Disclaimer: It is always hard to attack a specific politician without it coming off as a political statement or that some bias is involved in what you are saying. I’ll be totally honest, I am not a fan of Maxine Waters, she seems to get loud and attack people, as a defense for not having facts or knowledge on what is going on. There, I said it. Please factor these beliefs into whatever else I am going to say.
This below quotes are from a recent Coindesk article titled House Democrats Form Cryptocurrency Working Group:
U.S. Rep. Maxine Waters (D-Calif.) announced in a virtual hearing with the FinTech Task Force discussing central bank digital currencies (CBDDs) that she is forming a group of Democratic House members to tackle growing concerns about cryptocurrency.
The chairwoman of the House Financial Services Committee, said the group will work “to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry.”
I have often said, that the US Government’s inability to decide who should regulate crypto will lead to a completely new division that will take it over. I think the SEC stating they will not tackle crypto in 2021, is just another sign that something else will.
I wonder if anyone else is concerned that everyone in Washington says that they need to regulate crypto because they don’t understand it? This just seems like an odd position to take, “We can’t figure it out, so we should start making rules for it.” Could it be that Congress has put in charge of the powerful House Financial Services Committee Maxine Waters, someone with a bachelor’s degree in sociology. Maybe we see why they don’t understand it.
My second point on this piece (and let me say, I am not a Republican) is why is only one party involved in this committee? Is crypto only affecting Democrats? The good thing about a two-party system is they slow each other down.
The article continues with this statement:
Pressure for regulation comes on the heels of demand for a central bank digital currency backed by the Federal Reserve, which Warren said would “drive out bogus digital private money.”
My concern here, why is a news organization focused on crypto saying “Pressure for regulation” with no additional details. Who is this pressure coming from? Certainly not the people who are buying and learning about crypto. This is an old political trick, simply state something repeatedly and people will soon accept it. Keep saying crypto needs government regulation, and soon people will believe it or at least accept without and pushback. I am not saying Coindesk is approving of this, but, statements like that all but insure that regulations happen soon.
Secondly, once again, who is “demanding” a digital currency from the Federal Reserve? Certainly not crypto people. The Federal reserve does not like competition. If they create a digital currency, they will be sure that all other crypto is rendered worthless, or at least unusable for business in and with the United States.
Finally, this from the article:
In a hearing last week, Sen. Elizabeth Warren (D-Mass.) echoed a similar sentiment toward the crypto industry, referring to it as a “Wild West” in need of regulation.
This is the same person that says crypto needs to be regulated because of the climate. I am not here to argue climate change, but, the idea that this is a reason to regulate a currency is a weak and strange argument.
I would also remind Sen. Warren, that it wasn’t regulation that tamed the “Wild West” it was millions of average citizens moving west and bringing commerce, hard work, values, and high expectations. The same type of thing will tame crypto, mass adoption.
Thanks for reading. I will work to make my next article less of a rant.
Resources
https://www.coindesk.com/maxine-waters-forms-crypto-working-group