Comment on We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.

• sj_zero@lotide.fbxl.net ⁨1⁩ ⁨year⁩ ago

  The US Constitution says that the Congress has sole authority to mint money and that it's supposed to be made of gold and silver.

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  • realcaseyrollins ⁨1⁩ ⁨year⁩ ago

    Hmm...well then does that apply to bits and bytes? What about paper bills?

    • sj_zero@lotide.fbxl.net ⁨1⁩ ⁨year⁩ ago

      What's interesting is that paper bills were tried before America's constitution, you ended up with continental scrip, a paper currency. It ended up getting massively debased and totally failed. As a result, the congress is responsible for currency, and is only supposed to use gold and silver as currency.

      The fact that they've strayed so far from what's legal shouldn't be surprising since they don't follow the law on a lot of things.

      source

      • sj_zero@lotide.fbxl.net ⁨1⁩ ⁨year⁩ ago

        https://deanclancy.com/the-constitutions-seven-money-clauses/

        https://www.law.cornell.edu/constitution-conan/article-1/section-8/clause-5/coinage-power

        "Because Article I, Section 10, Clause 1 of the Constitution prohibits the States from coining money,1 the Supreme Court has recognized Congress’s coinage power to be exclusive.2 The Supreme Court has also construed Congress’s power “to coin money” and “regulate the value thereof” to authorize Congress to regulate every phase of currency. Congress may charter banks and endow them with the right to issue circulating notes,3 and it may restrain the circulation of notes not issued under its own authority.4 To this end it, may impose a prohibitive tax upon the circulation of notes of state banks5 or municipal corporations.6"

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