ICYMI — Club for Growth President David McIntosh Hits Back on Crypto Regulation

Washington, D.C. — In case you missed it, Club for Growth President David McIntosh published an OpEd in the Washington Times highlighting the push for increased regulation of cryptocurrencies comes from institutions afraid of new competition in the financial sector while also outlining the benefits that come from a decentralized currency like Bitcoin.  

“The drive for increased regulation, and in some cases even an outright ban, of decentralized currencies like Bitcoin is fueled by those in the public policy and financial communities who are wary of competition that stems beyond their control,” said Club for Growth President David McIntosh. “Bitcoin offers people around the world the opportunity to invest and access new wealth. America should let individuals, not the government, decide how to invest in crypto.” 

Click here to read the full piece in the Washington Times. 

 

 

EXCERPTS: 

The very idea of an innovation as disruptive as cryptocurrency is unsettling to some, both in public policy circles and those in the financial community, who are wary of new competition beyond their control. A few have gone as far as suggesting that we should follow the example of the Chinese Communist Party… 

A traditional centralized monetary system relies upon a central authority — typically a government or central bank — to control the various aspects of that system, including the printing or minting of physical currency and coordinating with financial institutions to run, record and audit transactions… 

Under its decentralized model, no central authority is required, and banks are eliminated from the picture altogether. That last aspect alone is enough to send shivers down the spines of even the most comfortable of banking executives.