Crypto News

US Rep Mulls Bill To Abolish US Federal Reserve

United States lawmaker, Rep Thomas Massie published a poll asking if he should float a bill to abolish the Federal Reserve.

Published by

David Pokima

Updated 15 May, 2024 | 07:56:59 PM UTC

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.

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.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Published by

David Pokima

Updated 15 May, 2024 | 07:56:59 PM

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