The dust is settling after the collapse of three major banks in the U.S. However, there is an ongoing search for a scapegoat to pin the financial failures on, with regulators, and now a U.S. senator, eyeing crypto.
Speaking at a March 16 hearing of the Senate Finance Committee, Democratic representative for Colorado Michael Bennet suggested banks involving themselves in the crypto industry were not making “prudentially sound†decisions.
In making his point, the senator explained how banks and crypto companies operate more freely than banks and marijuana dispensaries. Marijuana companies offer legal services in many U.S. states, including Bennet's, but remain frozen out of the financial system.
According to Bennet, crypto is not “even as stable as the marijuana industry,†expressing it may have been a factor in...