Congressman Thomas Massie has reintroduced a bill to abolish the Federal Reserve, blaming it for inflation and economic instability.
His proposal, H.R. 1846, aims to dismantle the Fed’s central banking system, including its Board of Governors and regional branches, ending a century of centralized monetary control.
Massie argues that the Fed’s actions, especially during the COVID-19 crisis, led to the devaluation of the dollar and inflation, burdening Americans.
Senator Mike Lee has introduced a similar bill in the Senate, seeking to curb the Fed’s economic influence. Meanwhile, Massie is pushing for a full audit of the Fed’s activities with his “Audit the Fed” bill, which has support from libertarians, conservatives, and crypto advocates who criticize the Fed’s lack of transparency.
The Fed is also dealing with internal changes, including the resignation of its Vice Chair, Michael Barr, further fueling concerns over its leadership. Trump, a vocal critic, is seeking to limit the Fed’s power, transferring authority to other agencies.
Elon Musk has also criticized the Fed’s size and inefficiency, with his Department of Government Efficiency pushing for a review of its operations. With reform efforts gaining traction, the future of the Federal Reserve is uncertain.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.