The UK is moving to a Central Bank Digital Currency (CBDC), as we reported this morning. They are using the FTX failure as an example of why they have to take over the currency. They say they will keep the British currency alongside the CBDC, but how long will that last? It’s incrementalism. At the same time, the new Democrat whip, far-left Katherine Clark, noted they have to figure out how to regulate crypto as they embrace it on Meet the Press today.
FTX is their excuse for regulating it. Politicians never just regulate; they over-regulate. If you notice, SBF is giving interviews and appeared at the New York Times BookDeal where he cracked jokes about the corrupt disintegration of FTX. The audience loved SBF and applauded him.
WHAT ABOUT SBF
Meet the Press host Chuck Todd asked her about Democrat Samuel Bankman Fried (SBF) and the $40 million he poured into the 2022 election. Her response was well-prepared. Distracting from Democrat involvement, she turned the tables, and said, “This is a cautionary tale for all of us.”
She ‘clarified’ that Democrats “are embracing new technology and currencies, but also making sure consumers have accountability and transparency.”
Clark also spun the Democrats’ role in dark money. Clark said Democrats are “the ones pushing laws” to get dark money out of politics as their super-wealthy like Soros and Zuckerberg and Democrat-controlled unions, entertainers, and others pour fortunes into every election. Clark added, “that has met with absolute resistance across the aisle.” That’s because of how they want to do it. It would mostly eliminate GOP donations, but Democrats’ big funders, such as unions, could give as much money as they want.
Democrats are the party trying to stop the “rise of dark money.” Clark opined that “one of the alarming things in November was the rise of dark money.” She apparently didn’t notice Zuckerbucks or Sorosbucks in 2020.
We agree with her that the system should be transparent, and the small donor should have greater control. However, we’ve seen how they twisted these ‘improvements’ in the past.
Getting back to the point, Democrats are “embracing” crypto, and they wonder how to regulate it. Democrats have always wanted their own bank. Put those things together.
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I’m all for regulating Crypto, but not like a Stock or Commodity. Crypto needs to be regulated like a Currency in a Credit Union. The Value of the Crypto needs to reflect the value of all the currencies invested and the IRS needs to stay out of the picture. Crypto needs to be a safe haven and a hedge against Governments turning Cash into Trash. Crypto needs to be regulated, anonymous, but not controlled by any Government. Crypto MUST BE distributed among thousands of private independent organizations internationally and managed my a transparent organization that monitors the Fiat Currency injected into the Crypto Currency and post the value of the Cryto in the 5 largest world currencies at least hourly. The Core Organization would be allowed to buy Physical Precious Metals to further stabilize the value of the Crypto Currency, but no more then 10% of the Physical Precious Metals could be stored in a single country and no more than 33% of the total Crypto value can be in Physical Precious Metals.
No Government or Government Body (like the CIA) would be allowed to own Crypto as that opens the door for the Currency’s manipulation. If a Government is found to have a account in a Crypto currency, the Regulators will Freeze the Account, and redistribute those shares among the rest of the Share Holders.
Crypto “Credit” Unions would be required to keep a minimum of a 75% cash / Physical Precious Metals reserve based on the distribution of Fiat Currencies invested. Crypto “Credit” Unions would be allowed to loan Crypto and Charge Interest on the other 25% of total Reserves. In theory that would mean if the Crypto currency collapsed as did FTX, 75% of the Share Holders funds would be protected.
As part of Decentralization, Crypto MUST BE Mined and profitably mined by GPU or CPU. This would be in the form of transaction fees. The code to mine crypto needs to be changed regularly (monthly) to discourage FGPA and ASIC mining which creates security issues.
Crypto Currencies should be recognized internationally by treaty and thought of more like a Precious Metal, but backed by a variety of currencies to minimize volatility. Crypto Currency MUST remain independent of Central Bank Digital Currency even though it could be backed by Central Bank Digital Currencies. Crypto Currencies need to be a hedge against Nations manipulating their Fiat Currency.
It should not be the only asset and not be controlled by govt . Citizens also cannot be forced to participate. If citizens are then the govt has the power of your purse for ESG purposes. All part of the plan.