Bitcoin Accused of Ponzi Scheming by Democrat: Blockchain Drama Ensues!

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In a stunning display of financial clairvoyance (or just a regular Tuesday, depending on your calendar), former Maryland Governor Martin O’Malley decided to unleash his inner Arthur Dent and poke at the mysteries of Bitcoin at a Social Security Works shindig. 🪙🐟

O’Malley, who’s recently tried to run the Democratic National Committee without spilling his tea, strongly implied that Bitcoin may or may not be an elaborate way to separate people from their hard-earned…well, whatever currency Bitcoin lovers are using this week. “It’s not a Ponzi scheme. Bitcoin might be, but not social security,” he proclaimed, surely ruffling both digital and non-digital feathers alike.

His casual bombshell hints that, in the US, opinions about crypto are about as bipartisan as a Vogon poetry night—after all, the industry’s movers and shakers have chosen to join Team Republican, presumably because the other team didn’t accept payments in Dogecoin.

Democrats Decline to Be Stable (Coin Fans, That Is)

Elsewhere on this planet (for certain definitions of “elsewhere”), there’s a bipartisan effort to pass some stablecoin stuff into law. Unfortunately, it’s currently about as stable as a Jenga tower built by hyperactive toddlers. 😬

Word from U.Today is that Massachusetts’s own Elizabeth Warren has become the subject of furious tweets and probably at least one very strongly-worded Substack post, after daring to doubt the wisdom of stablecoin legislation. Naturally, this move caused pro-crypto Democrats to experience what scientists call “legislative second-guessing,” which involves much pacing and possibly muttering about blockchains.

Not to be left out, Politico declared that Senate Majority Leader John Thune might attempt to surgically remove enough points of contention from the bill that Democrats (or at least some of them) might vote “yes”—assuming, of course, the bill doesn’t vanish into the mysterious void where most bipartisan efforts go to quietly retire.

And thus the crypto saga continues, leaving everyone only slightly more confused than when they started. 🚀🤔

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2025-05-06 09:38