Democratic Senators Eye Pro-Crypto Bill Amid Criticisms Over Industry's Legitimacy

A pro-crypto bill called the CLARITY Act has gained support from some Democratic senators, which could lead to its passage in Congress.

The bill aims to give authority over cryptocurrency to the Commodity Futures Trading Commission instead of the Securities and Exchange Commission, which would narrow the SEC's oversight.

Robert Reich, a former US Secretary of Labor, is against the bill, arguing that it would legitimize an industry with 'zilch' public benefits but significant costs and risks.

Reich claims that the only practical uses for cryptocurrency are tax evasion, money laundering, fraud, speculation, and crime, and that the crypto lobby has bought off many members of Congress, including some Democrats.