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On this episode of the Bitcoin Magazine Podcast, host BranBTC sat down with everyone’s favorite Bitcoin maximalist Pierre Rochard to discuss the STABLE Act that was recently introduced to the public by members of the U.S. Congress.
Rochard initially took a broad view on the topic, insisting that looking too closely at the language and intent of the STABLE Act would miss the bigger picture. Instead, he wanted to focus on the conditions of our society that have allowed preconceived notions of money to grant an elite class unfathomable power over the lives of everyday Americans.
These so-called “Cantillionaires” have positioned themselves next to the money printers, and they are working to reign in new technologies that may render those printers obsolete. Such is the crux of how Rochard views this regulatory climate; it’s an attempt to consolidate control in order to allow for new monetary policies that would make past authoritarian regimes look mild.
For more information on the STABLE bill itself, as well as its vast implications and potentially unintended consequences, read through CoinCenter’s article, which breaks down the bill.
While both BranBTC and Rochard agreed that the chances of this bill getting voted into law are slim, they noted that it may just be the first swing at detrimentally regulating bitcoin and other crypto assets. We should stay vigilant to any other such attempts to undermine the new democratizing technology, they concluded.