A highlight from 676:GOP vs CBDCs, JPEXs Collapse, and Vivek Ramaswamys Crypto Vow
Good evening and welcome to The Crypto Overnight -er. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific on Tuesday, September 21st, 2023. Welcome back to The Crypto Overnight -er. Yes, but we do have the news, so let's talk about that. Tonight, we're diving deep into the House Republicans' latest move against central bank digital currencies. We'll also unpack the turmoil surrounding JPEGs in Hong Kong and what it means for global crypto regulation. GOP presidential hopeful Vivek Ramaswamy has some bold plans for crypto policy, and you'll want to hear them. Meanwhile, the Republic of Korea grapples with a significant offshore crypto stash, and PayPal pushes its stablecoin into Venmo. And don't go away, we have an update on the never -ending Mt. Gox saga. House Republicans advanced a bill opposing U .S. central bank digital currency efforts. The bill, known as the CBDC Anti -Surveillance State Act, aims to prevent the Federal Reserve from issuing a CBDC to individuals. It was introduced by Representative Tom Emmer and has gained the support of 60 members in Congress. The bill has passed the House Financial Services Committee and will next face a congressional vote. Democrats, led by Maxine Waters, criticized the bill. Waters renamed it the CBDC Anti -Innovation Act and argues that it could threaten the U .S. dollar status as the global reserve currency. The bill has also faced scrutiny for its language and its impact on CDBC research. The Federal Reserve has been exploring the possibility of issuing a CDBC, but is not close to developing one. Some conservative politicians, including Florida Governor Ron DeSantis, have taken strong positions against CDBCs. The bill prevents the issuance of a CDBC without an act of Congress. This aligns with the Federal Reserve's stance. The committee rejected amendments to the bill and passed it, recommending it to the full House on a vote of 27 to 20. The advancement of the CBDC Anti -Surveillance State Act is a significant move in the ongoing battle over financial privacy and government control. Emmer's bill is a clear attempt to seize as an overreach by the Biden administration. His concerns about CDBCs turning into surveillance tools echo a broader distrust of government power. Maxine Waters' opposition to the bill highlights a divide not just among politicians, but also in the nation. Her renaming of the bill to the CDBC Anti -Innovation Act suggests that Democrats see CDBCs as a potential innovation, not a threat. However, her stance could be seen as naive, especially when considering the potential for CDBCs to be used for mass surveillance, as is the case in China. The bill's passage to the House Financial Services Committee is a telling sign of the times. It reflects a growing skepticism about the role of centralized financial systems and a preference for decentralized solutions. The rejection of amendments to the bill, especially those that would allow the Federal Reserve to study the Chinese digital yuan, indicates a reluctance to even explore centralized digital currencies. All that said, I don't see it passing. I've said many times that when crypto becomes a left versus right issue, both sides lose. The same thing goes for CDBCs. This bill likely doesn't stand a chance of becoming law because I don't see it passing the Senate. As divided as Congress is, I don't see the two sides putting down their torches and pitchforks long enough to do some good for the country. From lawmakers playing defense against CDBCs in the U .S. to a complete offensive on crypto exchanges in Hong Kong. Next up, the whirlwind around JPEGs. And hey, if you want to stay ahead of such storms, hit that subscribe button.