John Reed Stark, former Chief of Internet Enforcement of SEC on 60 minutes: Crypto is a scourge, it is not something you want in your society. It has no utilit

John Reed Stark, former Chief of Internet Enforcement of SEC on 60 minutes: Crypto is a scourge, it is not something you want in your society. It has no utility. It is pure speculation. There is no balance sheet to crypto, there is no financial statements. There is no audit inspection, examination, net capital requirements, no licensure of individuals involved, and there is no transparency into it. That creates real systemic risks, not just risks for investors. But the other part people don't talk about enough is the dire externalities that are enabled by crypto. Every single crime you can think of, is easier to do now because of crypto. Especially ransomware, human sex trafficking, sanctions evasion, money laundering. North Korea is financing their nuclear program using crypto. --- Meanwhile, crypto investors, companies and executives accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to help Trump win a second term in office. See https://www.cnbc.com/2025/01/23/trump-signs-executive-order-on-crypto-digital-asset-stockpile.html https://www.cnbc.com/2025/01/23/trump-signs-executive-order-...