Crypto isn't the problem with the US economy, says senator

Louisiana Senator John Kennedy largely dismissed what he called the “promotion” of cryptocurrency by the Digital Chamber CEO Cody Carbone in a Senate hearing on affordability.

Cody Carbone, CEO of the cryptocurrency advocacy group The Digital Chamber, received a largely muted response to his testimony at a Senate Banking Committee hearing on affordability.

In a Tuesday hearing titled The Affordability Agenda, Carbone said that the digital asset industry could help solve affordability problems in the United States, including through faster and cheaper transactions, putting “competitive pressure” on existing payment systems, and reducing barriers to “owning and transferring assets.”

However, the majority of lawmakers present did not question Carbone directly or inquire about digital assets, with the exception of Indiana Senator Tim Banks and Louisiana Senator John Kennedy. Banks asked the Digital Chamber CEO about the costs related to foreign remittances compared to US dollar-pegged stablecoins, while Kennedy largely dismissed Carbone’s testimony.

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