If you are a Bitcoin enthusiast, you may have heard of the recent efforts by some states to regulate or ban the use of cryptocurrencies. These attempts are not only misguided, but also unconstitutional. They violate your right to privacy, free speech, and economic freedom.
That’s why I’m proud to announce that I have officially introduced a bill in the Virginia House of Delegates that would protect your fundamental Bitcoin rights. The bill, HB 1608, would prohibit any state agency from imposing any licensing, registration, or reporting requirements on the use of Bitcoin or any other decentralized digital currency. It would also prevent any state agency from seizing or confiscating your Bitcoin or any other cryptocurrency without due process of law.
The bill is based on the principles of the Crypto-Currency Act of 2020, a federal bill that was introduced by Congressman Paul Gosar (R-AZ) last year. The Crypto-Currency Act of 2020 aims to provide clarity and certainty for the regulation of cryptocurrencies at the federal level, and to prevent any overreach by state or local governments.
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The bill is also inspired by the recent adoption of Bitcoin as legal tender in El Salvador, a historic move that has opened up new opportunities for economic growth and financial inclusion for millions of people. El Salvador has shown the world that Bitcoin is not only a viable alternative to fiat money, but also a powerful tool for social and economic empowerment.
By introducing this bill, I hope to make Virginia a leader in the innovation and adoption of cryptocurrencies. I believe that Bitcoin and other decentralized digital currencies have the potential to transform the way we exchange value, store wealth, and access financial services. They also offer a way to resist the inflationary policies and excessive taxation of the federal government, which are eroding the purchasing power and savings of hard-working Americans.
Bitcoin is under attack. The recent proposal by the US government to regulate cryptocurrency transactions has sparked a fierce debate among the Bitcoin community and beyond. The bill, dubbed the “Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act”, aims to protect consumers and investors from the risks posed by stablecoins, which are digital tokens pegged to fiat currencies or other assets. However, the bill also threatens to undermine the core principles of Bitcoin: decentralization, censorship-resistance, and privacy.
The bill would require any issuer of a stablecoin to obtain a banking charter, comply with the same regulations as banks, and obtain approval from the Federal Reserve and the FDIC. This would effectively turn stablecoins into centralized digital currencies, subject to the whims and interests of the government and the banking system. Moreover, the bill would grant the Federal Reserve sweeping powers to regulate any service provider that enables the use of stablecoins, such as exchanges, wallets, and payment platforms. This could potentially expose millions of Bitcoin users to surveillance, censorship, and confiscation of their funds.
The bill is a clear attempt to stifle innovation and competition in the cryptocurrency space, and to preserve the monopoly of the fiat system. It is also a violation of the constitutional rights of Bitcoin users, who should be free to choose their own form of money and to transact with it without interference from third parties. The bill is an affront to the vision of Satoshi Nakamoto, who created Bitcoin as a peer-to-peer electronic cash system that does not rely on trusted intermediaries.
We, as Bitcoin users, advocates, and developers, must stand up for our rights and oppose this bill. We must educate ourselves and others about the benefits and challenges of Bitcoin, and dispel the myths and misinformation spread by its detractors. We must also support the efforts of organizations that are fighting for our cause, such as the Bitcoin Foundation, Coin Center, and the Electronic Frontier Foundation. We must make our voices heard by contacting our representatives and senators, and urging them to reject this bill. We must not let the government dictate how we use our money.
Bitcoin is more than just a technology or an asset. It is a movement, a community, and a culture. It is a symbol of freedom, innovation, and empowerment. It is our right, and our responsibility, to defend it. I urge you to support this bill and to contact your representatives in the Virginia House of Delegates and Senate to ask them to co-sponsor and vote for it. Together, we can defend our fundamental Bitcoin rights and make Virginia a more prosperous and free state.