Warren Davidson 🇺🇸
@WarrenDavidson
In today’s @FinancialCmte hearing on payments:
- First Principles - No government grants permission to transact. People have a right to transact, that may be infringed for cause.
- Cash is King - Cash is permission-less, no 3rd Party needs to approve cash. @RepJohnRose has a bill to make us usable as intended: Legal Tender for all debts public and private.
- Stablecoins - Should retain characteristics of cash, plus provide encrypted security enabling permission-less peer to peer transactions at the speed of light. Protect self-custody. Also, stablecoins are fully backed so more secure than fractional reserve banking. Finally, commodity backed stablecoins don’t even have liquidity risk because the represent a claim to the physical custody of the commodity (eg gold).
- Central Bank Digital Currency (CBDC) is antithetical to this system of money. It is a fully permissioned network where the government grants permission To transact, spies on the transaction, and retains the ability to filter the tranaction at their discretion. We are right to pass @GOPMajorityWhip‘s bill to ban CBDC.
2025-03-11T19:13:48.000Z