‘There is no legitimate use case for crypto’ — US Representative Stephen Lynch
2025-07-16 21:24:04
Main Idea
US Democratic lawmakers, including Representative Stephen and Maxine Waters, criticize cryptocurrencies as having no legitimate use case and advocate for central bank digital currencies (CBDCs), while opposing anti-CBDC legislation.
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.
Description
Lynch joined his Democratic colleagues in denouncing cryptocurrencies and calling for a central bank digital currency (CBDC).
Latest News
- Canary Capital bets on Injective with staked ETF filing2025-07-17 22:31:05
- 300% DOGE price rally expected if this key price level is reclaimed2025-07-17 22:28:30
- Wall Street piles into Ethereum as stablecoins are greenlit and RWAs expand2025-07-17 21:40:16
- US prosecutors expect to close case against Roman Storm by July 252025-07-17 21:39:32
- Nasdaq files application to add staking for BlackRock iShares ETH ETF2025-07-17 21:08:54