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Crypto Inclusion Myths

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One of the key myths concerning cryptocurrency is the claim that these new forms of money will increase financial inclusion by making financial services more broadly available to poor and low-income consumers. This is an unproven assertion at best, an allegation of dubious veracity, made in all likelihood to obtain regulatory support for cryptocurrencies. No independent, objective data exists to support the inclusion claim with respect to Black people and communities of color. This is the same tactic used to generate regulatory support for subprime lending, and, as with that disaster, it is a myth. While my support for cryptocurrency rests on it’s potential to increase financial inclusion, the fact is that this potential is unproven. Hyperbolic and false statements about financial inclusion make it less likely that this potential will ever be realized. In a statement for the record to the House Financial Services Committee following their December 8th hearing on digital currencies, I