Cryptocurrencies continue attracting attention as lawmakers debate their long-term role.
The GENIUS Act signalled US commitment to regulating stablecoins markets.
Policymakers remain divided over whether crypto innovation benefits society broadly.
Unbacked assets like Bitcoin and Ethereum rely purely on confidence.
Backed digital tokens attempt stability through reserves and financial instruments.
Analysts question viability and welfare impact of widespread crypto adoption.
Blockchain tools offer efficiencies but private tokens widen social inequalities.
Crypto can aid citizens under repression but alternatives already exist.
Economists describe Bitcoin as a speculative bubble lacking intrinsic value.
History shows bubbles may persist before collapsing dramatically over time.
Speculation diverts resources without delivering meaningful public economic benefits widely.
Mining consumes energy while seigniorage benefits shift from public hands.
Crypto transactions facilitate crime by lowering barriers to illicit finance.
Stablecoins promise efficiency but carry systemic financial stability risks potentially.