The Clarity Act Is the Trojan Horse

The Clarity Act Is the Trojan Horse by David Stockman at Brownstone Institute Despite the hope and promise, Bitcoin and its speculative cousins are not money in any meaningful sense. They function as digital roulette wheels—trading sardines whose prices oscillate wildly according to the rhythms of the gambling herd, generating no earnings, no interest, no dividends, and no intrinsic cash flows to discount. Likewise, stablecoins such as Tether are little more than a 21st-century reinvention of 19th-century national bank notes. Those earlier notes were required to be over-collateralized by US Treasury bonds or notes at roughly 110–111 percent of par. Today’s leading stablecoins are likewise slightly over-collateralized and...

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