Like President Donald Trump, I was once a code skeptic. But like our Commander-in-Chief, I have come to the idea of cryptocurrency and the ability to unlock many people all the way to large banks and Wall Street.
Trump will tell you that his evolution in Crypto was inevitably coming out: “(our family) got caught up in politics, and suddenly (the bank) didn’t take our call,” he said. “We were actually the recipient of how quickly it could stop, so we joined a concept that made perfect sense.”
In other words, the president’s family has become victims of “stopping off.” This is a condition that occurs when a bank decides not to do business with you anymore due to your values and political perspectives.
Gun manufacturers and those who make firearm accessories (such as bump stocks) were some of the early undressing victims, and Bank of America refused to lend money to manufacturers who create military-style firearms for civilian use. For example, in 2018, Citibank began limiting the way in which it serves manufacturers and retailers in the firearms industry, setting rules on how businesses operate and products they can produce. After seven years of fighting with Citibank, the bank ultimately overturned its policy earlier this month.
As a Mississippi treasurer, I have seen the situation I have been leaving with concern over the past few years. The truth is that Mississippi has a target on our backs. Think about this. In 2016, New York, Washington, Vermont and Minnesota passed laws revolving around business-related religious freedom, thus banning non-essential travel to our states. If financial institutions choose to seize the state, we must imagine that the same New York power broker will look to Mississippi first, as the majority of Mississippi is parent-family values, deputy corrections, and pro-Trump.
To be clear, I have no knowledge that stripping is happening in Mississippi. Our state government has not been condemned. There are also many community bankers who share our values and value our business. But if the big banks want to chase after the president, they can probably come after us too.
All of this has made me a little more open about the code and the possibility of democratizing the way we hold, send and receive. At Crypto, there are no Wall Street elites making decisions that harm the central bank or Mississippi. That’s fair. It’s non-discriminatory. It’s safe. And it is very attractive in today’s era and age.
That said, I want to be extremely conservative with state funds. I don’t make risky investments with your taxes. But if there are crypto opportunities that benefit the people of Mississippi, I will not reject them unruly. I look for potential growth areas I’m looking at, allowing crypto users to use their money here in Mississippi.
Whether you’re skeptical or not, cryptocurrencies are worth investigating. We are proud that our president is seeing that possibility and willing to explore this world with many of us at the grassroots. In the coming months, stay tuned for more crypto-related announcements from the state Department of Treasury. I’m excited about the opportunity and look forward to sharing more with you soon.
This MFP voices opinion essays and reflects the author’s personal opinions. This column does not necessarily represent the views of the Mississippi Free Press, its staff or officers. To submit your opinions about the MFP Voices section, send up to 1,200 words and sources that fact-check the information contained on voices@mississippifreepress.org. A variety of perspectives are welcome.
