Lee Reiners, a former employee of the Federal Reserve Bank of New York, believes that cryptocurrencies should be banned by regulators.
Reiners, who is currently a professor at Duke Law School, believes that the ongoing crypto crash after Bitcoin failed to perform well is justified.
The fintech expert claimed that the biggest bull rally to date was driven entirely by the central bank’s ultra-loose monetary policy that allowed speculation. Bitcoin and other risky assets are on the decline as the Fed begins taking new measures to curb inflation.
According to Reiners, crypto itself is worthless because it has no cash flow and no foundation.
Reiners also criticized the crypto law drafted by Lummis and Gillibrand, which aims to neutralize the SEC.
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