The Crypto Crises Are Coming

By Simon Johnson – Project Syndicate

Under its emerging legislative framework, the United States is poised to become a major hub for cryptocurrency-related activities. But in its eagerness to do the crypto industry’s bidding, Congress has exposed Americans and the world to the risk of severe economic damage, including massive job losses and wealth destruction.

WASHINGTON, DC – Having adopted one major piece of digital-currency legislation (the GENIUS Act) and with more pending (the CLARITY Act has passed the House of Representatives), the United States is poised to become a major hub for cryptocurrency-related activities, or even – taking President Donald Trump literally – the “crypto capital of the world.” But those who support the new legislation should be careful what they wish for.