US Rep Mulls Bill To Abolish US Federal Reserve
Highlights
- Rep Thomas Massie mulls bill to end the Feds.
- At press time, 88% of social media users vote to abolish the Feds.
- Crypto users proffer pro-Bitcoin and crypto legislations.
US lawmaker Rep Thomas Massie mulls a bill to end the Federal Reserve sparking diverse reactions from the crypto community. In a recent poll on social media platform X (formerly Twitter), the lawmaker asked if he should roll out a bill to abolish the Federal Reserve.
At press time, 88% of participants voted to end the Fed while 2% stood with the Federal Reserve.10% of voters simply opted to see the result of the poll. This X poll reflects the views of crypto enthusiasts on central banks and their stance towards the market.
Community and Legislators Stand With Crypto
The move by Rep Thomas Massie seeking opinions to abolish the Federal Reserve comes as the crypto market laments the actions of central banks on the markets. Although many users voted to abolish the Federal Reserve, several analysts opined for pro-crypto legislation to be pushed instead.
Zaprite’s Parker Lewis strewed on the American principle proffering to outcompete the Federal Reserve rather than shutting it down. This was also echoed by others as they tipped Bitcoin and crypto regulations.
“No you should just get behind #bitcoin it’s the only way the Fed is ending and it’s more American, let’s just outcompete the Fed rather than shut it down by fiat.”
Similarly, Pierre Rochard, VP of Research at Bitcoin Miner Riot Platforms noted that the market needs stablecoin legislation to hyper-inflate the USD. He also tipped lawmakers to make BTC tax-free to compete with the dollar leading to a smooth abolition of the Federal Reserve.
1. Pass stablecoin legislation so that the private sector can hyperinflate the USD
2. Make #Bitcoin tax-free so that it competes on a level playing field against the USD
This enables a smooth self-abolition of the Federal Reserve.
— Pierre Rochard (@BitcoinPierre) May 15, 2024
The Battle of Centralization and the Federal Reserve
The origin of Bitcoin and blockchain technology has its roots in the excessive centralization of monetary policy and finance. As a result, Bitcoin stands as a model against traditional intermediaries in financial transactions. The asset adoption also restates the strong desire to embrace decentralization.
Aside from the Feds, the crypto community has lamented the Securities and Exchange Commission’s bottleneck regulatory policies.
Also Read: Breaking: ShibaSwap Officially Goes Live On Shibarium, SHIB Price Set For Rally
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- TRUMP Token Gets Major Boost as Issuer Launches $200 Million Treasury Plan
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
