The writer is a professor at Cornell University, senior fellow at Brookings, and author of ‘The Future of Money’
Cryptocurrency proponents celebrated Donald Trump’s presidential victory, seeing in him a kindred spirit. The price of bitcoin, the original and most prominent cryptocurrency, has surged since his re-election in November. Under Trump, the crypto industry seems set to get what it wants — legitimacy provided by government oversight and light-touch regulation. It is a toxic mix for both the financial system and investors.
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