"Now that the crypto bloodbath is in full view the new refuge of the crypto scoundrels is 'blockchain', the technology underlying crypto that is now alleged to be the cure of all global problems, including poverty, famines and even diseases. But as discussed in detail below blockchain is the most over-hyped — and least useful — technology in human history," Roubini said. "In practice it is nothing better than a glorified spreadsheet or database," he said.
Peter Van Valkenburgh, director of research at Washington-based lobbying group Coin Center, took a starkly different stance. While he acknowledged that it's not widely accepted as a payment method, Van Valkenburgh said that aspects of it are still promising.
"Is it perfect? No. Neither was email when it was invented in 1972," Van Valkenburgh said. "The mere fact that it works without trusted intermediaries is amazing — it's a computer science breakthrough. It will be as significant for freedom, prosperity and human flourishing as the birth of the internet."
Other members of Congress have debated the merits of cryptocurrency in smaller roundtables throughout the fall. In September, House of Representatives members met with industry representatives to address regulatory concerns and fears of innovation fleeing the U.S. Following that meeting, more than a dozen members of Congress sent a letter to SEC Chairman Jay Clayton, calling for a clearer picture of how the agency views the digital asset class.
Rep. Tom Emmer, R-Minn., said he plans to introduce three crypto- and blockchain-friendly bills, while Rep. Warren Davidson, R-Ohio, is drafting one to be introduced this fall that he says is not yet "fully cooked."
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