By Treasurer David McRae
Like President Trump, I was once a crypto skeptic. But also like our Commander in Chief, I’ve come around to the idea of cryptocurrency and its ability to liberate many from becoming overly beholden to Big Banks and woke Wall Street.
President Trump will tell you that his evolution on crypto came out of necessity: “[Our family] got into politics and all of a sudden [the banks] wouldn’t take our call. We went all in on a concept that makes total sense because we’d actually been the recipients of how quickly that can be shut off.”
In other words, the President’s family became the victims of “debanking” – a condition that occurs when a bank decides to no longer do business with you because of your values or political viewpoints.
Gun manufacturers and those who make firearm accessories (like bump stocks) were some of the earliest debanking victims. In 2018, for instance, CitiBank began restricting how manufacturers did business, putting rules on the way they could operate their businesses and the products they could produce. It took seven years of fighting with them, but they finally reversed the policy earlier this month.
As a financial officer for Mississippi, I have watched the debanking situation with concern over the last few years. The truth is that Mississippi has a target on our backs. Consider this: In 2016, New York, Washington, Vermont, and Minnesota banned any official travel to our state because we passed legislation representing our values. Should financial institutions choose to debank states, I have to imagine those same New York power brokers would look to Mississippi first because we are pro-family values, pro-2nd Amendment, and pro-Trump.
To be clear, I have no knowledge of debanking occurring in Mississippi. Our state government has not been debanked. We also have a number of community bankers who share our values and value our business. But if the Big Banks are willing to go after the President, it is conceivable they could come after us too.
All of this led me to be a bit more open about crypto and its potential to democratize the way we hold, send, and receive money. With crypto, there is no central bank and no Wall Street elites making decisions that harm Mississippi. It’s unbiased. It’s nondiscriminatory. It’s secure. And that is very appealing in today’s day and age.
That said, I want to be very conservative with the state’s funds. I will not make risky investments with your tax dollars. But where there are crypto opportunities that benefit the people of Mississippi, I will not reject them out of hand. I will seek out any potential growth areas I see and empower crypto users to use their money here, in Mississippi – whether that’s in starting a business or purchasing a college savings plan for their child.
No matter if you’re a skeptic or not, cryptocurrency is worth investigating. I am proud our President has seen the potential and is willing to explore this world alongside so many of us at the grassroots. In the months ahead, please stay tuned for more crypto-related announcements from the State Treasury. I’m excited about the opportunities and looking forward to sharing more with you soon.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College and Career Savings Mississippi, and has returned more than $130 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
