Evolutionist,
This week, Republican Senator Cynthia Lummis of Wyoming and Democratic Senator Kirsten Gillibrand of New York introduced a bipartisan bill to regulate Bitcoin and the cryptocurrency space in the United States. I have linked an article below about the bill’s announcement, but you can see the 69-page law here.
The bill was written to define the industry and provide a framework for how it fits into existing rules and regulating agencies. I have not been able to digest the entire bill yet, but I was alarmed by some of its provisions.
In the original white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Bitcoin was defined by its creator, Satoshi Nakamoto. The white paper explains that Satoshi set out to solve how to send money on the internet, not create a new commodity or asset class. Satoshi even uses the word CASH in the title of his paper.
However, according to this bill, Bitcoin is not cash. No, this bill doesn’t even mention the word cash or Bitcoin, ever. The bill uses the word currency only three times and “provides a de minimis exclusion of up to $200 per transaction from a taxpayer’s gross income for use of virtual currency for payment for goods and services, under specified conditions.” That means any transaction over $200 and Bitcoin is no longer considered cash; it’s regarded as an asset and a taxable event! Who cares what Satoshi invented and defined, right!
Do you see what this bill is trying to do? It is trying to define Bitcoin for you. It codifies into law that Bitcoin is not cash. The law mentions the word “asset” 580 times, and the language’s framing is to regulate it as such. Why do these two Senators plan to understand Bitcoin differently than Satoshi did? Why do these two Senators want to push assets over currency? This is a bipartisan effort, so this means the people in power want it this way… why?
The answer is simple, keep Bitcoin an asset and the dollar as the currency. Senators can’t control Bitcoin but can control the dollar, so replacing it with Bitcoin is not an option. What better way than to codify that into law?
Is this what WE THE PEOPLE, want? Do we want to keep the dollar as our currency? The same dollar that THEY, the people in power, have weaponized. The one THEY have printed to infinity, causing massive inflation. The one THEY printed to bail out the banks in 2008. The same dollar THEY fund all their global wars with. Is this what WE THE PEOPLE, want? I know this is not what this guy wants.
Money is power, and Bitcoin as an asset removes that power from me. Don’t let two Senators try to harness that power by turning Bitcoin from money to just another asset. Call your local representatives and make your voice heard - Bitcoin is money first, asset second.
To the moon!
Jay-Z, Jack Dorsey Launch Financial Literacy School at Brooklyn Project
Everyone should be empowered to make informed financial decisions in order to take care of themselves and their families.
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Bipartisan crypto bill would have CFTC oversee bitcoin, ether and most other digital assets
The United States is the global financial leader, and to ensure the next generation of Americans enjoys greater opportunity, it is critical to integrate digital assets into existing law and to harness the efficiency and transparency of this asset class while addressing risk.
Senator Cynthia Lummis
Inflation: In economic terms, a general increase in prices and a decline in the purchasing power of money.
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