This compilation of financial-related insights includes videos from Scott Melker, Heresy Financial, and Tech Revolution.
Nathaniel Whittemore joins Scott Melker to talk about Bitcoin ETF being close, another $1 billion crypto fraud, and the end of crypto winter being near. Heresy Financial talks about the SEC waiting to approve Bitcoin ETFs together. Tech Revolution shares news of the Fed facing heart over Central Bank Digital Currencies.
Streamed live Oct 20, 2023
Friday Five is THE show about the main news in crypto. Join me and Nathaniel Whittemore as we delve into the main topics that moved the markets.
Oct 20, 2023
The SEC is Waiting to Approve All Bitcoin ETFs Together
Oct 20, 2023
Recently, a group of fifty U.S. lawmakers, led by Congressman Tom Emmer, took a significant step forward by presenting the CBDC Anti-Surveillance State Act. This proposed legislation has a clear goal: to prevent the Federal Reserve from rolling out a retail Central Bank Digital Currency that could infringe on the financial privacy rights of American citizens.
Congressman Emmer is particularly vocal about the importance of ensuring that any digital dollar introduced remains open, and unrestricted, and maintains confidentiality akin to traditional cash transactions.
Rep. Emmer has sounded a warning call, expressing deep concerns over the possibility of a Central Bank Digital Currency transforming into a tool for surveillance. Such a shift, he argues, could significantly stray from the deeply rooted American values of individual freedom and the right to privacy.
These principles, he believes, are at the heart of what it means to be American and should not be sidelined or sacrificed in the name of innovation or progress. In a passionate address, the congressman emphasized his unwavering commitment to championing the rights of the American people.
He underscored that, regardless of the technological advancements or the global push towards digital currencies, the rights of the citizens should stand firm, unyielding, and never be put on the negotiating table.
Now, for those who don’t know what CBDC is, let us have a quick recap. In many Western countries, including England, the USA, and Australia, There’s an ongoing conversation about Central Bank Digital Currencies as discussions indicate a possible move towards digital-only money by the end of 2024. Many people might point out they mainly use digital banking, debit, or credit cards already.
In 2022, there was a notable incident in Canada where bank accounts of some protesters were frozen. This decision sparked discussions about the power banks have to control individual accounts, especially with instances of accounts getting scrutinized for transactions related to cryptocurrencies like Bitcoin or for questioning bank policies.
Author Brad Bleckwehl, in his book, brings up concerns about what could happen if CBDCs become the sole legal currency. He highlights recent events where public figures faced consequences for expressing their views. He questions the implications of combining potential restrictions on freedom of speech with the power to control digital finances.
Additionally, in February 2023, news emerged that the Central Bank Digital Currency Anti-Surveillance State Act was introduced in the House of Representatives. The aim of this act, as mentioned by the newly elected House Majority Whip, is to protect the financial privacy rights of Americans.
That’s the latest. Stay informed, and always consider multiple perspectives to form your own opinion. This bill primarily aims to do three things. It intends to stop the Federal Reserve from issuing a Central Bank Digital Currency directly to individuals.
Then, it restricts the Federal Reserve from using a CBDC to control the economy or implement monetary policies. And finally, it emphasizes that any CBDC project by the Federal Reserve should be transparent to both Congress and the American public.
Highlighting the essence of American technological progress, Congressman Emmer mentioned that the U.S. thrives not by forcing innovations under regulatory pressure. But by fostering technology that inherently values privacy, individual rights, and competitive markets.
He emphasized that any digital version of the U.S. dollar must uphold these core American values. He warns against any potential development that could lead to a surveillance tool. A key distinction was made regarding the nature of CBDCs versus physical cash.
While we physically possess coins and notes, CBDCs would only be owned by us but held electronically by the central bank, changing our traditional understanding of money ownership.
In simpler terms, CBDC transactions might have restrictions, such as limits on the amount you can send or who you can send to. Think of it as a potential “digital wallet leash.” The reverse holds too. You could be stopped from receiving money from certain groups or individuals.
Governments could decide where you spend your money. Whether it’s a bottle of wine, a pack of cigarettes, or even your monthly electricity bill – they could impose limits or completely block certain transactions.
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