by Dana Henricks, Florence
Do you understand crypto? I sure as hell don’t. I mean, how is crypto currency not the same thing as counterfeit money? If crypto currency is a thing, then I want to start a donkey turd currency, let’s call it “donko,” from the remaining pile of “pasture muffins” leftover from our beloved donkeys, may they rest in peace.
So, to me and probably a lot of people, crypto currency is fake, or at least, fishy. But what is horrifyingly real is that Steve Daines, Tim Sheehy, and the other Republicans in Congress are about to pass a piece of legislation called the GENIUS Act. Let’s say that your bank goes belly up. Or all the banks. The GENIUS Act would force your bank or credit union to reimburse people who deposited crypto currency (aka “stablecoin”) BEFORE paying off people like you and me who deposited regular, real money.
It’s bad enough that President Donald J. Trump pocketed $1 billion from crypto in just the past nine months. Many of the people who invested in Trump’s meme coin (whatever THAT is) are anonymous foreigners who did so just to gain influence with Trump so that they would be treated favorably when it comes to US foreign policy and when doing business with Trump and his sons. (Doesn’t that seem a little corrupt to you? Just think if Hillary or Biden had done this.}
But to pass a law that would reassure stablecoin investors, including those investors buying into President Trump’s meme coin, that THEIR money is safe because they will be paid off FIRST in the event of a bank failure before the rest of us with real money is just plain wrong. I mean, where do you think the banks will get the money to pay off crypto depositors? From the Federal Deposit Insurance Corporation (FDIC), which is money set aside to protect regular people’s deposits, or maybe even straight out of our personal savings and retirement and checking accounts.
Crypto currency and this GENIUS Act boggle my mind. If you feel the same way, Senator Elizabeth Warren gave remarks to the Senate explaining just how bad the GENIUS Act is. You can google “Senator Warren remarks on GENIUS Act” to find her explanation on YouTube. Here’s the link: https://www.youtube.com/watch?v=Szo7bN3kdyM.
And also, please call Senator Steve Daines at 1 (202) 224-2651 and Senator Tim Sheehy at 1 (202) 224-2644 and ask them to vote against the GENIUS Act.
Archie L Thomas says
Fools and their money are soon parted which is very one’s right to gain or lose but not under the guise of my tax dollars. When something is free lunch or to good to be true, is not when it is time for the government to guarantee its value. And further scam artists love it when early not yet victims claim huge percentage returns; this insures many more future suckers.
Bill Cavanaugh says
“Do you understand Crypto? I sure as hell Don’t”
But then you ramble on to tell us everything that is wrong with it. But keep rambling on about it, I’ll just sit back and count mine that has risen over 1,700% percent.
Kevin says
You lost me with Pocahontas. “Just think if Hillary or Biden had done this”. They did!