Freedom technology maximalism. Running: Orange Label, Beefcoin, Hood Mining, Words, Guns.Team.
Publisher at Bitcoin Magazine.

Laser Eyed Larps

Last week, the US Senate voted to overturn an SEC Accounting Bulletin1 that prohibited banks from custodying digital assets. This decision directly opposes the platform of Senator Warren2 and President Biden3, who are staunchly against cryptocurrencies. This bipartisan victory4 in the Senate is intriguing because it demonstrates that crypto is an issue that transcends party lines, despite the White House’s stance.

While this might seem like a significant win, especially given the bipartisan support, it’s essential to question when the last time the politicians in Washington, D.C., did something genuinely beneficial for the people, particularly something with bipartisan backing. I’ll wait.

This move is all smoke and mirrors, a facade to usher in tokenization and digital identity on “private rails.” D.C. is desperately seeking stablecoin regulation to ensure a legitimate buyer for UST5. They need this. While they parade their toughness on CBDCs, stablecoins are essentially defacto CBDCs6. Sure, they are issued by private companies, but these stablecoins are fully compliant and already partnered with every three-letter agency that demands their cooperation.

Stablecoins are surveilling you7. This is a fact.

We won’t have social credit and surveillance like in communist China8; instead, we will have superior Western Fascist surveillance technology.

Meanwhile, Congress and the Senate are showboating as if they’ve achieved something monumental.

A real achievement would be to audit and end the Federal Reserve and the IRS, not just ban CBDCs. We are getting CBDCs whether you like it or not; they will just be called stablecoins.


FOOTNOTES
  1. Senate Overturns SEC Bulletin ↩︎
  2. Senator Warren’s Stance on Crypto ↩︎
  3. President Biden’s Crypto Policies ↩︎
  4. Bipartisan Support for Crypto in the Senate ↩︎
  5. Stablecoin Regulation and UST ↩︎
  6. Stablecoins as Defacto CBDCs ↩︎
  7. Surveillance Concerns with Stablecoins ↩︎
  8. Comparisons to China’s Social Credit System ↩︎