The topic of bitcoin and digital currencies is permeating not only discussions among regulators but also those of politicians. Most recently, United States Congressman Jared Polis wrote a letter to Treasury Secretary Jack Lew, Federal Reserve Chairwoman Janet Yellen, Comptroller of Currency Thomas Curry, Acting CFTC Chairman Mark Wetjen, FDIC Chairman Martin Gruenberg, and SEC Chairwoman Mary Jo White. In it he uses a satirical tone to address the greenback by levying similar criticisms against paper currencies that have been laid against digital currencies. Here are some excerpts from Mr. Polis’s letter:
“I write today to express my concerns about United States dollar bills. The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being highly subject to forgery, theft, and loss … I urge regulators to take immediate and appropriate action to limit the use of dollar bills.”
“According to the U.S. Department of Justice study, “Crime in the United States,” more than $1 billion in cash was stolen in 2012, of which less than 3% was recovered.”
“Printed pieces of paper can fit in a person’s pocket and can be given to another person without any government oversight. Dollar bills are not only a store of value but also a method for transferring that value. This also means that dollar bills allow for anonymous and irreversible transactions.”
While Mr. Polis clearly took a humorous approach to pointing out the flaw in the logic of some of the arguments against bitcoin, he still raises the overall valid point that not even established forms of currency are infallible. It is clearly important that as technology continues to progress, we remain open-minded and prepared to address emerging developments to ensure the safety and stability of the financial system.
Source: Polis Calls for Ban of U.S. Dollar Bills in Response to Manchin Letter Calling for BitCoin Ban
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