Is the New Proposed Bill in the USA a Threat to Bitcoin?
A US lawmaker proposes legislation to prevent Bitcoin from being classified as “money.”
Dennis Porter, CEO and co-founder of Satoshi Act Fund, shared shocking breaking news on Twitter describing a massive attack on Bitcoin in the United States of America. According to Porter, South Dakota is attempting to pass legislation that would exclude Bitcoin from the definition of “money” while also providing a secure pathway for CBDCs.
“On the face of it, this law would ensure that only governments can create money,’ which would exclude all digital assets,” says Porter, who goes on to explain that the bill states that no medium of exchange can be considered “money” unless it was “approved or adopted by the government” before it existed as a medium of exchange. The worst part, according to Porter, is that this policy is being attempted to be implemented in 21 different states across the United States. “There appears to be a goal to build a bull work of pro-CBDC states that also exclude digital assets like Bitcoin from the definition of money,” Porter interpreted the law.
The bill states: A medium of exchange that is currently authorized or adopted by a domestic or foreign government is referred to as money. A monetary unit of account established by an international organization or by an agreement between two or more countries is included in the definition. The term excludes an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the government authorized or adopted the medium of exchange. Yal Ossowski, Deputy Director of the Consumer Choice Center (CCC), commented on South Dakota’s push, saying that it is standard language that is already in place in other states.
Still, he believes the bill is a threat to Bitcoin because it is based on a model policy from the Association of Banking Supervisors, which was able to work with the Uniform Law Commission to make this suggestion. It will have few teeth, but it will still pose a threat to BTC. Andy Roth, President of the State Freedom Caucus Network, agreed that this is a “significant event.” The Uniform Commercial Code (UCC) is a set of business laws that apply in all states and govern financial contracts and transactions.
Roth went on to say that the UCC is laying the groundwork for CBDCs to be accepted (and Bitcoin to be denied) by Amazon and other retailers. Every digital transaction. This has to stop. The good news is that we still have a chance to stop it in the remaining 49 states. However, it is worth noting that Bitcoin is gaining popularity in several U.S. states, and the Satoshi Act Fund has played a significant role in this. Texas and New Hampshire, among other states, have passed Bitcoin-friendly legislation, according to Bitcoinist. At the time of publication, the Bitcoin price was $23,397, struggling to hold the key support at US$23,350.