‘There is no legitimate use case for crypto’ — US Representative Stephen Lynch.
US Democratic lawmakers characterized crypto as an outright “scam” in a Wednesday press conference, pushing for the development and rollout of a central bank digital currency (CBDC).
Representative Maxine Waters called the CBDC Anti-Surveillance State Act, a bill that would prohibit the creation of a government-controlled digital dollar, the “anti-innovation act.” The anti-CBDC bill and the GENIUS stablecoin bill “endanger our national security,” Waters said.
Representative Stephen Lynch, who also attended press event, said crypto had no legitimate use case:
“As a committee, we've learned that there is no legitimate use case for cryptocurrency, as of yet, unless you count the illegal practices of every single ransomware heist that has affected US businesses, which have been fueled and facilitated by cryptocurrency.
