Rep. Thomas Massie (R-Ky.) introduced a bill this week to eliminate the Federal Reserve, the latest sign that Bitcoin-friendly ideas are seeping into mainstream politics. Massie, a long-time libertarian, said the legislation was prompted partly by reading Saifedean Ammous’s book 'The Bitcoin Standard,' a favorite among crypto advocates that argues for sound money and against central banking.
What the bill would do
The legislation would dismantle the U.S. central bank, shifting monetary authority back to Congress. While the text hasn't been publicly released in full, Massie has previously backed similar proposals that would abolish the Fed's power to set interest rates and control the money supply. The bill is unlikely to advance in a divided Congress, but it gives crypto supporters a concrete legislative target to rally around.
The 'Bitcoin Standard' connection
Massie told reporters that reading 'The Bitcoin Standard' solidified his view that the Fed distorts markets and punishes savers. The book, which argues that Bitcoin is the modern equivalent of hard money, has become required reading in the crypto community and among conservative lawmakers exploring alternatives to fiat currency. Massie isn't the first politician to cite it — but he's the first to propose ending the Fed entirely based on its arguments.
Political momentum behind crypto monetary policy
The bill lands amid a broader push by some Republicans to rein in the Fed and explore digital currencies. Several House members have introduced legislation this year to create a strategic Bitcoin reserve or audit the central bank's gold holdings. Massie’s move signals that the conversation is shifting from mere oversight to outright abolition — at least rhetorically. For now, it's a long shot. But the fact that a sitting congressman is using 'The Bitcoin Standard' as a policy blueprint shows how far Bitcoin's ideology has traveled from internet forums to the House floor.
The bill has been referred to the House Financial Services Committee. No hearing has been scheduled. Massie is expected to push for a markup later this summer, though committee leadership has shown little appetite for dismantling the central bank.
