Lynch joined his Democratic colleagues in denouncing cryptocurrencies and calling for a central bank digital currency (CBDC).
US Democratic lawmakers characterized crypto as an outright “scam” in a Wednesday press conference, pushing for the development and rollout of a central bank digital currency (CBDC).
Representative Maxine Waters called the CBDC Anti-Surveillance State Act, a bill that would prohibit the creation of a government-controlled digital dollar, the “anti-innovation act.” The anti-CBDC bill and the GENIUS stablecoin bill “endanger our national security,” Waters said.
Representative Stephen Lynch, who also attended press event, said crypto had no legitimate use case:
