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Trump Issues Executive Order To Create Cryptocurrency Working Group, Establish Digital Asset Stockpile (coindesk.com) 59

Posted by BeauHD from the long-awaited dept.
President Trump signed an executive order on Thursday that "sets a federal agenda meant to move U.S. digital assets businesses into friendly oversight," reports CoinDesk. The order creates a cryptocurrency working group tasked with proposing a new regulatory framework for digital assets. It will be "made up of the Treasury secretary, attorney general and chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission, along with other agency heads," notes Reuters.

The directive also explores the creation of a "national digital asset stockpile," orders protections for banking services for crypto companies, and bans the creation of central bank digital currencies which could compete with existing cryptocurrencies.

Trump Issues Executive Order To Create Cryptocurrency Working Group, Establish Digital Asset Stockpile More | Reply

Trump Issues Executive Order To Create Cryptocurrency Working Group, Establish Digital Asset Stockpile

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  • Stockpile of casino chips (Score:5, Funny)

    by i_ate_god ( 899684 ) on Thursday January 23, 2025 @05:22PM (#65113571)

    Does any other government stock pile casino chips?

  • No complaints (Score:5, Informative)

    by ArchieBunker ( 132337 ) on Thursday January 23, 2025 @05:23PM (#65113575)

    This is what you voted for.

    • I'm aligned with you on this, but I gotta point out you're just preaching to the choir here. A lot of the people who voted for Trump did indeed want a lot of this crap to happen.

  • 10 bucks says... (Score:5, Insightful)

    by Rinnon ( 1474161 ) on Thursday January 23, 2025 @05:23PM (#65113577)
    part of the stockpile includes his own meme coins.

    • Of course it will. He won't specifically say that, but his rubberstamp brigade of yes-men will just do it because their #1 priority is to keep the toddler-in-chief happy. That way when he rugpulls his 80% stake in his shitcoin, he's just leaving the taxpayer on the hook instead of his new crypto bro friends.

  • Expect a rug pull (Score:4, Insightful)

    by Big Hairy Gorilla ( 9839972 ) on Thursday January 23, 2025 @05:23PM (#65113579)
    And the treasury to fill hole.

  • Mark my words (Score:5, Insightful)

    by rsilvergun ( 571051 ) on Thursday January 23, 2025 @05:25PM (#65113591)
    This is going to cause the biggest economic collapse in American history unless it's reigned in by general incompetence in the administration.

    The crypto bros have made it extremely clear of what they want to do. Crypto-backed securities. Just like the mortgage-backed securities that caused 2008 only instead of houses at the bottom of that you have meme coins.

    There is no bottom to that crash. There is no recovering from that crash. We're looking at lifetimes of poverty and economic hardship. Remember your great-great-grandma and how they were so weird because they lived through the Great depression? It's going to be like that.

    And you know what I don't know if we can stop it anymore. We had our chance in November and we made our choice. And the people who shouted to the heavens warning everyone else were blown off as alarmists. Even as we made salient point after salient point.

    • the tree of liberty must be watered from time to time with blood and hunger. preferably someone else's.

    • Re:Mark my words (Score:5, Informative)

      by hdyoung ( 5182939 ) on Thursday January 23, 2025 @05:50PM (#65113659)
      Relax. Trump can scribble anything he wants onto a napkin with a crayon, sign it, hold it up to the camera and declare it an “executive order”. That doesn’t mean it magically happens.

      Laws still must be followed (he doesn’t control congress) and the courts still must be obeyed (he doesn’t control the court). Just cause it spews out of the orange man’s mouth doesn’t make it the word of god.

      He’s strategy is to fill the room with blather that triggers, confuses, overwhelms and exhausts you. Don’t take the bait.

      • Re: (Score:2)

        by gweihir ( 88907 )

        There is also another aspect: Implementing executive orders takes time and people and oversight (which means more time and people). The more of these orders, the slower anything will happen on them. And some may even get completely overlooked, who knows?

        Or stated otherwise: You can try to rule by fiat, but really the only thing that does is create one more example that this approach does not work.

      • I've been thinking that this is basically a giant haystacking effort for a little bit now. Some kind of "they can't pay attention to everything so let's see if we can slip one or two through a mountain of bullshit that is infeasible or may as well be a press release on White House letterhead for all the change it will bring.

        They're wrong on that though - there's a whole lot of people that are combing through each and every scrap of public record. This isn't the 1970s any more where you would have to reque

      • He does effectively control the Supreme Court. About a third of the judges he put there and they've consistently voted for whatever he wants. Most of the judges are Republican so they are not going to oppose anything the president does.
      • He doesn't control congress? You mean the republican controlled House and Senate? If you'd like to make a list of all the still-in-office repubs who have openly defied him, you can use a very small piece of paper. They're about to confirm a Fox news host with no other qualifications to be Sec. of Defense because Trump told them to ignore the serious drinking problem.

        He doesn't control the court? You mean the lower federal courts he's filled with people like Cannon and Kacsmaryk, or the Supreme Court that

      • (he doesn’t control congress)

        I think the last week or so has shown that he actually does. The confirmation hearings indicate the Republican-led Senate has pretty much chosen to neuter itself as an independent branch of government.

        And, quite frankly, I think that was part of Trump's plan all along. He intentionally threw a whole bunch of ridiculous cabinet nominations out there for the purpose of seeing whether the Senate was gonna be a problem for his larger plans... and he now knows they are not. He intentionally sacrificed Matt Gaetz

      • and 54 seats in the Senate. I don't think folks realize how much he screwed up.

        Also the media is 110% owned by MAGA now. A weatherman posted a meme on his own social media about Musk doing the Sieg heil and was fired immediately fired for it. There are reams of editors who were fired last hear for not towing the Republican party line. Funny not a peep from the "Free Speech Warriors".

    • Re: (Score:2)

      by gweihir ( 88907 )

      This is going to cause the biggest economic collapse in American history unless it's reigned in by general incompetence in the administration.

      Relax. I predict that on something as abysmally stupid as this, quite a few elements of the administration will find new ways to be slow and incompetent. They cannot do this without actual experts and actual experts know this is a really bad idea. Corrupting a financial system this deeply takes at least a decade, probably longer.

      • I sure hope you're right, but I fear you are not.

        Remember that loyalty is the one and only qualification he's carrying for any job right now. His last administration was thwarted by exactly what you're talking about. Those people may not be there this time.

        He wants a bunch of marble buildings filled with rubber stamp robots. Independent thought is to be stamped out.

    • Don't worry. The government will pass a bill to bail out "small crypto holders" who were damaged in the crash. Except the actual money won't go to any individuals but to wealthy institutions. But somehow people will still vote for the party that passes such a nonsense bill. That's just how it works here in the US. Unfortunately, there is so my crypto hype that nobody can predict when the crash will occur so there isn't a good way to make money going short.

      • Don't worry. The government will pass a bill to bail out "small crypto holders" who were damaged in the crash. Except the actual money won't go to any individuals but to wealthy institutions. But somehow people will still vote for the party that passes such a nonsense bill.

        You forgot the last bit: bitching about debt and out-of-control spending when it's their party always ratcheting up deficits by cutting taxes while increasing spending.

    • I don't know about 'the biggest economic collapse' but I am definitely tracking parallels to other financial crises over the decades.

      e.g. https://www.federalreservehist... [federalres...istory.org]

      • There is so much that mimics the banks pre-1929. For example, when someone makes units of a cryptocurrency. Take a stablecoin for example, a stablecoin can have 10,000 units, and 100 dollars. As long as the coin owners don't want their dollars back, effectively the stablecoin owners can make as many units as they feel like and sell them. However, this comes tumbling down when people want their cash, and a run starts (which has happened in the past, and of course, some exchanges will immediately freeze w

    • This is going to cause the biggest economic collapse in American history unless it's reigned in by general incompetence in the administration.

      And we knew about this before the election [the-independent.com]. Leon literally admitted that it was the intention of Trump's administration to drive the economy straight into a brick wall.

      People still voted for it.

      I'm not sure what you can do about a democracy that's hell bent on destroying itself. It reminded me of that line from The Matrix, so I asked ChatGPT about the parallels. I hate posting entire blocks of ChatGPT output because I know we all loathe AI generated content, but I think it makes a poignant point:

      You're referring to Agent Smith's reflection on the nature of human desire and suffering in The Matrix Revolutions, when he talks about the first version of the Matrix being a utopia. He says:

      "The first Matrix I designed was quite naturally perfect. It was a work of art, flawless, sublime. A man had everything he wanted, power, love, money, but it was a disaster. No one would accept the program. Why? Because the human mind is not capable of complex thinking if it's too happy.
      Human beings defined themselves by their actions. You see, the reason that the human mind cannot accept the perfect world is because it creates an illusion of free will. A world with no conflict, no friction, no chaos, would be one in which you could not define yourself."

      This line really highlights Agent Smith's view that humans are inherently tied to suffering and struggle, and that these elements are integral to their sense of identity. In the context of voters choosing a candidate who might intentionally create chaos or economic turmoil, it draws a striking parallel: humans, or in this case, voters, might intentionally lean toward situations that perpetuate conflict or instability because, in doing so, they feel they define themselves through that struggle—just as Agent Smith suggests humanity can't truly accept peace or prosperity without the friction that gives their existence meaning.

      It’s as though people are unconsciously drawn to the very forces of destruction that confirm their beliefs, emotions, or identity, much like how voters might choose candidates who bring chaos, because in chaos, they find purpose, action, or a sense of being heard.

  • "tasked with proposing a new regulatory framework for digital assets. "

    "bans the creation of central bank digital currencies which could compete with existing cryptocurrencies."

    So pretty much asking to regulate, but not CONTROL which kind of defeats the point.

    • Re: (Score:2)

      by gweihir ( 88907 )

      I predict the experts will take 4 and a day (figuratively) to come up with that proposal. And hence this order is meaningless.

  • The directive also explores the creation of a "national digital asset stockpile," orders protections for banking services for crypto companies, and bans the creation of central bank digital currencies which could compete with existing cryptocurrencies.

    So, not only do we want to use federal money to create a stockpile of crypto nonsense, we also want to block the creation of digital currencies from official sources, for fear it may slow down the money drain happening through the crypto scams. The layers of stupid here are quite impressive, I must say. I'm hoping this one gets reined in through the other branches doing their jobs. Otherwise, this could be the economic collapse we were expecting with a rocket pack mounted on it.

    • Re: (Score:3)

      by gweihir ( 88907 )

      Well, executive orders need to be used with restraint, or they lose effectiveness. Things will just turn glacial because nobody knows what they are supposed to do anymore. I think Trump is too dumb to understand that, but it gives remaining sane people a great way to sabotage things. Hence I do not expect any of that will actually happen. No actual banking person mistakes crapto for money.

    • I assume he or his friends hold enough of the existing crypto that he wants to make sure the value increases or at least is maintained at some set level.

      Remember that he was accepting bitcoin and such as campaign donations, and he made promises to the cryptobros, which I assume they were willing to give him some of their snake oil to ensure they could could continue to profit off it.

      • The crypto bros gave him money for the campaign, and aggressively acted as surrogates in the crypto communities. This is their quid pro quo: they're running out of greater fools and they know it, so they need to bag the greatest fool. And it looks like they're well on their way.

  • Asking, for a friend.
  • Maybe we can just call the crypto that we seize from criminals our: "Stockpile"?
  • First, everyone knows computers are digital; it's all binary. Then explain that that means there are only ones and zeros. From there, it's a short jump to realize that without those ones and zeros, the digital economy doesn't exist. We tell Trump we need multiple mirrored data centers all across the country. Half of them will be filled with network storage containing petabytes of zeros, and the other half will contain petabytes of ones. Only then can we be sure we won't fall behind China "in cyber".

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