An OP-ED by Founder of Black People & Cryptocurrency
Excuse me, Democratic Representatives Rashida Tlaib (Mich.), Jesús García (Ill.), Stephen Lynch (Mass.), Alexandria Ocasio-Cortez (NY), and Ayanna Pressley (Mass.) — about that Stablecoin Act… Pushing this anti-blockchain legislation proves you hate Black people worldwide. Let me be among the first to say you have messed up.
Black Americans vote for liberal and Democratic candidates more consistently than any other demographic in the history of the United States. We consistently vote for what makes us most free and safe. As a Black woman, I have to state Black women vote more consistently for liberal and moderate Democrats than other demographics. If this legislation passes, Black People will be the most penalized because Black people have more to gain from blockchain and cryptocurrency technology than nearly any other demographic.
You do not understand this because you didn’t love us enough to ask Black people in blockchain/crypto what we thought. You show us that you don’t trust us. You don’t partner with us. You didn’t poll Black people in blockchain or cryptocurrency to ask those of us not chasing your coattails for government jobs (or trying to maintain one) how passing this act would continue global racial injustices causing death to Black people. You didn’t value nor respect us enough to do that one little thing as a public servant — to ask what it means to those of us who educate, advocate, or build solutions with blockchain. Because you hate us — not unlike white supremacists. I’ll prove it. But first…
Exactly with whom in blockchain were you talking about this Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act being a protection for low to middle income (LMI) Americans? The Stablecoin Act is so broadly written it attempts to regulate all cryptocurrencies produced by anyone while using a sub-theme of saving LMI people of color — which is racist at its core — from a non-existent stablecoin threat. From the press release of this act that is sponsored by Democratic Reps. Tlaib, García, and Lynch:
…the STABLE Act … would:
- Require any prospective issuer of a stablecoin to obtain a banking charter;
- Require that any company offering stablecoin services must…