US Lawmakers Declare Crypto a Scam: Central Bank Digital Currency Wins the Day!

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In a most enlightening press conference held on a rather fine Wednesday, several Democratic lawmakers of the esteemed United States expressed their views on cryptocurrencies, branding them an outright “scam.” One must wonder if these lawmakers have stumbled upon a new form of enlightenment, or perhaps they simply wish to promote the notion of a central bank digital currency (CBDC) with all due urgency. 🚨

Among those holding forth was the intrepid Representative Maxine Waters, who deemed the CBDC Anti-Surveillance State Act—an ambitious initiative that aims to thwart any governmental oversight of a prospective digital dollar—the “anti-innovation act.” Such an appellation surely leads one to ponder whether any true innovation has ever come from a government undertaking. 🤔

Representative Stephen Lynch, not to be overshadowed, rather emphatically declared that cryptocurrency possesses no legitimate use—unless, of course, one considers its propensity for underlining the less savory aspects of finance, such as ransomware heists. In his words:

“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.”

He continued rather dramatically, “It’s a highly risky and volatile product that has no business in a functioning and well-regulated financial system. This entire industry is a scam.” Alas, it appears that the industry may need to take its leave and reconsider its existence in light of such damning critique. 💸

It should also be noted that the venerable US President Donald Trump, in a moment of unfathomable foresight, signed an executive order banning CBDCs this past January. Clearly, a bold step for a man of action!

Countries Remain Divided on CBDCs

In the delicate dance of digital currency, opinions across the globe find themselves at odds. Federal Reserve Chair Jerome Powell, while gracing the hallowed halls of a Senate hearing in February, testified that under his esteemed watch, the central bank would shy away from any foray into CBDCs. A stalwart of caution indeed! ⚖️

Others, however, seem rather undeterred as they leap into the sweep of digitization, maintaining their sovereign control whilst sternly refusing to yield to those pesky third-party stablecoin enterprises. Could they not spare a thought for simplicity?

In May, the Reserve Bank of India declared its intention to expand its CBDC test trials, no doubt with great pomp and circumstance, to explore the myriad possibilities of their digital rupee. One can only imagine the discussions over tea in such esteemed circles! ☕

Meanwhile, as of July, Australia’s own central bank has been busy concocting plans for the testing of wholesale CBDCs in a rather exclusive experiment featuring select institutions. Such privilege! 😏

Lastly, the wise Governor of the Bank of England, Andrew Bailey, recently voiced his opinion that issuing a CBDC might lead to some perturbation within the banking system. He suggests instead that focus be redirected towards the tokenization of deposits. A fitting alternative, one would argue! 🏦

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2025-07-17 00:21