Political Quotes

“Today the gross hypocrisy of crypto advocates is exposed. For several years, they were screaming: Don't touch crypto because it is innovative, and innovation is wonderful, and innovation shouldn't be stopped and if we don't innovate other countries will. Today, the crypto forces bring a bill up that has one purpose: to block innovation. Why do we block innovation? Because there might be a competitive payment system to the crypto payment system. In other words, the crypto bros need to innovate and create a better payment system, and if they face competition, we need a law to stop them. This is a bad bill if it did what the authors say it will do. What it will actually do is hard to know because of how poorly drafted it is. It bans a central bank digital currency or anything that comes close to one or anything that is substantially similar. The bill itself is a word salad of antigovernment and pro-crypto buzz words. How does it define this digital currency that it prohibits? It simply says digital money is a direct liability of the Federal Reserve system. Well, all our money is a direct liability to the Federal Reserve system. It bans that, presumably, if it is electronic, so it bans 20th century technology. When the Fed buys $100 million of Treasury bills from a large bank, do you think that they put it all in armored cars and send it to J.P. Morgan? No, it is electronic.…”