Maybe I’m just getting old, but I don’t really understand crypto all that well. I hate that I didn’t jump on the Bitcoin bandwagon when it first started rolling, because I could be rich right now, but I didn’t and that’s because I really don’t get it.
But a lot of people do, and one thing I do understand is that it’s a handy way to get around banks. This makes it attractive for people involved in illicit activities, but it also makes it useful for those who are engaged in legal ones, but that some banks are just down on for whatever reason.
And the firearm industry has been in that camp for quite a few years now.
Sure, we’re not being hit with companies seeing their financial services cut off for no valid reason, but the danger is still there, even if states are trying to take some steps to prevent that.
But if you’re worried about being cut off, what can you do? Well, crypto could offer some outlet, and one crypto coin just changed its terms in a gun-friendly way.
Stablecoin issuer Circle has reportedly amended its terms and services, reversing a policy that previously banned the use of USDC to purchase firearms.
On Nov. 5, the stablecoin firm announced that it would update a clause in its Prohibited Transactions policy that prohibits the use of its USD-backed stablecoin, USDC, to purchase “weapons of any kind.” The change would allow for USDC holders to make transactions using the stablecoin to purchase firearms, upholding the Second Amendment in the U.S constitution.
On Nov. 6, Senator Cynthia Lummis responded to the update, praising the stablecoin giant for allowing legal firearm purchases using USDC usdc0.01%USDC.
“By aligning its terms of service with existing legal requirements, Circle defends constitutional rights & ensures financial systems can’t be weaponized against law-abiding gun owners,” said Lummis in her post.
In a statement sent to the National Shooting Sports Foundation or NSSF, the company confirmed that it would clarify its terms to reflect that USDC could be used to make lawful purchases and sale of firearms as protected under the Second Amendment.
“Circle has always held that to the right of lawful, the use of money should be free. This includes lawful purchases of firearms in the United States, which is a Second Amendment protected right,” stated the firm in its statement to NSSF.
This is significant, but not particularly unusual. There’s a coin called TUSK that was explicitly created for the firearm industry to use, created by a gun guy to avoid much of this, but Circle is a stablecoin, which means, as noted above, it’s backed by the US dollar. That means it’s a lot easier to figure out what it represents in real money.
Of course, because of the decentralized nature of crypto, it doesn’t look like any previous terms that prohibit gun sales were particularly enforceable.
Still, it’s nice to see something in the financial sector make a move that embraces the Second Amendment, rather than scorn it. That’s not something we’ve seen much over recent years, so it’s refreshing, even if it doesn’t change a whole heck of a lot.
And it might. Again, this is a topic that I don’t fully understand, and I really don’t care enough about it to understand it. I just know that it’s a move that is nothing but good news for gun rights in the United States.
It’s just a matter of how much good news, and I’ll take any these days.
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