- United States
- Calif.
- Letter
Elon Musk's proposal to replace the federal payments system with Dogecoin poses a severe risk to the financial stability and security of the United States. Dogecoin, a meme-inspired cryptocurrency, lacks the robust infrastructure, regulatory oversight, and safeguards necessary for managing trillions of dollars in daily transactions that the existing system handles reliably. Adopting an unproven and volatile digital currency could lead to catastrophic economic disruptions, exploitation by bad actors, and loss of citizens' funds. This reckless scheme violates the principles enshrined in the Constitution of preserving the general welfare and providing for the common defense. We urge you to take decisive action to prevent this unconstitutional plan from moving forward, protecting the integrity of our nation's financial systems and the public's interests. Rigorous analysis and input from economic experts must guide any potential overhaul, not the whims of a billionaire seeking to boost a joke currency he backs.