The Washington PostDemocracy Dies in Darkness

Opinion Government oversight of crypto would lend real status to a hollow bell

An ATM that dispenses bitcoin on Jan. 7 at Reiter's Books in D.C. (Amanda Andrade-Rhoades for The Washington Post)
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Regarding the May 17 news article “Crypto meltdown refocuses regulators’ attention”:

This plaything of criminals and speculators has regularly tripped over its own feet because it claims to be “new money” but is a shell with no inner value — no God in whom to trust. Now, those who put their money on the felt-topped table and find the gamble didn’t go their way want to be protected. Even the most regulated financial exchange doesn’t do that. Certainly something that has no inherent value and produces nothing should not have any central government oversight, which would lend real status to a hollow, clanging bell.

The lobbyists continue to create chatter and worries among those who should stand up to this noise.

The best thing that can be done now is to walk away and leave the crypto mess alone. Thus far, no government funds or responsibility have been involved. Other losses are the price of an education.

Thomas Bower, Washington

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