A friend of mine sent me this from his Senator. Sensible legislation written by industry experts is reasonable, but legislation submitted by Sen. Warren written by the Banking Industry in their own self interest is just wrong.
Dick Durbin writes;l
Thank you for contacting me about cryptocurrencies. I appreciate hearing from you.
Cryptocurrencies are virtual currencies that rely on a decentralized electronic payment system instead of third-party intermediaries, such as banks.
Cryptocurrency is not considered legal tender in the United States and is classified as property by the Internal Revenue Service. The national currency of the United States is the dollar, which is printed by the Bureau of Engraving and Printing and circulated by the Federal Reserve System. There are currently no discussions to replace the dollar as the national currency of the United States.
The emergence of virtual currency seems to present a number of exciting new frontiers, but in practice can pose a serious risk to consumers. In many cases of cryptocurrency investment, proper disclosures and consumer protections are forgone. Working class Americans, lured by the promise of quick and easy financial freedom, are putting their hard-earned cash on the line, only to find that these major selling points of cryptocurrency are a ruse, and that their money is lost. In 2022 alone, fraud schemes involving cryptocurrencies totaled more than $9 billion.
On July 19, 2023, Chair Gary Gensler of the Securities and Exchange Commission testified before the Senate Appropriations Subcommittee on Financial Services and General Government. I asked Chair Gensler about the risks associated with cryptocurrency. In response, Chair Gensler confirmed that the cryptocurrency industry has become subject to fraud, scams, and abuse perpetuated by bad actors looking to prey upon American investors. Chair Gensler also stated that further resources for cryptocurrency enforcement would be beneficial in improving regulation of these digital assets.
I will keep your views in mind as Congress continues to explore policies related to cryptocurrencies.
Thank you again for contacting me. Please feel free to keep in touch.
Sincerely,
Richard J. Durbin
One of the things in this that ruffles my feathers is the notion that Bitcoin wants to replace the national currency. I don’t think that needs to be true. National currencies could still exist. Bitcoin would be a choice that free people could use as an alternative as needed. A world wide internet currency that knows no boundaries. A currency that may force national fiat currencies to behave themselves as not to lose their peoples confidence of it’s value.
Coney_Croft / Coney Croft
npub1dx…92cyj
2023-12-22 12:07:12
Author Public Key
npub1dxeg0dk95wdxetvtj7zqep6tn8eqffkzz7h056njraa8uajqr5jsr92cyjPublished at
2023-12-22 12:07:12Event JSON
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"content": "A friend of mine sent me this from his Senator. Sensible legislation written by industry experts is reasonable, but legislation submitted by Sen. Warren written by the Banking Industry in their own self interest is just wrong.\n\nDick Durbin writes;l\nThank you for contacting me about cryptocurrencies. I appreciate hearing from you.\n\n Cryptocurrencies are virtual currencies that rely on a decentralized electronic payment system instead of third-party intermediaries, such as banks. \n\n Cryptocurrency is not considered legal tender in the United States and is classified as property by the Internal Revenue Service. The national currency of the United States is the dollar, which is printed by the Bureau of Engraving and Printing and circulated by the Federal Reserve System. There are currently no discussions to replace the dollar as the national currency of the United States. \n\n The emergence of virtual currency seems to present a number of exciting new frontiers, but in practice can pose a serious risk to consumers. In many cases of cryptocurrency investment, proper disclosures and consumer protections are forgone. Working class Americans, lured by the promise of quick and easy financial freedom, are putting their hard-earned cash on the line, only to find that these major selling points of cryptocurrency are a ruse, and that their money is lost. In 2022 alone, fraud schemes involving cryptocurrencies totaled more than $9 billion. \n\n On July 19, 2023, Chair Gary Gensler of the Securities and Exchange Commission testified before the Senate Appropriations Subcommittee on Financial Services and General Government. I asked Chair Gensler about the risks associated with cryptocurrency. In response, Chair Gensler confirmed that the cryptocurrency industry has become subject to fraud, scams, and abuse perpetuated by bad actors looking to prey upon American investors. Chair Gensler also stated that further resources for cryptocurrency enforcement would be beneficial in improving regulation of these digital assets.\n\n I will keep your views in mind as Congress continues to explore policies related to cryptocurrencies.\n\n Thank you again for contacting me. Please feel free to keep in touch.\n\n \n Sincerely,\n\n Richard J. Durbin\n\nOne of the things in this that ruffles my feathers is the notion that Bitcoin wants to replace the national currency. I don’t think that needs to be true. National currencies could still exist. Bitcoin would be a choice that free people could use as an alternative as needed. A world wide internet currency that knows no boundaries. A currency that may force national fiat currencies to behave themselves as not to lose their peoples confidence of it’s value.",
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