> There seems to be a naive belief that it can never happen here, just because it never has.

I’m sorry, but is the argument here that cryptocurrencies will somehow be instrumental in preventing the rise of fascism? Because that’s what the quote is from, although the chief motivator in the novel is independent journalism, not internet funny money.

Well, they are instrumental in oppressive governments like Iran and Venezuela. The whole objective behind cryptocurrency is a digital cash. If you are unconcerned about it happening in US, I don't know what basis you have for that, other than it has never has. It could happen here just as easily. And faster than you think. And corrupt governments are not known for being quick to give rights back.

But this is a different scenario: Iran and Venezuela were ostensibly repressive long before cryptocurrencies became viable mechanisms for exfiltrating wealth from either country. And besides, the introduction of cryptocurrencies doesn’t seem to have helped much in terms of making either country less repressive (much less eliminating basic privation in either).

To whit: what bulwark, precisely, are cryptocurrencies providing here?

Iran and Venezuela would not have the crypto tool if it had not been for a free society in which they can operate. The fact they were tyrannical oppressive regimes before crypto came along is besides the point. They have them now and are proving useful for their citizens. I don't know how you say they haven't helped "much". I've heard they are proving very useful. Maybe not in overthrowing the regime, but at least in helping them to survive.

It's definitely useful in the hyperinflation environments happening in those countries.

If you're worried that this legislation makes cryptocurrencies unable to fight government oppression, they were never able to fight government oppression to begin with.

If you still think they can fight government oppression, and if you believe government oppression is the reason for cryptocurrencies, there is nothing to worry about for this legislation.

>There seems to be a naive belief that it can never happen here, just because it never has.

What do you mean it never has? FDR literally stole everybody's gold in 1933 and got away with it.

Good point. Tyranny is not all or nothing gambit.

FDR was, in a sense, the Trump of the Democratic party. Hated by the industrialists, and he welcomed their hatred.

Big populist, had the Japanese put into internment camps, turned back ships full of Jewish refugees fleeing the Holocaust, and so forth.