Cities are chasing crypto. But why?

Government leaders all over the world are taking a hard look at cryptocurrencies.

El Salvador made bitcoin a national currency last year. Cryptocurrency investors continue to move to Puerto Rico for its tax incentives. And Miami and New York are in a race to become the nation’s crypto capital.

Supporters believe crypto could be a way to drive economic growth and address income inequality and a host of other issues. But how likely is that?

“Right now, there are far better technology or even policy solutions to address the issues local leaders claim to want to address,” said Tonantzin Carmona, a fellow at The Brookings Institution. “Lawmakers do not, for example, need cryptocurrencies to address issues of financial inclusion, equity or wealth inequality. They need political will.”

Carmona is skeptical that cryptocurrencies could solve a city’s problems.

On an abbreviated show today (sorry, technical difficulties!), we’ll discuss why that is and the lessons we can learn from places that have already laid out the welcome mat for crypto business ventures.

Plus, the Joe Biden administration announced plans today to suspend a ban on selling higher-ethanol E15 gas between June 1 and Sept. 15 in an effort to bring down gas prices. We’ll explain why the move might be shortsighted and what it’s doing to corn futures. Also, the subway shooting in Brooklyn is making our fill-in host rethink plans to go back to the office.

Here’s everything we talked about today:

“Mayors: Cryptocurrency won’t solve your cities’ problems” from The Brookings Institution
“Is crypto good for cities?” from Tech Monitor
“Tax Breaks Are Driving a Rush to Buy Property in Puerto Rico” from The New York Times
“Biden will allow summertime sales of higher-ethanol gas as prices remain elevated.” also from NYT
“Power restored in Puerto Rico nearly 5 days after blackout” from The Associated Press
Live updates: Multiple shot in a Brooklyn subway station from CNN

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