In all fairness, I don’t think “crypto” should be banned as such. Partly because it’s a loose and descriptive term, unlike asbestos, which is well defined and tangible. So a blanket ban wouldn’t work.
And also because it’s not necessary; existing regulation will get us most of the way:
- if you are, in effect, selling a security, let this be regulated this like any other security
- if you are, in effect, running a bank, etc.
- if your coin X acts like an intermediary for transferring money to hostile jurisdiction Y, then regulate transfers to X like transfers to Y. Forbid these if necessary.
- if your manufacturing process is needlessly wasteful then forbid this manufacturing process (globally) under threat of forbidding your product
Etc
And also because it’s not necessary; existing regulation will get us most of the way:
- if you are, in effect, selling a security, let this be regulated this like any other security
- if you are, in effect, running a bank, etc.
- if your coin X acts like an intermediary for transferring money to hostile jurisdiction Y, then regulate transfers to X like transfers to Y. Forbid these if necessary.
- if your manufacturing process is needlessly wasteful then forbid this manufacturing process (globally) under threat of forbidding your product
Etc