To the Treasury Department and the Federal Reserve: Please formally digitize the dollar and put an end to all this crypto-craziness.

This bitcoin BS and Libra lunacy should stop.

We have a token that already is a medium of exchange, storehouse of value and unit of account. It's called the dollar. And, quite frankly, it's already largely been digitized.

How often does payroll department drop by your desk and leave a check?

Hardly ever anymore. Your pay is directly deposited into your bank account form which you may sometimes withdraw cash or coin.

More often than not, you use a debit/credit card to buy goods and services or pay your bills by automatic electronic transfer. That's digital design.

The world doesn't need a new currency, crypto or otherwise, to replace the U.S. dollar.

It's true that the cost of all financial transactions needs to come down and that more efficiencies are needed to speed up transaction times.

Cryptocurrencies are not created more quickly than dollars. They are not backed by anything, despite the complaints of crypto-enthusiasts who decry the use of fiat money. There are no currencies, save for those of failed states, that have less "backing" than bitcoin, Libra, ethereum, etc.

The U.S. dollar is backed by not just a $20 trillion economy, but by the assets owned by the U.S. government and by Treasury securities that carry a positive yield, making U.S. debt a haven for investors seeking a return on cash.

(A record $13 trillion of global sovereign debt carries a negative yield, again, making the dollar, and dollar-denominated assets, an attractive place in which to invest.)