From the discussion page
https://www.congress.gov/congressional-record/volume-170/issue-89/house-section/article/H3419-1on the bill located at this comes the statement from one of the representatives opposing the bill
" Center polls in 2021 and 2022, some 20 percent of Black,
Hispanic and Asian U.S. adults have bought, traded or used
cryptocurrency, compared with 13 percent of white adults.
These communities are at increased risk of losing their
investments if similar events like FTX, Terra/Luna and others
continue to happen without regulatory safeguards "
Crackinjokes 0 points 11 months ago
So they're going to make it like early stock IPO so that only rich people can invest when things are at very low prices and then they sell them at the IPO to all the poor people so they make extraordinary profits off the poor people all the rich people make all the real money. But that somehow is protecting the poor people cuz you know they don't want the poor people to be able to invest in those things when they're early startups and there's huge money to be made.
Cryptos been around for more than 10 years now and early investors in Bitcoin and ethereum and frankly a lot of the other coins have been made very wealthy. And the Federal reserve just do not like an alternative way to store your money outside of their banking empire with their deflationary worthless currency that goes to nothing every year.