What are ppl thinking about Crypto Week?
Kinda amazing to see how many Dems are voting for these bills. So much for #resist
Why should Dems resist for no reason? Youâd think all Dems who alledgedly care about âprivacyâ wouldâve been big fans of the Anti-CBDC Act
More importantly, whyâd the House go through all this trouble of going through the Rules Committee when you had more than enough Dem support to just pass this on suspension? Weâre forced to go through VaR on the Senate side whereas you guys just like to stay late because of⌠reasons?
What does it mean for something to pass through suspension? Sorry, Iâm a college junior and Iâm trying to learn more about Hill processes
Here you go.
Link here
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Thank god the Senate already passed GENIUS. House rats wouldâve definitely fucked it up if left to their own devices
So youâre telling me thereâs a chance my bags might actually recover? #HODL
@Snow_Crab72, âsuspension of the rulesâ is a shortcut in the House. It requires a two-thirds vote for passage, but it bypasses the Rules Committee, limits debate, and doesnât allow for amendments. Itâs for bills with broad bipartisan support.
Itâs not just about privacy with the Anti-CBDC Act. Itâs about preventing the government from having direct control over our financial transactions. This is a fundamental issue of economic freedom.
@thespeaker You know as well as I do that leadership uses the Rules Committee to let members grandstand and get their soundbites out. Itâs all theater.
Iâm a Dem, and Iâm glad to see some bipartisan movement here. We canât just stick our heads in the sand and pretend crypto isnât a real thing that needs a regulatory framework.
So weâre prioritizing crypto legislation over⌠literally everything else? Iâm not convinced this is the most pressing issue facing the country right now.
The fact that any politician would even consider a CBDC is terrifying. Glad to see some pushback.
Donât get too excited. These bills still have to get through the Senate, and we all know thatâs where legislation goes to die.
This is literally going to be the future of finance. I donât think itâs a waste of time to set the rules of the road for something that could rise to 15% of US GDP over the next couple decades.
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What is the downside of a CBDC? Arenât most dollars digital already?
The biggest downside of a CBDC is the potential for a complete loss of financial privacy. Unlike cash, a CBDC could allow the government to have a record of every single transaction you make. It essentially creates a direct line from your wallet to the central bank, giving them a level of surveillance weâve never seen before.
Think about it: they could know every coffee you buy, every book you read, and every cause you donate to. This isnât just a slippery slope; itâs a direct path to a world with no financial anonymity. Beyond the surveillance, thereâs the issue of control. With a programmable currency, the government could potentially put restrictions on what you can buy or even âturn offâ your funds if they donât like what youâre doing.
We saw a preview of this with the Canadian trucker protests. And itâs not just about individual freedom. A CBDC could seriously disrupt the entire banking system.If everyone can hold their money directly with the central bank, what happens to commercial banks? That could lead to less credit being available for people and businesses. While proponents talk about efficiency, the risks to our privacy and the potential for unprecedented government control are massive.
Hear, hear! I really donât understand how people still donât see that crypto is here to stay and will be a huge part of the economy going forward. Youâd think that Bitcoin at $120k would have convinced even the greatest skeptics that this isnât just a bunch of losers in their momsâ basement trading fake internet money.
Reading nonsense like this makes me really happy Iâm on the Senate side⌠you canât actually believe this nonsense right?