Originally published at: Senate Passes Massive Cryptocurrency Bill, Ignoring Risk To Financial System - TPM – Talking Points Memo
The Senate gave its stamp of approval on Wednesday to a massive and growing chunk of the cryptocurrency industry, blessing it with a light-touch regulatory regime that, experts say, may come with a price tag: the stability of the country’s financial system. It’s the most significant victory yet for the crypto lobby, which enjoys near-unanimous…
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The vast majority of Republicans supported the bill, along with a significant group of Democrats split off to vote for its passage. Sen. Kirsten Gillibrand (D-NY), the bill’s first Democrat co-sponsor, led that group, and was accompanied by Sens. Ruben Gallego (D-AZ), Angela Alsobrooks (D-MD), and Mark Warner (D-VA) in the last month of negotiations over the bill.
C.R.E.A.M.
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Class, give me the reasons why we need crypto? Anyone?
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Sabotage and chaos: we welcome our new overlords.
And no Democrat should support anything that comes of this Republican administration even if, particularly if, they find something agreeable in the proposal: nothing good can come from corruption and attempts to place guardrails on it are pointless in a regime where breaking the law is rewarded rather than punished. Kirsten Gillibrand (D-NY), Ruben Gallego (D-AZ), Angela Alsobrooks (D-MD), and Mark Warner (D-VA) are fools and that is giving them the benefit of the doubt.
Catch 22: they can do anything to you that you cannot stop them from doing (and they damned well are).
ETA: didn’t mean to neglect the rest of the Democrats in the fools list: Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), John Fetterman (D-PA), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Andy Kim (D-NJ), Ben Ray Luján (D-NM), Jon Ossoff (D-GA), Alex Padilla (D-CA), Jacky Rosen (D-NV), Adam Schiff (D-CA), Elissa Slotkin (D-MI) and Raphael Warnock (D-GA).
Some solid folks there even if they do still seem unable to wrap their heads around how far the Republicans have gone down the rabbit hole and how little can be gained by working with them rather than resisting.
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Crime and evading consequences of same seems to be about it.
NB: Crypto is for Criming - Paul Krugman and Crypto Is Still for Criming - Paul Krugman
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Beat me to it. Lot easier to move than pallets full of hundies.
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When kids in high school history class are learning about the Second Great Financial Crisis fifty years from now, this will be one of the bullet points. FFS.
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So when the global economy collapses, and all the jackasses ho voted for it say, “No one could have seen that coming” can we finally, once and for all, drag these motherfuckers out into the open? Please? Is that what it’s going to take?
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Fifty years from now? Civilization won’t survive the next five at the rate we’re going.
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Two Andrew Jacksons and a Hamilton says they took the bribes in dollars, not mythocurrency.
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Trump is a stable genius in economics and a wildly successful businessman. He has his own GriftoCurrency supported by other people’s money, so it must be a good play.
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The Supreme Court assures me those are merely gratuities for a job well done and not bribes at all.
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As I understand it…stable coin is just like any other meme coin or bitcoin - which you can not physically hold like you can with a quarter - but the difference is it is backed by the dollar.
So you buy a stable coin - which they don’t know how much one would cost in dollars - and the company you buy it from decides where to put/spend your cash but you have a non-physical coin in your possession.
And this is good because ----- anyone???
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In keeping with the general financial tenor of this administration, a full-on scam will now become a part of our federal finance system. Swell.
Hang on to your wallet.
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Getting really annoyed with my senator, Slotkin.
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I just emailed both of my California Senators, who are also members of the 1% club, that come election time I will remember that they voted for Oligarchy and not democracy.
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you’re right, I am humbled
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We’ll be bailing out the the crypto millionaires with tax dollars by 2029.
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2029?
Love your optimism…
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My glass is half full of Flint, Michigan water.
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