveillance State Act, calling it the 'anti-innovation act' and a threat to national security.

3. Federal Reserve Chair Jerome Powell stated the central bank would not develop a CBDC during his tenure.

4. Countries like India and Australia are exploring CBDCs, with India's central bank announcing plans and Australia testing wholesale CBDCs in a closed experiment.

5. Bank of England Governor Andrew Bailey emphasized the need to focus on tokenizing the financial system rather than CBDCs.