Cryptocurrencies have proven that the only thing they're good for is supporting terrorism, scams, international criminal rings, and fake tech billionaires instead of the millions of hardworking, everyday Americans who have lost billions of dollars in Bitcoin and its literally thousands of imitators. I am an everyday American who has seen firsthand the negative impacts of cryptocurrencies on friends, on coworkers, and on my own finances. It is not just a personal concern, but one that affects us all.

Cryptocurrencies' volatile nature poses risks to our economy as a whole. They also risk concentrating wealth in the hands of a small number of ultra-rich American and foreign individuals while working and middle-class Americans get left behind. Furthermore, our nation's success in leveraging monetary policy in reducing the pain of recessions and taming inflation depends on the primacy of the United States dollar.

Cryptocurrencies don't just threaten our economy; they also threaten our environment. The blockchain mining required for crypto uses unbelievably massive amounts of computing power. This not only increases energy demand, it also pumps out massive amounts of byproducts that threaten our world. According to a recent report from the White House, cryptocurrency mining leads to 140 million metric tons of carbon dioxide per year released into the atmosphere. That's more than the emissions produced by many individual countries such as the Netherlands and Argentina! And even if you don't care about the environment, you should still care about your pocketbook: The effect on electricity demand alone means higher electric bills for everyone...and higher costs for our electronic devices that need the microchips and other components being hogged by crypto miners and their vast networks of blockchain computers.

We must protect our economy and our fellow citizens from these threats. The United States should implement a federal legal ban on any and all cryptocurrencies.

(This excludes the future possibility of the U.S. government developing its own official, dollar-based digital currency, which this petition takes no position on. Indeed, this initiative is not about stifling innovation or technology; it's about ensuring safety and fairness for all Americans and for our economy.

Please join me in calling upon your lawmakers to implement this much-needed ban. And if you are currently invested in any cryptocurrency, please consider selling it. Instead, save your hard-earned money for real investments in American companies, in American institutions...and in yourself.