Protect Taxpayers: Immediately End Government Cryptocurrency Initiatives

I strongly oppose the government’s adoption and experimentation of cryptocurrency and blockchain technology. Members of the House Financial Services Committee raised bipartisan concerns about HUD’s cryptocurrency experiments, highlighting their risks and lack of benefits. Cryptocurrencies’ volatility and speculative nature make them unsuitable for managing public funds or providing essential government services, especially to vulnerable populations. Blockchain technology’s practical applications within government are largely unproven and often overstated. Resources allocated to these ventures could be better used to improve infrastructure and address existing needs. Cryptocurrency platforms’ security vulnerabilities and documented use in illicit activities pose unacceptable risks to government systems and taxpayer dollars. Additionally, certain cryptocurrency mining processes raise environmental concerns. I urge you to halt all government initiatives involving cryptocurrency and blockchain technology. Public resources should be dedicated to secure, reliable, and well-understood systems that prioritize government financial stability and security. The risks of these speculative technologies outweigh any potential advantages. Please exercise fiscal responsibility and protect the public interest by ceasing these potentially detrimental experiments.