I have composed and sent the following to my WA state Senate and House representatives. Feel free to adopt, edit and send to your state representatives.
—————————————————————————-
This proposed legislation SB5077 has recently come to my attention.
“On February 22, 2023 in the Senate: Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (View Roll Calls)”
I am not well versed in WA state Senate procedures, but since all 49 WA state Senators voted “yea”, I am assuming this Senate bill was approved and sent to the House Civil Rights and Judiciary Committee for consideration.
What concerns me is the text from page 5 of SB5077:
” “Money” means a medium of exchange that is currently
authorized or adopted by a domestic or foreign government. The term
includes a monetary unit of account established by an
intergovernmental organization or by agreement between two or more
countries. The term does not include an electronic record that is a
medium of exchange recorded and transferable in a system that existed
and operated for the medium of exchange before the medium of exchange
was authorized or adopted by the government. ”
The newly added sentence, “The term does not include an electronic record that is a
medium of exchange recorded and transferable in a system that existed
and operated for the medium of exchange before the medium of exchange
was authorized or adopted by the government” is sly legalese which would exclude Bitcoin from their definition of money.
The first block in the Bitcoin blockchain was created on Jan 3, 2009, a date which plainly precedes any pending governmental electronic medium of exchange, such as the widely touted “Central Bank Digital Currency” (CBDC), currently being studied by the US Federal Reserve.
CBDCs are a horrific tool which could/would be used to enforce economic and social engineering widely, across the entire country. Adoption of any CBDC in this country would be disastrous for freedom.
Therefore, if this legislation passes in its current form, Bitcoin would (effectively) be legislatively banned as a money in WA State, as it preceded any CBDC.
I don’t know who wrote this legislation, but their intent was/is to block Bitcoin’s adoption, in a round-about, surreptitious way, in my opinion.
Unlike a CBDC, Bitcoin is an open protocol, not controlled by any state or entity, global in reach, having no address or headquarters or CEO, which anyone, anywhere can freely participate in and representing a neutral reserve asset suitable for worldwide adoption as money.
Bitcoin is a radical departure from our conventional notions of what “money” is, but by earnestly studying it, one realizes that it is one of the great innovations in history, capable of removing the control of money from corrupt governments worldwide and re-establishing sound money, while being free from political machinations and debasement.
This being so, I strongly oppose the attack that SB5077 brings against Bitcoin, this legislation evidently birthed by Bitcoin’s political enemies, enemies who understand the threat that widespread adoption of Bitcoin poses to their hammerlock on the manipulated and corrupt fiat currency that we are forced to use as dictated by legal tender laws.
SB5077 should therefore be rejected, as based on these arguments
From the comments:
I have composed and sent the following to my WA state Senate and House representatives. Feel free to adopt, edit and send to your state representatives.
—————————————————————————-
This proposed legislation SB5077 has recently come to my attention.
(The following is excerpted from the link https://trackbill.com/bill/washington-senate-bill-5077-concerning-the-uniform-commercial-code/2291475/ )
“On February 22, 2023 in the Senate: Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (View Roll Calls)”
I am not well versed in WA state Senate procedures, but since all 49 WA state Senators voted “yea”, I am assuming this Senate bill was approved and sent to the House Civil Rights and Judiciary Committee for consideration.
What concerns me is the text from page 5 of SB5077:
” “Money” means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government. ”
The newly added sentence, “The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government” is sly legalese which would exclude Bitcoin from their definition of money.
The first block in the Bitcoin blockchain was created on Jan 3, 2009, a date which plainly precedes any pending governmental electronic medium of exchange, such as the widely touted “Central Bank Digital Currency” (CBDC), currently being studied by the US Federal Reserve.
CBDCs are a horrific tool which could/would be used to enforce economic and social engineering widely, across the entire country. Adoption of any CBDC in this country would be disastrous for freedom.
Therefore, if this legislation passes in its current form, Bitcoin would (effectively) be legislatively banned as a money in WA State, as it preceded any CBDC.
I don’t know who wrote this legislation, but their intent was/is to block Bitcoin’s adoption, in a round-about, surreptitious way, in my opinion.
Unlike a CBDC, Bitcoin is an open protocol, not controlled by any state or entity, global in reach, having no address or headquarters or CEO, which anyone, anywhere can freely participate in and representing a neutral reserve asset suitable for worldwide adoption as money.
Bitcoin is a radical departure from our conventional notions of what “money” is, but by earnestly studying it, one realizes that it is one of the great innovations in history, capable of removing the control of money from corrupt governments worldwide and re-establishing sound money, while being free from political machinations and debasement.
This being so, I strongly oppose the attack that SB5077 brings against Bitcoin, this legislation evidently birthed by Bitcoin’s political enemies, enemies who understand the threat that widespread adoption of Bitcoin poses to their hammerlock on the manipulated and corrupt fiat currency that we are forced to use as dictated by legal tender laws.
SB5077 should therefore be rejected, as based on these arguments
Thanks for sharing. sigh
Here's another view on the bill, showing the progress: (bill at a glance) https://app.leg.wa.gov/billsummary?BillNumber=5077&Year=2023&Initiative=false