Leaked Memo: Democrats Organized Against Crypto
There was a leaked memo that was reported on by Fox News. We have to be careful with these "leaks" as they can be made up stuff. However, it is in keeping with some of what we have seen take place over the last year or two.
In this video I discuss how, in the United States, crypto is entirely political now. It will be a hot topic during election season. I also cover what this could mean for crypto going forward.
Here is the article:
https://beincrypto.com/leaked-memo-democrats-organized-anti-crypto/
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Because it's a hot topic and a swaying vote for politics it goes to show you how strong and wanting of crypto people are. I'm sure one side will pick pro crypto while the other picks anti crypto because it's a totally divided system anymore where if one side says something the other has to imminently say the opposite just because. It doesn't even matter if it makes sense and it's freakin gross!
That is what it is. It is now a political hot topic meaning one side has to stake and claim while the other does the opposite. It is a back and forth game they play.
Unfortunately, it has real world consequences . This shows how little they care. Swat the letters around and it is still the same.
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I’m pretty skeptical on the various stances of this all. We could certainly be pro crypto but with a balance of cash, fiat and crypto. Removing something entirely in favor of crypto or cash is a foolish endeavor and one I think is going to be used to confuse and eventually hurt people. This feels like feigning resistance to crypto and then one day a switch will be flipped and they will then start to say they are getting rid of physical cash because “you all said you wanted crypto, well here it is!!” Type stuff. Very skeptical of this whole thing! Politics makes it even more sketchy.
Now we are shifting to another discussion but a valid one. I believe the goal is to get rid of cash, something that is happening by generational evolution. Younger people are not cash users. However, politicians still want that control. Here is where we get the difference between something like BTC or HBD and CBDC.
It isnt the digitization so much as who controls it. We know what the politicians want.
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I was under the impression that Rep. Ritchie Torres (D-N.Y.) was pretty pro-crypto, Senate Finance Chair Ron Wyden of Oregon scaled back a tax provision on digital assets, Rep. Josh Gottheimer (D-N.J.) was working on legislation on stablecoins that seemed well received by the crypto industry, Sen. Cory Booker (D-N.J.) is hoping that crypto helps minorities in America who are unbanked and Eric Adams the Mayor of New York has been super pro-crypto for his state.
Since Fox has never, ever lied to its viewers then I guess we'll have to accept that US Democrats are anti-crypto.
Certainly, leaked reports should always be taken with a grain of salt. Fox lies just like the other mainstream media so it is sketchy to begin with.
That said, individuals of a party being one way does not mean the party platform is the opposite. And how many of those in Congress (3 out of the 4 named) have pushed back on Gensler and the Biden administration. For that matter, how many pushed back against the Trump admin which wasnt crypto friendly either?
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I honestly don't know and I'm not actually sure how I'd find that out. I saw that U.S. Senator John Hickenlooper (D-Colo.) sent a letter to Gensler saying the SEC has a lack of regulatory clarity that leads to uneven enforcement of the crypto companies, but I don't know of other push back, or if the Democrats as a party are actually anti-crypto. They might be, but I don't know for sure at this point.
Democrats (especially in USA) are quite pro-bank, meaning that they are expected to do what they can not to enhance the crypto-impact.
Besides, when FTX went bankrupt, many relationships were discovered between the founder of FTX and Dems
I don't think that's actually true. Some Democrats might be pro-bank, but there are many who are anti-large corporations (Bernie Sanders for example) who dislike how much control the banks have over business and that so many lower-income Americans are either unbanked or taken advantage of and constantly hit with overdraft fees.
I'm not sure where you heard Democrats are quite pro-bank but that doesn't seem accurate to me at all.
SBF clearly donated to Democrats during the 2022 Midterm Elections, that's clearly on record, but he also said that he donated the same amount to Republicans through shadow-donations because he didn't want journalists to know. I don't know if this is true or not because the transactions are not on record, but that's what he said.
Yes, I see your point.
Dems should be less pro-corp than Reps but still a lot of them have huge interests towards the major financial system. That's why I am saying that. Not simply that Dems are pro-banks and Reps are not. Simply that all of them have huge connection with banks and corporations.
But I appreciate your feeback. I expressed myself in a poor way
Oh no problem! You're doing amazingly given English is not your first language.
Unfortunately America allows corporations to donate to individual politicians, and political campaigns are often (but not always) won by the person who spent the most money, so we do see many politicians from Democrats, Republicans and Independents who become beholden to corporations because they need that continue flow of donations.
It's a terrible system that works against the American people.
Yes. This reminds me quite closely the marketing campaigns that companies run to get more exposure.
In this form, big companies are still investing money in politics-marketing. The more votes their candidate will get, the more power they will get.
Quite sick mechanism
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Summary:
Task discusses an article that has been leaked, which reveals that U.S. Democrats have organized an anti-crypto stance, aligning with the SEC in classifying assets as securities. He questions the validity of the leaked memo but discusses how the Democrats are taking an anti-crypto stance while Republicans are, by default, for it. Task highlights the difficulty in passing crypto-related legislation due to the political divide in Congress. He emphasizes the decentralized nature of cryptocurrency and its potential for freedom and ending poverty, criticizing politicians for being out of touch with the crypto evolution.
Detailed Article:
In the video, Task reflects on an article that brings to light a leaked memo indicating a coordinated anti-crypto stance among U.S. Democrats. The memo suggests that Democrats are aligning with the SEC in labeling assets as securities, raising concerns about the leadership in crypto innovation in the U.S. He emphasizes that while the authenticity of the memo is uncertain, the behavior of the Democrats points towards an anti-crypto agenda.
Task suggests that the political landscape has polarized cryptocurrency, with the Democrats attacking it while some Republican-led states are taking steps to protect digital assets. He mentions figures like AOC and states like Florida and Texas in this context. Task notes the Biden administration's persistent attacks on cryptocurrency and how the political standoff could hinder pro-crypto legislation.
The discussion shifts to the legislative challenges posed by the divided Congress, with Republicans controlling the House and Democrats overseeing the Senate and presidency. Task predicts a lack of substantial support for crypto-related initiatives from Washington in the near future, with potential stalemates in passing legislation. He also mentions the upcoming elections and the impact they may have on crypto regulations.
Task delves into the decentralized nature of cryptocurrency and its resilience against governmental control. He criticizes the older generation in power, labeling them as 'fossils' and pointing out their disconnect with the evolving crypto ecosystem. He emphasizes that crypto represents a path to freedom and innovation, contrasting this with the outdated perspectives of many politicians.
Furthermore, Task touches on the Eurodollar system, highlighting its longstanding operation outside central bank influence and government control. He stresses the inability of regulators to effectively intervene in crypto due to its intricate structure involving banks, hedge funds, and off-balance sheet activities. Task concludes by reiterating the unstoppable nature of cryptocurrency and its potential to reshape financial systems globally.
In his closing remarks, Task encourages viewers to consider the implications of politicians' anti-crypto stances and emphasizes the transformative power of cryptocurrency in promoting financial freedom and combating poverty. He expresses frustration with the lack of understanding and appreciation for crypto among politicians, advocating for a more informed and supportive approach towards this transformative technology.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.