Oppose Senate Bill 155
Call your Kentucky State House of Representatives member to oppose this bill!
Message Line: 1-800-372-7181
Email KY House Leadership to oppose this bill and let them know your concerns!
Why Should the Legislature Vote No on SB155?
What would Senate Bill 155 do? Senate Bill 155 would redefine what money is under state law in the Commonwealth of Kentucky. It would also provide a legal framework for vicarious (secondhand) control of financial accounts and facilitate the legal framework for a Central Bank Digital Currency system (CBDC System).
In a Central Bank Digital Currency system, the federal government and or Federal Reserve would have access to records of all financial transactions that you conduct in your bank accounts. You would not have financial privacy. It would also set the stage for further manipulation of bank accounts by the government in later years, since digital currency accounts would be programmable.
We remember the weaponization of the IRS to go after conservative groups (like what happened in the Lois Lerner scandal several years ago). We also recognize the attempts by those on the political Left to go after the voter base of their own political opposition, as well as the legal warfare (lawfare) that the Democrats have waged against President Trump in bringing so many legal cases against him during election season.
In light of all of that, it seems likely that a Central Bank Digital Currency system would eventually end up being weaponized against political opponents. Left-wingers in years to come could use the CBDC System to go after donors to Republican candidates, to go after the money of conservative organizations, and even target private individuals that government officials despise. It would be easier for them to do that under a CBDC System than under the current system, especially if the USA goes “cashless.”
Some advocates of private sector cryptocurrencies like Bitcoin and Etherium are also concerned about the rise of a Central Bank Digital Currency, because some advocates of a CBDC desire to make private sector cryptocurrencies illegal or unusable as a means of payment. The result would be more control by the federal government over what citizens use as payment for goods and services.
The best legislation tends to be short legislation. But SB155 is about a 170-page-long piece of legislation, full of Uniform Commercial Code legalese and financial terminology. It is so long because it would affect so many portions of Kentucky state law if passed into law. It is hard to see how the legislation could benefit ordinary Kentuckians in any normal scenario. In light of that, it also seems like bad optics for state legislators to pass.
Please urge your state legislator to vote NO on SB155.