Charles Munger Calls for Crypto Ban in the US
Berkshire Hathaway vice chairman Charlie Munger has said that the US should follow China’s lead and ban cryptocurrencies, the Wall Street Journal reports.
According to him, there is a connection between the growth of digital assets and a regulatory gap. He claims that they cannot be attributed to currencies, commodities or securities.
He has added:
“This is a gambling contract with an almost 100% house edge. He appeals to a country where only individual states compete in this weakness. The United States must pass a new federal law that should put a damper on cryptocurrencies.”
According to Munger, two precedents can push “reasonable actions” – the ban on cryptocurrencies by China and the actions of the British authorities in the 18th century. Then Parliament banned the issue of new shares for the next hundred years in response to the depression in those years.
