Sep 26, · By crypmoney.de: Bitcoin-bashing Democrat Congressman Brad Sherman is urging his colleagues to pass a law that would ban cryptocurrencies in the United States. “I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by . Mar 23, · According to a Bloomberg Law report released Monday, Democrats in the House of Representatives are seriously considering the creation of a system of digital wallets, in which a “digital dollar” (unfortunately not Bitcoin) would be stored. It’s a trend that analysts say will provide a boost for both the intrinsic value and the market value of Bitcoin. U.S. House Democrats Propose Even More Stimulus. On Tuesday, the House Democrats revealed a proposal to send stimulus checks worth up to $6, per family to help the economy grapple with the COVID outbreak, which has.
Bitcoin democratsBitcoin May Get Massive Boost as Democrats Propose $3 Trillion in Extra Stimulus
Democrats also advocate for regulations that protect consumers. Ultimately, the question will be whether Bitcoin is a useful and safe commodity. Currently, the volatility, rampant fraud, and uncertainty in the industry does it no favors. It is fair to expect Democrat legislators to advocate more regulations for cryptocurrency in the near future. The fact is that Democrats respond to market turmoil with more regulations.
The scope and effect of any proposed legislation will be interesting as to the future success of Bitcoin. Since it is difficult to find consistent party policy on this matter, how about the thoughts of individual politicians?
The opinions of respective politicians are as different as their personal opinions on the stability and long term future of cryptocurrency. For starters, the general tone in Washington has been one of stubbornness and ignorance. Understandably some have viewed it as a threat the established order. If we are to talk of anything being unconventional and anti-establishment, cryptocurrency is as clear cut as they come.
In view of this, there has been rare unison in Capitol Hill calling for more government red tape. Interestingly, even free-market Republican conservatives who would ordinarily want government to back off are in favor. This is because some see cryptocurrency as a potential destabilizer of the American economy. There have been House committee hearings on the stability or otherwise threat posed by digital currency.
Politicians across the party divide have called for better oversight. She called for the SEC to be the regulatory crypto body. Now, one may point out that there is nothing that backs the US dollar, either, other than sheer collective faith. However, she in not-so-subtle terms expressed the fears of many; what is the value of cryptocurrency based on?
Others, however, have a more positive opinion. Democratic Senator Chris Van Hollen, a member of the Senate Banking Committee for instance sees the importance of nurturing innovation.
He was cautious of excessive regulations. This is a very welcome stance for crypto-enthusiasts out there. The basic idea of digital currency will be upstaged if the rules are too stringent. Therefore it is correct to say that the Democratic Party is not hostile to the underlying framework of digital currency. The regulatory scope will be to the extent of its effect on markets and use as currency. This would be an area where Bitcoin facilitates moves contrary to the interests of Democrats.
This could ultimately be the deciding factor for the future Democratic legislation regarding Cryptocurrency. At the moment, there still linger, though some might argue unfairly, questions as to transparency. Lawmakers generally have the notion that unregulated currencies like bitcoin are exploited for illegal activities like money laundering.
There have certainly been documented cases of this type of criminal activity. This bad rap has been largely due to the lack of mainstream use because Bitcoin for instance bypasses the traditional banking system.
If Bitcoin for instance attains a majority in terms of legitimacy, attitudes will change like the wind. In the U. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. All Rights Reserved. Advertise Submit a Press Release. Home Cryptocurrency news Bitcoin.
Reading Time: 2min read. Digital Dollar? Play Now! Tweet Share Could you be next big winner? Nick Chong I am a writer who has been following Bitcoin for years now. Related Posts. Technical Analysis. Cryptocurrency news.