A United States lawmaker, Senator Mike Lee is seeking to abolish the Federal Reserve. Notably, the Bill seeks to abolish the Boards of Governors of the Federal Reserve System and the Federal Reserve Bank through the repealing of the Federal Reserve Act.
Senator Lee’s Arguments Against the Federal Reserve
As per the U.S. Senator representing Utah, the Federal Reserve has repeatedly failed in its core fiscal obligations. He claimed that the Federal Reserve has directly contributed to the financial instability faced by a large number of Americans.
“This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption. It’s time to end the Fed,” Lee stated.
Already, the bill has enjoyed first and second reading on the floor of the US Congress. It is now before the Senate Committee on Banking, Housing, and Urban Affairs. The Committee will deliberate on it further and report back with their recommendations.
Will Cryptocurrency Replace the Centralized Monetary System?
The move might herald the rise of crypto as an alternative. If the bill introduced by Lee to abolish the Federal Reserve scales through, the implication is that it will signal the end of a centrally controlled monetary system. Notably, cryptocurrency might gain wider adoption to replace fiat currency.
There is also the likelihood of the legislation breaking the American banking system, necessitating a switch to Bitcoin and other acceptable digital assets such as Shiba Inu and Dogecoin. These alternative currencies are currently being accepted even by notable organizations.
Although the bill is eliciting excitement, it still has many hurdles to cross before seeing the light of day. First, the Senate has to pass it, the House of Representatives will also need to pass it and finally send it to President Joe Biden for assent before it can become a law.
Some analysts see the U.S November presidential election being influenced by crypto one way or the other given Donald Trump’s recent campaign pledge.
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