Euro bank chief Lagarde: crypto worth nothing

European Central Bank (Europe’s Federal Reserve) President Christine Lagarde in CNBC on cryptocurrencies: “My very humble assessment is that it is worth nothing,” [after an interview on a Dutch talk show]. “It is based on nothing,” she added. “There is no underlying asset to act as an anchor of safety.”

We’ve said the same thing and urge more action by U.S. watchdogs. After a recent crypto meltdown, SEC chief Gary Gensler “called for basic investor protections including, market integrity, barring front running customers, and anti-manipulation and fraud.”

As we explained further: “Crypto’s open secret is that there’s no underlying value to the coins whatsoever — just artificial scarcity. (Its other open secret is the devastating, planet-warming impact of its energy intensity.”)