Rapscallion on Nostr: a response from Senator Angus King #maine #bitcoin Dear xxxxx, I’m with you on this ...
a response from Senator Angus King #maine #bitcoin
Dear xxxxx,
I’m with you on this and appreciate your thoughts about the proposal to establish a Bitcoin National Reserve. As a supporter of innovation, I think it’s important that the United States be at the forefront of new and emerging technologies. At the same time, the government has an important role in ensuring—as it does in other areas of the financial sector—that cryptocurrency markets are fair and that bad actors cannot use digital assets to hide and use funds.
I’m supportive of steps taken in recent years by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to regulate the cryptocurrency sector, as these two agencies oversee the markets of other similar financial products. Despite being developed as a form of digital value exchange, free of government oversight, a large part of cryptocurrency’s appeal has become the quick swings in value that allows investors to buy and sell cryptocurrencies for large profits. Many users of cryptocurrencies now treat it more as a security—a tradeable financial asset used to store value—as opposed to an actual currency, which is a medium of exchange used to buy and sell goods or services.
As you may be aware, S. 4912, the BITCOIN Act of 2024, would direct the Department of the Treasury to purchase 1 million units of Bitcoin to establish a strategic reserve of the cryptocurrency. At current rates, this would be approximately $59.7 billion—paid for by reallocating certain investments within the Federal Reserve and the Treasury. I am concerned that this proposal trades prudent federal investments for a substantial stake in an unstable asset class that often facilitates criminal activity.
The bill has been referred to the Senate Finance Committee—of which I am not a member. Should it receive consideration by the full Senate, I would be likely to oppose it.
Thank you for contacting me on this issue. Please be in touch with other matters of importance to you that come before the Senate.
Best Regards,
ANGUS S. KING, JR.
United States Senator
Published at
2024-09-04 00:01:23Event JSON
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"content": "\na response from Senator Angus King #maine #bitcoin\n\n\nDear xxxxx, \n\nI’m with you on this and appreciate your thoughts about the proposal to establish a Bitcoin National Reserve. As a supporter of innovation, I think it’s important that the United States be at the forefront of new and emerging technologies. At the same time, the government has an important role in ensuring—as it does in other areas of the financial sector—that cryptocurrency markets are fair and that bad actors cannot use digital assets to hide and use funds. \n\nI’m supportive of steps taken in recent years by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to regulate the cryptocurrency sector, as these two agencies oversee the markets of other similar financial products. Despite being developed as a form of digital value exchange, free of government oversight, a large part of cryptocurrency’s appeal has become the quick swings in value that allows investors to buy and sell cryptocurrencies for large profits. Many users of cryptocurrencies now treat it more as a security—a tradeable financial asset used to store value—as opposed to an actual currency, which is a medium of exchange used to buy and sell goods or services.\n\nAs you may be aware, S. 4912, the BITCOIN Act of 2024, would direct the Department of the Treasury to purchase 1 million units of Bitcoin to establish a strategic reserve of the cryptocurrency. At current rates, this would be approximately $59.7 billion—paid for by reallocating certain investments within the Federal Reserve and the Treasury. I am concerned that this proposal trades prudent federal investments for a substantial stake in an unstable asset class that often facilitates criminal activity. \n\nThe bill has been referred to the Senate Finance Committee—of which I am not a member. Should it receive consideration by the full Senate, I would be likely to oppose it. \n\nThank you for contacting me on this issue. Please be in touch with other matters of importance to you that come before the Senate. \n\nBest Regards,\n\nANGUS S. KING, JR.\nUnited States Senator",
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