The Congressional ‘Crypto Is Bullshit’ Caucus

Joseph Zeballos-Roig, reporting for Semafor:

“It’s all bullshit,” Sen. Jon Tester, D-Mont. told Semafor. He was wary of the industry even before the recent collapse of crypto exchange FTX, he said, and recent meetings with advocates have not given him any more confidence in its fundamental value. “I don’t think it passes the smell test. I can’t figure out what supports it.” (FTX founder Sam Bankman-Fried is an investor in Semafor.)

“Finally, there are more people blowing the bullshit whistle,” Sen. Elizabeth Warren, D-Mass. said in a Wednesday interview. “There’s been a lot of lobbying around Congress and an effort to try to scare off lawmakers. To say ‘Oh, crypto is just so complicated. No one can understand it. Let the crypto world remain unregulated.’ That is precisely the argument that was made in the run-up to the 2008 crash.”

★ Thursday, 1 December 2022