Today, Professor Hilary Allen published an article in Foreign Affairs making the case for banning cryptocurrency in the United States. Allen cited a long list of exploits, crypto exchange collapses, and technical inefficiencies in the blockchain ecosystem. Her conclusion: The risks of blockchain technology far outweigh the rewards and the U.S. government should ban it altogether. But is such a move in the public’s interest?
Historically, bans on new technologies have had mixed results. Outright bans can be a way to fight issues like climate change. For example, bans on petrol-powered cars can drastically reduce fossil fuel emissions in real time.
However, many bans have unintended consequences. An outright ban on 3-D printed gun blueprints could threaten innovation in other open source, peer-to-peer applications.
So far, the $1.24 trillion crypto industry has fostered new banking solutions that are efficient, secure, and accessible to everyday people. Artists once ignored by the traditional art world have made careers (and fortunes) in NFTs. And Decentralized Autonomous Organizations are growing in popularity as an alternative to traditional governance.
The ins and outs of blockchain are definitely not easy to understand or to regulate. Yet the solutions it enables justify asking governments to accept the technology. With some time and effort, it is possible to fix crypto’s imperfections and encourage more people to reap its many benefits.
The Dark Side of Anonymity
One of the features of blockchain technology is the option to keep your identity private. That’s partly why one of the earliest uses for Bitcoin was buying illicit substances on the dark web. Silk Road was originally set up so that people could trade goods and se
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Author: virginia.valenzuela
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