Is Cryptocurrency Unethical?

1. Set Focus
Frame the inquiry with these essential questions: What is cryptocurrency? How is it different from other currencies?

2. Read and Discuss
Have students read the debate and then answer the following questions:

• What is the issue being debated? How does it relate to current events? (The issue is whether cryptocurrency is an ethical form of currency. The issue is timely because a growing number of businesses accept it as payment, but mining it consumes a lot of energy, and people are starting to question whether using it is ethical.)

• Evaluate why these two authors might be interested in and qualified to comment on this issue. (Joan Fontrodona is the head of a university’s business ethics department and an expert on the subject. As a senator, Cynthia Lummis helps set regulations in the U.S.)  

• Analyze Fontrodona’s view. (Fontrodona argues that crypto is unethical and should be regulated. He says that crypto’s anonymity makes it a “natural” tool to fund illegal activities; that, because its trade is unregulated, its investors have no protections; and that its creation consumes huge amounts of energy, which may exacerbate climate change.)

• Analyze Lummis’s view. (Lummis argues that crypto is not unethical. She says that while it can be used for illegal activities, just as cash can, crypto makes financial transactions cheaper, faster, and safer. She favors more regulation of crypto but says it can help the U.S. remain a global financial leader.)

4. Writing Prompt
In an essay, evaluate one of the debaters’ arguments. Assess whether the reasoning is valid and whether it’s supported with evidence. Point out biases or missing information.

5. Classroom Debate
Is cryptocurrency unethical? Have students use the authors’ ideas, as well as their own, in a debate.

6. Vote
Go online to vote in Upfront’s poll—and see how students across the country voted.