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Headline:

Bill to grant crypto firms access to Federal Reserve alarms experts

The legislation would require the Fed to give crypto banks access to its payment rails. Some say that would be destabilizing.

Now they want access to the fiat system they claimed to hate.

  • Bitcoin lost 10% of its value this week.
  • Etherium lost 13.5%
  • As of this AM Twenty of the crypto “Top 100” had lost more than 20% of their value in a week.

Instead of accessing the Federal Reserve, maybe they should call the IMF.

Full story
https://www.washingtonpost.com/business/2022/07/03/crypto-banks-risk-lummis/

(In other news . . . 60 new crypto currencies were created and added to the crypto exchanges last week.)

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Good God. Terrible idea.

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Well I am not a big fan of the Fed
But I note importantly that many currencies have been created & used over the years

  • cigarettes in jail
  • dried fish in Scandanavia
  • tobacco certificates in early colonies
  • pieces of clam shell
  • nails on the American frontier
  • copper in Rome
  • diluted copper in rome
    etc

But those were create “organically” as a means to preserve wealth
for transfer from one person or business to another

The cryptos were created artificially, and touted as a means of getting wealthy.

That defies the normal defintion of currency.

4

Just get rid of Crypto. It’s just a dumb ponzi.

5

So,
you’d be opposed to a bailout?

6

Make my play money worth something.
No.

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Of course no bail-out

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Golly, I just don’t understand! All I’ve heard from crypto bros is how great crypto is because it’s unregulated.

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“Two Wyoming-based crypto firms championed by Lummis stand to benefit. Both companies, Custodia Bank and Kraken Financial, have been stymied over the last two years in bids to gain Fed master accounts.”

from the article.

pay for play.

keep crypto and the fed far, far apart.

Allan

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"that Sens. Cynthia M. Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced in June "

Introduced by both parties. Why am I not surprised?

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Whiskey :wink:

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bitcoin2
bitcoin2964×500 77.3 KB

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Remember
It’s all about Justice.
Poor countries are poor because rich countries are bad to them

image
image1241×630 64.5 KB

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So the Government of El Salvador just went to the bookie with a hail mary. Just what does that have to do with some veiled social justice reference?

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I say ■■■■ em.

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That’s a horrendous idea.

Crypto is basically just casino gambling on an enormous scale.