Dennis Porter is an American lawmaker as well as the CEO of Satoshi Act Fund which he co-founded. On March 2, he made a disturbing post about bitcoin and altcoins. Indeed, he unveiled a bill that can be seen as an attack on crypto in the United States. Find out what it is.
Crypto Couldn’t Become a Currency Without Government Approval
Dennis Porter just unveiled a bill that could be seen as an affront to the crypto industry. The bill redefines the characteristics of a currency, preventing cryptos from becoming one. It stipulates that only governments can create money. In this context, digital assets could not be considered a currency.
According to the project, it would require government approval or adoption to make a medium of exchange a currency. The bill clearly states: Currency refers to a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an international organization or by agreement between two or more countries “.
” The term does not include an electronic record that is a medium of exchange registered and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government “, precise The law project.
A bill in favor of central bank digital currencies
The bill promotes CBDCs. Andy Roth, president of the State Freedom Caucus Network, pointed this out when commenting on Dennis Porter’s post. ” It’s a huge deal. The UCC creates the framework for CBDCs to be accepted (and bitcoin refused) by Amazon and all other retailers. All digital transactions “, he explained.
” The good news is that we still have a chance to prevent this in the other 49 states. Roth added. It should be noted that the bill was introduced in the state of South Dakota.
Some players believe South Dakota’s initiative could pose a threat to flagship crypto, bitcoin. But, on the other hand, Bitcoin is enjoying growing support in different regions in the United States. These include Texas, New Hampshire and Montana.
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