[Analysis] Report to Congress ponders a future of cryptocurrency over cash - Steven Harras

A recent report by the nonpartisan Congressional Research Service (CRS) emphasized the decline of cash relative to other digital payments, including crypto, according to Steven Harras. Although the amount of cash in the U.S. economy writ large has grown, the use of cash in transactions has tumbled as traditional digital methods mature. While crypto payments remain "quite rare," they are a meaningful alternative according to the CRS. The rise in cashless methods is not without political consequence, with many Democratic statesmen decrying the ill effect cashless commerce has on the unbanked. Volatility and little support for high trade volumes are two other hurdles the report disclosed to Congress.

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