4th April 2023 - The politics of cryptos.

tl;dr

The politics of cryptos in the US.

Market Snap

Market Wrap

Those leveraged shorts are expecting more regulatory bad news from the US. It’s a shame they haven’t taken note of the CCC over the last few days.

Occasional Series – Putin

Copyright: The Times.

Curious Cryptos’ Commentary – The politics of cryptos

I really wish this wasn’t the case, but the politicisation of cryptos may play a key role in the next US election.

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Ron DeSantis, Governor of Florida, has made a legislative proposal against the iniquities of a CBDC (Central Bank Digital Currency):

“Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).

Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.

Calling on likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.”

Ron explains:

“Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”

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Elizabeth Warren, Senator of Massachusetts, has declared she is building an “Anti-crypto Army”. You will also recall Warren’s support for a CBDC:

"Instead of bitcoin, we could be talking about digital currency, that’s something totally different, because that’s a government-backed electronic transfer … but that has something that backs it up. If you think: We can improve that in a digital world? The answer is, sure you could, but in that case, let’s do a CBDC.”

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Ted Cruz, Senator of Texas, has introduced legislation to prohibit the Federal Reserve implementing a consumer CBDC. Ted elaborates on his thoughts:

“The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.”

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This debate about whether CBDCs are a good thing or a bad thing (spoiler alert: very bad. Worse than the white nazi supremacists in Breaking Bad for instance), and whether they will be implemented or not in the US (spoiler alert: they won’t) means that the US is uniquely positioned amongst all other nations.