Kind of bizarre they have a photo of Warren as the top image for the headline “Senate Democrats Help GOP Pass Crypto Bill” when she’s been the most vocal one against passing it.
No one has been a bigger critic of the GENIUS Act than Sen. Elizabeth Warren (D-Mass.), the ranking member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, who has warned that in addition to weak protections for consumers and financial stability, the bill allows tech companies to issue their own private currencies and “take control over the money supply.”
She also said that the GENIUS Act mirrors the passage of the 2000 passage of the Commodity Futures Modernization Act (CFMA), which deregulated derivatives and helped the product proliferate in the lead-up to the financial crisis of 2008.
While Common Dreams is a very good outlet, the choice to display Warren with that headline was not the wisest of moves.
If you want to see how your Senators voted on this: https://www.senate.gov/legislative/LIS/roll_call_votes/vote1191/vote_119_1_00318.htm#state
All our legislators are in an organized crime syndicate
Not all but far more than there should be with stakes this high
Enough on both sides to keep the curious at bay.
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Every last crypto pusher needs to have their balls in a vice grip. If they don’t have balls get the ghost pepper concentrate and squirt it onto their genitals.
I hate crypto and the entire technology behind it is embarrassingly stupid but ngl, I bought Bitcoin as an investment and it was not a bad idea so far. Even if it falls to 50% of its today value before I pull out I’ll still have multiples of what I invested.
Not trying to goad anyone into doing the same, just saying that I’m trying to make something good out of a bad situation
Spicy take. Blockchain and crypto are tools and not inherently bad.
My biggest issue with them are who currently controls them and what they’re being used for.
They are inherently bad. By design.
At the very basic level, everybody needs to execute eachothers transactions. This means that if a billion wallets make a single transaction that you end up with 10^18 transactions being calculated. To call it inefficient is the understatement of the year.
This, incidentally, is also the reason why the wallet data file is just ridiculously stupidly enormously big. I’ve been out of it for years now (minus the bit that I’m using now as an investment) but a real Bitcoin wallet required terabytes of data
All this culminates in Bitcoin using more electricity than a modern country to support a tiny fraction of the world’s financial transactions, something you might want to think about with climate change and all.
Oh I don’t disagree with your take on it on that front. What crypto is being used for and how it is being used is generally impractical. It does have legitimate uses. But as you said it’s generally not the ones that’s being used for.
Regulations for crypto is a good thing
It’s super cool that my bank deposits are going to help insure crypto Ponzi schemes that don’t even contribute to insurance. Super cool and good
This is the real problem, I don’t feel like we desperately need legislation to stop people losing their life savings on these, it’s the fucking institutional investors I don’t trust. They risk my savings account for their grift and the government has to bail them out.
More needs to be done for sure. But it’s a start.
That’s not what we got with this, though.
I wouldn’t necessarily call it “regulation”…
No one has been a bigger critic of the GENIUS Act than Sen. Elizabeth Warren (D-Mass.), the ranking member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, who has warned that in addition to weak protections for consumers and financial stability, the bill allows tech companies to issue their own private currencies and “take control over the money supply.”
Also, like… issuing your own currency is kind of the whole point
To be fair Warren hates crypto and has been lying about it for a long time.
As someone who once bet on crypto after barely scraping by the 2008 crash and even got into it during 2021 bubble (for the most wildest of reasons), I can confidentially tell you that she isn’t. I’ve witnessed one of the most infamous stable coins, Terra’s UST, crash harder than the Japanese Yen.
And crypto crashes affect real banks who stupidly invested in them which causes runs and threatens real actual money, not made up digital bullshit that can crash at any moment.
Yeah, but Tether was always doomed. Many of us avoided it for good reason.
Ohhh right, I forgot about Tera lol I didn’t use that shit either.
