State Bills and the Illusion of Bitcoin Protection
State-level legislative efforts to protect Bitcoin usage rights, such as mining and self-custody, confront an insurmountable obstacle: federal supremacy. Despite about a dozen states proposing bills to safeguard Bitcoin activities, the Supremacy Clause of the U.S. Constitution ensures that any federal policy conflicting with state laws renders the latter ineffective. These state bills, rather than offering genuine protection, might inadvertently heighten the risk of stringent federal regulations, fueling a potentially more hostile environment for Bitcoin due to perceived partisanship.
- State efforts to make Bitcoin a legal tender have previously failed due to their contradiction with the Constitution, highlighting the ineffectiveness of current bills against federal opposition.
- The symbolic nature of pro-Bitcoin state bills risks categorizing Bitcoin as a partisan issue, potentially inviting stricter regulations from opponents and undermining the principle of Bitcoin as a non-partisan technology.
https://x.com/davidzell_/status/1763345682922914131
Bitcoin /
npub1dw…ds9g9
2024-03-01 09:29:32
Author Public Key
npub1dwegu7taqadap2pzw6dszulc6r7gwmldawjpdrersuykxxlyzfeskds9g9Published at
2024-03-01 09:29:32Event JSON
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"content": "State Bills and the Illusion of Bitcoin Protection\n\nState-level legislative efforts to protect Bitcoin usage rights, such as mining and self-custody, confront an insurmountable obstacle: federal supremacy. Despite about a dozen states proposing bills to safeguard Bitcoin activities, the Supremacy Clause of the U.S. Constitution ensures that any federal policy conflicting with state laws renders the latter ineffective. These state bills, rather than offering genuine protection, might inadvertently heighten the risk of stringent federal regulations, fueling a potentially more hostile environment for Bitcoin due to perceived partisanship.\n\n - State efforts to make Bitcoin a legal tender have previously failed due to their contradiction with the Constitution, highlighting the ineffectiveness of current bills against federal opposition.\n\n - The symbolic nature of pro-Bitcoin state bills risks categorizing Bitcoin as a partisan issue, potentially inviting stricter regulations from opponents and undermining the principle of Bitcoin as a non-partisan technology.\n\nhttps://x.com/davidzell_/status/1763345682922914131",
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}