I-Hiltzik: Abalawuli benza isenzo sokuqeda umkhonyovu we-crypto

Ilanga lingase lishone ku-cryptocurrency craze. Uma ungumtshali-zimali noma ungumuntu ofuna ukwazi onqenqemeni lwale ngxenye yezezimali, ungase ufune ukulungiselela ukushabalala kwayo.

Emasontweni ambalwa adlule, abalawuli bemakethe nabamabhange e-US baqinise izikulufu kumafemu ahlobene ne-crypto. Izinyathelo zomthetho kuCongress ezihloselwe ukukhulula imithetho yabathuthukisi be-crypto zibonakala ziphelelwa amandla.

Yonke imakethe ye-crypto, kusukela emalini yokuqala ye-cryptocurrency bitcoin kuya ku-crypto yemfashini efana ne-Dogecoin kanye namathokheni obunikazi afihlekile afana ne-Stellar ne-Cardano anciphe kakhulu.

I-capitalization yemakethe ye-crypto, ekhuphuke ngaphezu kwama-dollar ayizigidi eziyizinkulungwane ezintathu ngasekupheleni kuka-2021, manje isilinganiselwa ku-$ 800 billion, okusho ukulahlekelwa okukhulu kubatshalizimali abafika sekwephuzile. (Amanye ama-cryptocurrensets asebenze kahle muva nje, kepha isilinganiso se-bitcoin sisephansi ngamaphesenti angaphezu kuka-60 ukusuka esiqongweni sayo ngoNovemba 2011.)

Eqenjini labagxeki be-crypto, lezi zenzakalo zibonisa ithonya lamandla adonsela phansi endaweni yemakethe elibonakala “ngokwezimo ezivamile zokwehluleka ukusebenza, ukukhohlisa kwemakethe, ukukhwabanisa, ukweba, kanye nemikhonyovu,” njengoba uMnyango Wezezimali wase-US wakubeka. iseluleko somthengi esikhishwe ngoSepthemba odlule.

“Akukho lapho, futhi sinomlando omningi ongakufakazela lokho,” u-Lee Reiners, uchwepheshe we-crypto kwaDuke futhi owayeyisikhulu esilawulayo eFederal Reserve Bank yaseNew York, etshela iSenate Banking Committee ukulalelwa kwecala ngoLwesibili.

Ngokungafani namasheya namabhondi, anikeza abanikazi isimangalo ngenzuzo yabakhiphi, noma izinsimbi eziyigugu, ngokuvamile ezinenani langaphakathi lemboni noma lezentengiselwano, ama-cryptocurrencies awameleli ubunikazi banoma yini ephathekayo futhi abukho isimangalo emkhiqizweni wezomnotho.

Njengoba kunikezwe ukuthi ukuthengiselana kokuqala kwe-bitcoin kwenzeka ngo-2009, u-Reiners waphawula ukuthi naphezu “kwerekhodi leminyaka engu-14 okufanele ubheke emuva,” akekho oye wahlonza ukuthi yini i-crypto enhle, ngaphandle kokuthi into abantu abangayithenga kuphela ngokulindela ukuthi bangakwazi. yithengisele omunye umuntu ngentengo ephezulu ngokuzayo – evame ukuchazwa ngokuthi ithiyori “yesiwula esikhulu”.

Abalawuli bamabhange e-US abakaze bangaboni leli qiniso. Ku isitatimende esihlanganyelwe esikhishwe ngoJanuwari 3I-Federal Reserve, i-Federal Deposit Insurance Corp. kanye ne-Office of the Comptroller of the Currency banikeze uhlu olulodwa lwezinkinga ezinkulu nge-crypto, eziningi zazo ezihambisana nokukhathazeka okuvezwe nguMgcinimafa.

Bakhulume “ngengozi yokukhwabanisa nemikhonyovu,” “izethulo ezingalungile noma ezidukisayo nokudalulwa,” imikhuba “engalungile, ekhohlisayo, noma ehlukumezayo” kanye nezingozi “zokuhlasela kwe-inthanethi, ukunqamuka kwempahla, ukulahleka noma ukuvaleleka kwezimpahla, kanye nezimali ezingekho emthethweni.”

Umgomo ocacile wesitatimende esihlanganyelwe kwakuwukuxwayisa amabhange alawulwayo kanye namakhasimende awo ukuthi cishe kufanele ahlukane ne-crypto nganoma iyiphi intengo.

I-trigger esheshayo yokuguqulwa kwenhliziyo eWashington ingaba NgoNovemba ukufakwa kwe-FTX, inkampani ye-crypto umsunguli wayo, u-Sam Bankman-Fried, ubekade engummeli ovelele wemithetho eqinisiwe kumafemu e-crypto. UBankman-Fried ukhululekile ngebheyili ngesikhathi esalinde ukuqulwa kwamacala obugebengu.

Ukuqothuka kwe-FTX, nokho, bekungenye yezinhlaka zokwehluleka kwe-crypto firm ngo-2022, kanye nesandulela sokuqothuka okwengeziwe. Mhlawumbe okubaluleke nakakhulu, amaphutha amaningi okusebenza okusolwa ukuthi atholakala ekusebenzeni kwe-FTX kuvamile kulo mkhakha, okuhlanganisa ukugcinwa kwamarekhodi anganele kanye nezinhlelo zokuphepha, kanye nokuhlanganiswa kwezimpahla zamakhasimende nezamafemu.

Intshisekelo yabathengi ku-crypto cishe yayimiselwe ukuncipha ngisho nangaphandle kokuwa kwe-FTX. Ukusakaza kwe-Super Bowl yangonyaka odlule kugcwele izikhangiso ezinenani eliphezulu ezivela kumafemu e-crypto afaka osaziwayo abafana noMat Damon noLarry David. Ama-Supernovas afana ne-crypto 2022-vintage ahlala emiselwe ukufiphala ngokwezinga elithile; iSuper Bowl yalo nyaka ibingekho i-crypto.

Nokho, emasontweni nasezinyangeni zamuva, abalawuli base-US bathathe izinyathelo eziqinile zokujova uhlelo lwebhange elikhulu kanye nezezimali ngokumelene nokungcoliswa ukwehluleka kwe-crypto firm.

NgoJanuwari, i-Fed inqabe isicelo se-Custodia Bank ubulungu ku-Federal Reserve System. I-Custodia, eqashwe yi-Wyoming, ihlose ukukhipha ithokheni yayo ye-crypto. “Imodeli yebhizinisi yenoveli yenkampani kanye nokugxila okuhlongozwayo kuma-crypto-assets wethule izingozi ezinkulu zokuphepha nokuzwakala,” kusho i-Fed.

Ngesonto eledlule, abalawuli bamabhange e-New York State bayalele i-Paxos Trust ukuthi iyeke ukukhipha amathokheni e-crypto anomkhiqizo oxhunywe ku-Binance ezinze eFrance, i-crypto exchange enkulu kunazo zonke emhlabeni, ngenxa “yezinkinga ezimbalwa ezingaxazululiwe” ezihlobene nobudlelwano balezi zinkampani ezimbili. I-Securities and Exchange Commission iphinde yazisa i-Paxos ukuthi ingase ibhekane necala le-SEC lokuthengisa izibambiso ezingabhalisiwe – amathokheni e-crypto.

Futhi ngesonto eledlule, i-SEC iphoqe i-crypto exchange Kraken ukuthi iyeke ukumaketha uhlelo olubizwa ngokuthi i-staking-as-a-service lapho ikhangisa khona ukubuyiselwa kwezimali okufika ku-21% kubatshalizimali abadlulisela izimpahla zabo ze-crypto ku-Kraken. Le nkampani ikhokhele amaRandi ayizigidi ezingu-30 ukuze ixazulule ne-SEC, ngaphandle kokuvuma icala le-ejensi lokuthi yayimaketha ukuphepha okungekho emthethweni.

UShill we-crypto, okuhlanganisa nalawo aseCapitol Hill, ngokuvamile anezimpikiswano ezimbili ezibalulekile. Enye ukuthi i-crypto imele “ukuqamba okusha kwezezimali” esikuvimbezela engcupheni yethu. Okunye ukuthi kuyindlela yokunika izingxenye zomphakathi ebezikade zikhishiwe ohlelweni lwezezimali, njengabantu abambalwa “abangenawo amabhange”, ukufinyelela ezinsizeni zezezimali abanye abazijabulelayo.

Zombili ziyi-balderdash. Ake sizithathe ngokulandelana.

Ekulalelweni kwangoLwesibili, ilungu lekomiti elisezingeni u-Tim Scott (RS.C.), umemezele ukuthi isizathu esenza i-US “inezimakethe zezimali eziqine kakhulu nezinomona kakhulu emhlabeni” kungenxa yokuthi “ilanga alishoni emisha yaseMelika.”

UScott wesekwa ngu-JD Vance (R-Ohio), ongunxiwankulu empilweni yakhe yangaphandle, owabuza “indlela abantu ababengayichaza ngayo i-inthanethi ngeminyaka yawo-1970 kanye nawo-1980…. bacekele phansi inqwaba yezinto ezenzeke kule minyaka engamashumi amathathu edlule.” Ubuze ukuthi ungayilawula kanjani i-crypto manje “ngendlela evikela ukuphakama kobuchwepheshe njengamanje.”

Amaphutha kule mpikiswano kufanele abonakale ngokushesha. Enye iwukuthi izici ezinhle zanoma yikuphi ukuqanjwa okusha aziqinisekisi noma yiziphi ezinye izinto ezintsha ezifunwayo. (Impela, ezinye “izinto ezintsha” zinezimfanelo umphakathi obungazenza ngaphandle kwazo, njengezinto ezintsha zobuchwepheshe ezisinikeze izikhali ze-thermonuclear.)

Okunye ukuthi ukukhuluma “ngama-upsides” e-crypto ukuthatha amaqiniso angekho ebufakazini, ngoba akekho owenze icala elikholisayo le-crypto njengento emisha ewusizo – ngaphandle kwethuluzi lezenzo zobugebengu.

Ekuqulweni kwaleli cala, ilungu lekomiti u-Elizabeth Warren (D-Mass.) lathi “abashushumbisi bezidakamizwa bamazwe ngamazwe abazuze ngaphezu kwesigidigidi samaRandi nge-crypto,… abaduni baseNyakatho Korea, abantshontshe amaRandi ayizigidi eziyizinkulungwane ezingu-1.7 futhi bafaka leyo mali ohlelweni lwabo lwenuzi. .nabahlaseli be-ransomware abadle cishe amaRandi ayizigidi ezingu-500.”

Uphethe ngokuthi, “Imakethe ye-crypto yathatha amaRandi ayizigidi eziyizinkulungwane ezingama-20 ngonyaka odlule ekuthengiseni okungemthetho. Futhi leyo kuphela ingxenye esiyaziyo.”

Ngokuqondene nokufakwa okuhlosiwe kwe-crypto, lokho kungukukhohlisa. Izibalo ezivame ukucashunwa zivela ku ucwaningo olwenziwe nguCharles Schwab & Co. kwabangu-2,057 abantu abadala baseMelika, okwaphetha ngokuthi ama-25% wabatshalizimali abamnyama babene-cryptocurrencies ngo-2022, uma kuqhathaniswa ne-15% kuphela yabatshalizimali abamhlophe. (U-Yesha Yadav waseVanderbilt Law School, ufakazi ecaleni leSigele, ngephutha wagomela ngokuthi lezo zibalo zisebenza kubo bonke abantu abamnyama baseMelika noma abamhlophehhayi abatshalizimali kuphela.)

Umuntu angase abuze ukuthi izibalo zikaSchwab zinengqondo yini nakancane, kodwa kubalulekile ukuqaphela ukuthi imali engenayo emaphakathi yabaphendula abaNsundu yayingu-$99,000 futhi yabamhlophe yaba ngu-$106,000.

Laba akubona abantu baseMelika abangenamabhange abanezifiso zabo zezezimali okuthiwa zikhululwe yi-crypto. “Lokho okudingwa abantu abangenawo amabhange ngempela izindlela ezilula, eziphephile nezingabizi kakhulu zokonga imali yabo, kanye nokwenza kube lula,” u-Tonantzin Carmona we-Brookings Institution. kubikwe ngo-Okthoba.

Ngeshwa, ukuthengiselana nge-crypto kuvame ukuhluke kakhulu – “kuhamba kancane, kuyabiza, futhi kungasebenzi kahle,” uCarmona waphawula – futhi egcwele “izimali eziningi ezifihliwe.”

Inhlolovo ye-FDIC yango-2019 uCarmona ekhonjiwe ibike ukuthi u-29% wabaphenduli abangenawo i-akhawunti yasebhange basole isimo sabo ngokungabi nayo imali eyanele ukuhlangabezana nezidingo zebhalansi encane. Ukuthatha iflaya kuma-cryptocurrencies aguquguqukayo akuyona indlela enokwethenjelwa kakhulu yokugcwalisa igebe.

Umuntu kufanele alindele ukuthi imboni ye-crypto izolwa nomthetho ngamandla izigidi zamaRandi ezingathengwa ngezindleko zokunxenxa – $9 million esetshenzisiwe ekuthonyeni iCongress ngo-2021, unyaka wakamuva lapho izibalo zihlanganiswe khona.

Nokho ukulandisa kwama-lobbyists kuwumbumbulu. “I-crypto enkulu” isola ukuqhuma kwe-serial kwamafemu e-crypto ekuhlulekeni kwe-SEC kanye ne-Commodity Futures Trading Commission ukunikeza umkhakha “ngokucaca okulawulwayo.”

UScott uveze leli phuzu esitatimendeni sakhe sokuvula ngoLwesibili. “Abalawuli bavumele ukusebenza kule ndawo ngaphandle kokuhlinzeka ngemithetho ecacile yomgwaqo,” esho. “Ukube i-SEC inikeze noma yini ngaphandle kobutha embonini ye-crypto, kungenzeka sikwazi ukusindisa abatshalizimali ekulahlekelweni kwezigidigidi zamaRandi ku-FTX” nezinye izinhlekelele ezinjalo.

Iqiniso liwukuthi ama-ejensi awakwazanga ukucaca ukuthi i-Big Crypto iphula kuphi imithetho.

Kusukela ngo-2013, i-SEC ilethe izenzo zokuphoqelela ezingu-127 endaweni ye-crypto ngendlela eyodwa noma enye ngaphandle kokulahlekelwa ngisho nakanye enkantolo. “Kunemithetho ehlolwe isikhathi,” kusho uSihlalo we-SEC uGary Gensler etshela iBloomberg Television ngoMsombuluko. Kodwa “lokhu kuyinkambu engahambisani nemithetho.”

Okufunwa yizinkampani ze-crypto “i-lophole enkulu ebhalwe emthethweni,” kusho uWarren ekulalelweni. Uqinisile. Izenzo zokuphoqelela zakamuva zibonisa ukuthi abalawuli bathambekele kancane kunangaphambili ukubasiza ukuba bayithole.

Ngaphandle kwentuba enikeza lezi zinkampani ukukhululwa emithethweni lapho bonke abanye abaxhumanisi bezezimali kufanele bahambisane nayo, i-crypto cishe izobuna futhi ife. Lokho kuzoba isivikelo esingcono kakhulu sabathengi ekulahlekelweni amahembe abo emikhonyobeni ye-crypto.