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- US lawmaker, Rep Thomas Massie, has proposed a bill to abolish the Federal Reserve, sparking diverse reactions from the crypto community.
- A poll conducted by Massie revealed that 88% of participants are in favor of ending the Federal Reserve.
- Crypto users are advocating for pro-Bitcoin and crypto legislations instead of abolishing the Federal Reserve.
US lawmaker Rep Thomas Massie mulls a bill to end the Federal Reserve, sparking diverse reactions from the crypto community. The move has led to calls for pro-Bitcoin and crypto legislations.
Rep Thomas Massie Proposes Bill to Abolish Federal Reserve
US lawmaker Rep Thomas Massie recently conducted a poll on social media platform X (formerly Twitter), asking if he should introduce a bill to abolish the Federal Reserve. At the time of the poll, 88% of participants voted in favor of ending the Federal Reserve, while only 2% supported the Federal Reserve. The remaining 10% of voters opted to see the result of the poll. This poll reflects the views of crypto enthusiasts on central banks and their stance towards the market.
Community and Legislators Stand With Crypto
The move by Rep Thomas Massie seeking opinions to abolish the Federal Reserve comes as the crypto market laments the actions of central banks on the markets. Although many users voted to abolish the Federal Reserve, several analysts opined for pro-crypto legislation to be pushed instead. Zaprite’s Parker Lewis strewed on the American principle proffering to outcompete the Federal Reserve rather than shutting it down. This was also echoed by others as they tipped Bitcoin and crypto regulations.
The Battle of Centralization and the Federal Reserve
The origin of Bitcoin and blockchain technology has its roots in the excessive centralization of monetary policy and finance. As a result, Bitcoin stands as a model against traditional intermediaries in financial transactions. The asset adoption also restates the strong desire to embrace decentralization. Aside from the Feds, the crypto community has lamented the Securities and Exchange Commission’s bottleneck regulatory policies.
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Conclusion
While the idea of abolishing the Federal Reserve has gained traction among some crypto enthusiasts, the majority of the community is advocating for pro-Bitcoin and crypto legislations. The battle between centralization and the Federal Reserve continues, with Bitcoin and blockchain technology standing as models against traditional intermediaries in financial transactions.
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