102 House Democrats, Including Jeffries, Help GOP Send Crypto Bill to Trump's Desk
102 House Democrats, Including Jeffries, Help GOP Send Crypto Bill to Trump's Desk
www.commondreams.org
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https://www.congress.gov/bill/119th-congress/house-bill/1919
This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar). Further, the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from testing, studying, creating, or implementing a central bank digital currency, with exceptions as provided by the bill.
Oh come the fuck on what. So the plan is to hand stable dollar digital payments entirely to private entities. Super Cool.
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Are you just waking up from a coma? Because they've been pretty open about wanting to privatize the government and run it like a business. Mitt Romney basically campaigned on that over a decade ago.
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These people have always wanted to escape accountability to the community. They want nothing more than to be free to use their considerable wealth and influence without regard for anything but their own interests. Private power seeks to destroy public power and escape the confines of other people's needs.
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Technically that is how it has always been in the USA. The major banks were always private and overseen/regulated by the Board of Governors and they all have seats at the Federal Reserve Board, with leaders selected by a sitting US president and Speaker of the House, and which span multiple administrations.
The US Treasury controls money creation by setting Interest Rates to limit the creation of money and by producing or destroying cash.
All this says is that the treasury cannot do something it already wasn't doing.
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The problem here is that all of these politicians love money. Doesn’t matter what color their undies are.
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Fun fact: Katie Porter lost to Adam Schiff because of his crypto backers dumping money into his campaign.
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So America is down to one party now. How quaint.
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The Oligarch Party.
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Wasn't it always the case?
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They've just dropped most of the pretense now.
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No, and it still isn't.
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Always has been. The dictatorship of capital. They just wore different coats of paint. Thankfully, those are starting to run thin and people will eventually realize they've been duped for a long ass time.
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Absolutely dumb decision. Not as catastrophic as many other things but its a long term net negative. We should just be breaking up master card, visa etc. Crypto will never be as efficient as normal payment processors.
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If you're anti-crypro then you should be supportive of this bill, tho.
Personally, I like Crypto. Its the only secure open source payment gateway system available.
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If the majority of people switched from credit cards to decentralized crypto transactions would take hours to exchange and it would require many times the power inputs it currently does.
The centralized proof of stake model is essential just credit cards with extra steps - something that would eventually be outcompeted in a free market.
People say its about some kind of 'anarchic open source ideal' but in reality crypto mining is largely done by corporate sized data centers so it mostly has all the same downsides with its only upside is its not regulated on the same level as other comparable commodities.
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I know the pitchforks are sharp and the torches are burning especially hot right now, but just yesterday those implements were being aimed at the payment processors that were once again throwing their weight around to censor the services that used them, in this latest case Steam. A bill like this one would help enable stablecoin alternatives to those payment processors to become more widespread. There may be some pieces of baby in this bathwater.
My main concern after reading about this bill in a bit more detail is that it doesn't look very friendly for decentralized stablecoins, which I prefer over the centralized ones. But it's a start. It seems to just ignore the decentralized ones, it doesn't actually prohibit or hinder them.
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Just throwing it out there on an unrelated note, but I don't think any parent would be happy if they got their babies left toe back from the bathtub but not the rest of the baby. Some pieces of baby is not a preferable amount of baby.
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Yeah, kneejerk crypto hate on this website aside, don't we want crypto regulation? Don't clear rules about investment vehicles benefit everyone?
Don't be reactionary just because you don't like crypto.
Edit: If you wanted something less crypto-friendly, maybe you should've got off your ass and voted for Kamala Harris.
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Democrats? No.
Republican Support Staff? Yes.
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Took me awhile to get a good idea on what it does as these articles have been a bit pants but I found these two youtube vidoes https://www.youtube.com/watch?v=RzkKVchaNF0&pp=ygUTcGJzIG5ld3Nob3VyIGNyeXB0bw%3D%3D and https://youtu.be/4au8FGg3Qvg which are giving me mr. robot vibes. What they should have done was pass a bill saying the government does not recognize digital assets as having any value or legitamacy and any court action around them will treat them so. Zero value. So someone stole your ten dollars in bitcoin or 100 or 1 billions and it would all be treated as a theft of zero dollars.
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Remember to vote blue no matter who everyone. Even republicans can vote blue if they want, the same bills will happen. Its really more of a vote on which color you like best.
Centrist Democrats Are the Actual Traitors to Their Party
The Democrat party is a neo liberal party that aims to transfer wealth and power from workers to corporations, they just want us to have a "safety net" to fall back on when our over exploitation breaks us.
The Democrats are not your friends. We can achieve way better than their sorry little steps of "progress". Yay gays can get married now, too bad very few can afford to!
The only reason that they support LGBTQ is because it gives them an opportunity to pretend to be leftists in spite of being center to right on basically every single other issue. And because it's okay with their megarich donors.
If the donor class opposed it, they wouldn't even support that.
Do they?
Welfare as just one more method of transferring wealth to corporations, it's just the money is coming from the government and going through poor people first. Which means it at least generated some economic activity by cycling money from the top to the bottom, but if the tax structure becomes too regressive then that cycle breaks. Both sides acknowledge this problem, it's just that the neo liberals want to push those limits while keeping the money flowing (so that most of it flows upwards) while the fascists just want to stop the cycle altogether.
This is evidenced by the fact that SNAP is funded by the Farm Bill. It's not a handout to poor people, it's a subsidy for farms and the food industry at large.
Centrists are the party, anyone else is deluded to think it represents them.