Cryptocurrencies are controlled by shady developers, says senator

Charlie Taylor

Senator and cryptocurrency developer.Coingoback" srcset=" 700w, uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;This Tuesday (27), the US Senate had a hearing with the theme "Cryptocurrencies: What are they good for?". Representatives of the Coin Center, Filecoin and a law professor, in addition to senators participated under oath.Jerry Brito, director of the non-profit organization for the development of legislation in the cryptocurrency market, Coin Center, showed the benefits of the cryptocurrency market underscoring its importance to the leadership of the United States as a global innovation hub. “Allowing this technology to flourish can also help maintain the United States' position as the home of global innovation. In order for us to deliver on this promise, we must also carefully consider the optimal regulatory environment that both promotes innovation and adequately protects consumers. As noted at the beginning, the regulatory regime in the United States is going in the right direction.” Mary Belcher, from the Filecoin Foundation, showed the usefulness of cryptocurrencies for the US Senate, even citing the encouragement of the use of renewable energy. “There are already thousands of projects building other cryptocurrency applications, from automatically paying musical royalties, to compensating people when their data is used, to paying journalists for every view of an article, to encouraging consumers to use renewable energy. Many of these projects will fail, but some may take the technology forward in ways we can't begin to imagine yet," Belcher said. While Belcher and Brito championed the cryptocurrency market, lawyer and professor Angela Walch said the digital asset market " poses significant risks today, and the risks that increase as they permeate the traditional financial system and more and more people invest.” Committee chair and Democratic Party Senator Sherrod Brown said the last thing he wants is “to give the other industry a chance to destroy things.”. But it was not the deponents who drew attention, but a senator who wanted to be an indigenous person but was unable to.

Enter the indigenous fake and memes

Elizabeth Warren is one of the leaders of the Senate Democrats, however, she is known to opponents for her failed attempt to prove her indigenous blood, becoming a meme on social media and even T-shirts. The senator claimed to be indigenous, but took a DNA test that showed her chances of having this ancestry in just 1/1064.
In addition to posing as an Indian to gain votes, Elizabeth is a strong opponent of bitcoin and cryptocurrencies. This Tuesday was no different, the senator attacked the big banks and said that cryptocurrencies are more dangerous than them. For her, taking power away from the banks and giving it to “shady developers” is worse. "Instead of bad banks (cryptocurrencies) they put control in the hands of shady developers."

Who are the obscure developers of cryptocurrencies?

For those outside the cryptocurrency market it may seem strange to think that half a dozen nerds might be in control of Bitcoin, but it doesn't work that way. In a report on German state TV, Bitcoin developers were even portrayed with blurry eyes, looking like dangerous criminals.In reality, however, most developers of major cryptocurrencies are known. In addition, they have less power in their hands than the senator made it appear in her speech. Unlike the government, which enforces the use of the country's central bank fiat currency, cryptocurrency developers only write and publish software. From there, network users can audit the code and choose to run it on their computer. Democrat Warren could understand this as a kind of improved direct democracy, where the code is the law. Legislators develop a set of rules for the currency and citizens choose which digital currency they prefer. To give the senator some reason, the crypto space is filled with “scamcoins”, projects that are born to deceive users and disappear with the money collected . Most of them don't even need a well-qualified developer, as legitimate cryptocurrency codes can be copied and easily changed. One case of scam was the Initial Coin Offering (ICO) of the DFT token, developed by a company whose CEO Mark Jensen used to appear in videos and do interviews for major news sites. In the end, the amount raised by the ICO never returned at all to investors, who ended up discovering that Mark Jensen did not exist and that it was artificial intelligence. But a free market is much less dangerous than a regulated one, as the authorities US regulators endorsed the biggest financial coup in the history of mankind, the Madoff pyramid, which we have detailed in the links below: Collaborated with the article Gustavo Marinho.

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