The Crypto Triad Won The Election

The Central African Republic and El Salvador use crypto as legal tender.

Gensler was at the DNC when Hillary Clinton secretly took contractual control in 2016 prior to the primaries in what really ought to have been criminal misconduct. Gensler knew when Donna Shalala did not. Gensler’s involvement, what he knew and when he knew and How he got to the SEC are questions the lever should investigate. But since he has been at the SEC his actions have done more to manipulate the Crypto market and injure investor interests than all but the really gross cases. Just because Trump is pro crypto does not mean crypto is bad. For sure fraud and corruption of the political process are bad, but this article does not provide context showing how fraud and corruption in other areas of investment and finance are worse. Confounding crypto with going on with Trump weakens the resistance to Trump and is not the best journalistic approach. Trump is a nightmare, but crypto is something happening apart from him that has a history and a momentum that needs to be understood outside the current hellscape of the 2024 election.

This was NOT an article about promoting Gensler. It was an article about campaign contributions to candiates who don't even have an opponent and broader efforts to further corrupt both political parties for the sake of offering favored treatment to unreguglated private currencies. There is a long history of booms an busts due to unregulated speculation. Private currency is actually a medieval concept that disappeared centuries ago because it had a terrible track record of fraud. There was a brief return to private currency in mining towns in this country during the era of robber barons, when the script paid to their employees was only good in the company store. A return to private currency is only possible because of historical ignorance and the large number of con-men in every country in every generation who are always looking for a way to get rich quick without having to do an honest day's work. Phasing out the dozens of currencies that existed in our country to promote a common currency was a good idea that helped faciliate commerce and trade. A return to unregulated private currencies is a terrible idea. It is a sad day in American history when the two principal presidential candidates in both parties actively campaigned with billionaire crytocurrency advocates.

I don't know if Crypto is good or bad but time will tell... Although, I had the impression from your article that Crypto is dangerous, a "potential detriment of consumers and the financial system", "more people will be hurt", "It is a field that is rife with abuse and fraud"...

All these things are probably based in some truth AND I find it is a valid criticism of our broken banking system. Somehow with all the banking regulation, our banking industry crashed the economy, received a $500 billion dollar bail out, and promptly gave themselves bonuses. Obama just turned the page for the bankers. Perhaps one banker went to jail! But many Americans lost their homes which were scooped up by venture capital at a huge discount.

The Fed which is not a governmental agency has been printing money with no end in sight for decades and the current national debt is around $35 trillion. Our banking system sounds dangerous, is a real detriment to consumers and the financial system, more people will be hurt, and the banking system is rife with abuse and fraud.

And yes the Crypto Triad won the election as did AIPAC ousting Senators who had the courage to speak against genocide.

63 percent of Americans “say they have little to no confidence that current ways to invest in, trade, or use cryptocurrencies are reliable and safe". I would contrast that with 80% of Americans don't trust Congress... At least with Crypto, I have a choice to stay far away from it... Unfortunately our corporate owned Government has a huge impact on our lives.

Does any of this make Crypto good, no... and our broken banking system and the privately owned Federal Reserve cannot print more bitcoin on demand.

Will something good come of it? Time will tell.

How is the Fed not a federal agency? I always thought it was illegal for anyone but the government to issue currency; having crypto in the marketplace means that your savings can be 10 times or 1/10 todays value when you arrive at the store. That becomes a financial world built on quicksand.

Crypto has no underlying foundation. There are no crypto investors, only crypto gamblers.