Conservatives have vowed to bring sound monetary policy to Washington in 2025, but the fight for economic freedom lies closer to home than you might expect. States are in the vanguard of this effort, and they should use this national momentum to defend American economic freedom locally.
This month, the Republican National Committee release Proposed changes to the party platform to state the party’s position against central bank digital currencies (also known as CBDCs or digital dollars) and in support of the right to digital currencies. myOwn digital assets such as Bitcoin and trade them privately.
Sound monetary policy is becoming an increasingly prominent issue for Republicans in the 2024 elections. candidate Former President Trump and Vivek Ramaswamy publicly Even independent presidential candidate Robert F. Kennedy Jr. has denounced the introduction of CBDCs, despite his support for digital assets, specifically Bitcoin. Hold We take a similar position on these issues.
While these issues may seem new at the national level, states have long debated sound currency. The Idaho Republican Party beginning Add pro-digital asset, anti-CBDC language to major state party platforms. Gem State also considered two bills during the 2024 legislative session that would have fulfilled the platform pillars, but ultimately passed them. We’re screwed It passed narrowly in the House and the Senate.
While Idaho continues to face obstacles, other states have successfully implemented sound monetary policies in recent years. Florida, Ban CBDC. North Carolina and Arizona also considered similar bills but ultimately rejected them, while Wyoming, Montana, Arkansas, Oklahoma, and Louisiana have passed it A law to protect fundamental rights regarding digital assets.
These policies were implemented as part of an attempt by states to thwart the threat that private banks and federal bureaucracy posed to American liberties.
Financial institutions have become the latest arena in the left’s culture wars, with many banks cutting ties with certain religious organizations. OrganizationFirearms Makeror Non-Green This would be devastating for a modern, largely digitalized economy and could threaten agriculture, mining and energy, the major industries in Idaho’s economy.
Privacy is also a top concern for many Americans. The federal government is using its power over the banking system to search This allows them to search citizens’ transaction histories without a warrant, even though it violates the Fourth Amendment to the U.S. Constitution.
To make matters worse, the Washington DC bureaucracy is frustrated with the existing level of excessive control and wants to monitor and control the financial transactions of all Americans through a CBDC. This new digital dollar could offer something unparalleled. Control Through programmable issuance, use and taxation.
It is alarming that bureaucrats are trying to exert even more control over a financial system that has already proven itself unable to be managed. The hidden tax of inflation is destroying the savings of every American who uses the dollar as a store of value. And yet the government continues to borrow and print money to maintain its ever-expanding size.
States that have proposed and passed bills protecting financial freedom for their constituents are recognizing these problems and acting accordingly. These states are providing a path for markets to escape a financial system that is no longer private, stable, and free.
Even if sound monetary policy advances at the federal level, it does not eliminate the need for states to act. States that do not already have such protections must continue to pursue them at the local level.
States should capitalize on the national momentum for sound monetary policy and work to protect the monetary sovereignty of their voters. Idaho is a prime candidate to implement such policies. After all, both of the Jewel State’s neighbors to the east already have some of these policies in place.
Idaho should catch up with other states by implementing its own sound monetary policy. agendaThis starts with acknowledging that CBDC is not money and barring the state from cooperating with the Federal Reserve in implementing the system. We must also protect the right to mine, own, and trade digital assets, allowing Idahoans to protect their economic freedom by opting out of a regime that controls and regulates their finances.
Of course, Idaho is not the only state that can benefit from these policies. Now is the time for state legislatures to capitalize on this national momentum and think about how to protect their constituents’ finances. Or they risk leaving the nation behind on an issue where states have taken the lead.
This is a guest post by Niklas Kleinworth. The opinions expressed here are entirely Kleinworth’s own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
