US Rep Mulls Bill To Abolish US Federal Reserve

US lawmaker Rep Thomas Massie mulls a bill to end the Federal Reserve sparking diverse reactions from the crypto community. In a recent poll on social media platform X (formerly Twitter), the lawmaker asked if he should roll out a bill to abolish the Federal Reserve.

At press time, 88% of participants voted to end the Fed while 2% stood with the Federal Reserve.10% of voters simply opted to see the result of the poll. This X poll reflects the views of crypto enthusiasts on central banks and their stance towards the market.

Community and Legislators Stand With Crypto

The move by Rep Thomas Massie seeking opinions to abolish the Federal Reserve comes as the crypto market laments the actions of central banks on the markets. Although many users voted to abolish the Federal Reserve, several analysts opined for pro-crypto legislation to be pushed instead. 

Zaprite’s Parker Lewis strewed on the American principle proffering to outcompete the Federal Reserve rather than shutting it down. This was also echoed by others as they tipped Bitcoin and crypto regulations. 

“No you should just get behind #bitcoin  it’s the only way the Fed is ending and it’s more American, let’s just outcompete the Fed rather than shut it down by fiat.” 

Similarly, Pierre Rochard, VP of Research at Bitcoin Miner Riot Platforms noted that the market needs stablecoin legislation to hyper-inflate the USD. He also tipped lawmakers to make BTC tax-free to compete with the dollar leading to a smooth abolition of the Federal Reserve.

1. Pass stablecoin legislation so that the private sector can hyperinflate the USD

2. Make #Bitcoin tax-free so that it competes on a level playing field against the USD

This enables a smooth self-abolition of the Federal Reserve.

— Pierre Rochard (@BitcoinPierre) May 15, 2024

The Battle of Centralization and the Federal Reserve

The origin of Bitcoin and blockchain technology has its roots in the excessive centralization of monetary policy and finance. As a result, Bitcoin stands as a model against traditional intermediaries in financial transactions. The asset adoption also restates the strong desire to embrace decentralization. 

Aside from the Feds, the crypto community has lamented the Securities and Exchange Commission’s bottleneck regulatory policies. 

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