The rise of “sensible crypto” is being championed by political leaders, Wall Street types, and crypto exchange bosses. These individuals give credibility to an industry that is opaque and high-risk, and preys on those who cannot afford to gamble their money away. One way that “sensible crypto” exerts its influence is through central bank digital currencies (CBDCs), which are being promoted as a way to make the financial system more inclusive.
The Digital Pound Foundation (DPF) is a forum dedicated to the implementation of a digital pound. DPF is pushing for sensible crypto in order to legitimize the crypto industry and protect CBDCs from being threatened by it.
The board of directors for a new UK-based crypto company consists of two founder-CEOs of relatively obscure crypto projects, and the “head of policy” at Ripple, a company behind the XRP token, who is based in Washington DC, the global hub of crypto lobbying. This gives the company a strong connection to the crypto world, while also providing valuable experience and expertise in the fields of business and policy.
Crypto is gaining legitimacy in UK politics, with former chancellor Rishi Sunak suggesting that Britain should become a “global cryptoassets hub”, and the establishment of a “central bank and digital currency” all-party parliamentary group whose secretariat is a crypto company. The author argues that we must see this “sensible crypto” crowd for what they really are – snake-oil salesmen in sensible clothing.