Trump Issues Executive Order To Create Cryptocurrency Working Group, Establish Digital Asset Stockpile (coindesk.com) 106
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.
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.
Stockpile of casino chips (Score:5, Funny)
Does any other government stock pile casino chips?
Re:Stockpile of casino chips (Score:5, Informative)
El Salvador. https://en.wikipedia.org/wiki/... [wikipedia.org]
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Whoopsie. The BTC hater (and holy shit there are a lot of em on /.) wasn't prepared for that.
Re: Stockpile of casino chips (Score:5, Funny)
Funny that you thought the El Salvador example was meant to defend the usage of crypto.
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Yes, because holding up El Salvador as some kind of forward-thinking economic powerhouse definitely gets your point home, doesn't it?
Whoopsie, indeed.
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When you can leave your baby outside sleeping while you drink coffee with your friends inside a cafe, we'll talk again.
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You should be able to do that. El Salvador is ranked in the top 10 for safety globally. That comes from Gallup. Now do you have more than an anecdote example to discredit them?
Maybe you do, I'm not one to believe the ranking at face value, but I'm all in for following actual evidence. Doing a bit of digging I find stats that crime has decreased in El Salvador by 98% in the past 9 years. I see record low homocides for the latin American region. I note that no western contries have current travel advisories o
Re: Stockpile of casino chips (Score:2)
https://bondblox.com/news/el-salvador-offers-to-buy-back-dollar-bonds-again
basically, el Salvador gets a IMF loan, then buys BTC, then pays back it's bonds with a premium. They are a de facto btc triple A security.
Re: Stockpile of casino chips (Score:2)
it was also used before by the bailed out banks to siffon their bail outs back into the banks balance sheets.
also notice the math of this press release. the take 1bi. pay back 1.3bi, and somehow make 300mi of profit which they will use to protect a river.
Clothes not Chips (Score:4, Funny)
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Could well be. We'll know when the taxpayer-funded stockpile ends up consisting of 90% Trump memecoin and the rest Melania memcoin.
The grift goes on,
The grift goes on,
La-di-da-di-di,
La-di-da-di-da
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They make an attractive target for hackers, especially North Korean ones. If they can find a flaw in the code they can potential rob the US of billions with little risk.
It could be undone by forking the shitcoin, but that would also massively devalue it.
My guess is that it's just Trump preparing another rug-pull to get himself a little richer.
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Hmm. Venezuela? You know where financial system is so bad that people cross the border to do grocery shopping?
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This is leading the government to a path to being grifted by other countries.
Like, no joke, the entire impetus of cryptocurrency TODAY is to fleece people and launder the money. Having businesses and governments involves just brings the fleecing to a larger scale.
Imagine a moment where the entire US budget is pissed away because they bought crypto, and then rug pulled when they go to actually spend it on needed programs. That is the path this leads to.
Any involvement in cryptocurrency the government should
Osbourne effect alert! (Score:4, Insightful)
As every cryptocurrency fan (and every gold bug) will tell you, the US dollar isn't backed by anything other than investors' faith that the US dollar will retain its value.
Implicit in that faith is the confidence that the US government itself values the dollar's status as the world's reserve currency, and will carefully steward its own economic good fortune, both for its own benefit and for the benefit of the people who hold US dollars.
So now we come to the point where the US government doesn't appear to be too concerned about stewardship of the dollar; to the extent that it is openly making noises about investing in other currencies that were developed as alternatives to the dollar.
What is the lesson that investors will take from that? If they decide that the US government has lost faith in its own currency -- or simply is no longer sufficiently competent to manage its currency -- their likely reaction is to pull their investments out of US dollars and put them somewhere else -- triggering the very conditions that could cause the dollar's downfall.
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I think USA needs a strategic reserve of bored ape NFTs. You never know when the world may ran out of these and then, to avoid the shortage and a possible catastrophe, USA will be able to get these distributed....
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I think USA needs a strategic reserve of bored ape NFTs.
They could just print a trillion dollar bill with Trump's mugshot on it.
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Does any other government stock pile casino chips?
Every single one with a fiat currency.
No complaints (Score:5, Informative)
This is what you voted for.
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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.
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Bingo.
The leopards will be feasting on MAGAs like crazy. They already are in some places.
Just recently some MAGA clown detailed on Reddit how he lost $1.2 million on the latest Trump shitcoin:
https://www.reddit.com/r/sadcr... [reddit.com]
So yeah, everything is going according to plan. lol
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Unfortunately it affects everyone, not just the ones dumb enough to throw money at Trump's scams. For example, the price of eggs is spiking to unprecedented levels due to bird flu... And guess who just started pausing and defunding the federal agencies whose job it is to deal with such outbreaks?
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And it affects the U.S. Treasury if the put government funds behind it. If that market tanks, then you will hear two giant sucking sounds: your tax money going bye-bye into CryptoScam, Inc. and your debt money going into those nice fat tax breaks for the wealthy....they are sooooo victimized.
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Unfortunately it affects everyone, not just the ones dumb enough to throw money at Trump's scams.
Yes, I understand how it works. We're all going to get screwed by Trump and his Nazi fuckboys.
It's just that MAGAs will take it extra hard, because they're extra dumb, and they actually believed all the bullshit Trump spewed. Gonna be a lot of FAFO moments for the Red Hats.
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Just wait until the MAGAs find out that Trump and the Republicans are aiming to kill the tax deduction for mortgages- that's going to screw over about 86 million Americans.
The GOP is going to slaughter the middle class, make no mistake.
10 bucks says... (Score:5, Insightful)
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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)
Re: Expect a rug pull (Score:2)
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Don't bother to tell me that you bought a pizza or paid for a haircut with cryptos... what I mean is more serious speculators who buy in and hold, for the sake or argument, millions... You want real money to do real things? You
Re: Expect a rug pull (Score:1)
The US government has been filling about 300 million holes for the last half century or so.
Mark my words (Score:5, Insightful)
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.
Re: Mark my words (Score:1)
the tree of liberty must be watered from time to time with blood and hunger. preferably someone else's.
Re:Mark my words (Score:4, Informative)
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.
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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.
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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
Re:Mark my words (Score:5, Insightful)
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 has basically elevated him to King?
He will absolutely do his best to smokescreen everything with stupid shit like the Gulf of America, but if the billionaires around him explain how much he can make on this grift, it will get done.
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Any Republican that dares defy Trump ends up ousted immediately by the rest. I still can't wrap my head around that. They didn't want him at first, and several have made minor public statements about how dangerous he is, but when it comes time to actually stem the blood loss at Trump's order, these fuckers all grab another blade and start stabbing. We all know politicians were spineless, but this is some next level spinelessness.
Re:Mark my words (Score:5, Insightful)
(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 early, to give his Senators a way to pretend they aren't just kissing his ass - but he's saying "jump" and they're coming back with "how high?".
He has a majority in Congress (Score:5, Insightful)
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".
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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".
What's really sad is we don't even know for sure that the media companies love Trump for ideological reasons, or if they just love him because he's good for keeping the headlines flowing, non-stop, upping ratings, and keeping viewer numbers climbing. What a fucked up world we live in.
It's neither of those things (Score:2)
So last year the billionaires finally put their foot down. They no longer allow any media outlets to criticize Trump or
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The media companies are owned by billionaires and they just want Trump to keep pouring money into them. Trump has a plan for at a minimum 4 trillion dollars in tax cuts for the next 10 years. And I see no reason why he's not going to double that. It's basically a massive shift of wealth from you and me to Mark Zuckerberg, Bill Gates, George Soros or whatever billionaire you don't like. So last year the billionaires finally put their foot down. They no longer allow any media outlets to criticize Trump or provide fair coverage to any of his opponents. The most recent example is a weatherman who posted on his personal social media complaining about Elon Musk Nazi salute and was immediately fired. Not a peep from the free speech warriors of course. Nobody expected one. It's not even hypocrisy anymore it's too obvious to be that. I don't think I've seen propaganda control this blatant since the 1950s red scare.
The convenience for the oligarchy is a nice side benefit, but I still think the reason Trump rose to power is because the algorithm deemed him profitable. He's just turning out to be way more profitable than they initially realized. I don't think the broligarchy is smart enough to have hatched this plan back when it started. They're *just* smart enough to take massive advantage as it escalated.
Re:Mark my words (Score:5, Insightful)
I love this. You all are so fucking narrow minded idiots you pick one point and beat the absolute shit out of it.
Tell me...when did EVERYONE move? When did every democrat from the south move to the north? When did all the republicans from the north move south?
They didn't. They flipped their parties.
Yesterday's southern democrats are today's republicans. Just as racist as ever.
If you want to play that game...you all elected a dictator who doesn't give a fuck about anything but power and has a fucking nazi as his best friend.
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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.
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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.
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He wants a bunch of marble buildings filled with rubber stamp robots. Independent thought is to be stamped out.
Probably. But organizations like that cannot accomplish anything, so even better. Insight and understanding cannot be replaced by blind obedience. I am aware that totalitarian assholes do not understand that.
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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.
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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]
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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
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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.
If a stablecoin is doing some sort of fractional reserve lending like you describe, it's not really a stablecoin. Some "stablecoins" (Tether) do shady nonsense like that. Others (USDC) seem to do sensible things like keep their assets in a cash and Treasuries. A good writeup. [dirtybubblemedia.com]
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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.
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"Your "chance in November" was to vote in the same person who had already been IN POWER FOR FOUR YEARS."
As opposed to the one we voted OUT of power 4 years ago (and thought so dimly of that idea that he tried to stay in power by violence...)
But while the people of the south are getting the (extreme) weather they voted for, the rest of the world didn't get the chance to vote. And still get the extreme weather eventually.
Re:Oh come on (Score:5, Informative)
Tell us you know nothing about the nominating process without telling us you know nothing about the nominating process.
Legally, the only person that could access the massive amount of cash that the Biden campaign had amassed was Harris, because her name was on every piece of paper and check that was sent to the Biden / Harris campaign. If she was not the nominee, all that money goes back to donors by law.
By the way, her name was also on every single ballot that Biden's name was on in 2020, with the expectation that if a VERY old dude couldn't continue in the job, it was her responsibility to carry on. And by everyone's counting except for whatever fake news bullshit you clearly listen to, they won.
Also, they followed their nominating rules. To the god damn letter. The RNC has the same set of rules for if the presumptive nominee cannot continue for whatever reason. So stop acting like some back room of guys chewing on cigars made the decision - remember that Harris's name was on each and every primary ballot right next to Biden - again, for a role where she would be asked to step in if Biden cannot continue - and the voters were absolutely fine with it and checked that box.
Your whole argument is baseless idiocy spawned from a political campaign that was built from the dirt up to go against Biden, and then Biden wasn't the nominee any more. So they bitched and cried, and you ate it up.
There was a primary process.
That process followed the agreed-to rules that the Democratic National Committee had duly enacted by their own bylaws.
And no candidates challenged her anyway, because they knew the campaign finance laws and the DNC nominating process too. And they had the good sense to know that all hitting the reset button would have done is end with her being the nominee anyway after spending shitloads of money - nobody else even came close in name recognition, and name recognition is what wins elections in short primaries; why do you think every presidential campaign starts the day after the midterm elections now? so that they have name recognition before those first votes are cast in Iowa.
And by the way, your old geezer still won so I have no idea what the hell you're complaining about. As far as Biden "sucked worse than Trump":
- Biden didn't jailbreak a bunch of cop-beating insurrectionists and jury-convicted seditionists because he couldn't be bothered to staff a few people to review the cases to see which ones were largely bullshit and which ones merited violent assholes staying locked up. Some of them have already been arrested again because clearly they deserved that second chance.
- Biden didn't nominate and isn't still standing by a fucking Fox News weekend host, who by all reasonable accounts is absolutely unqualified for the position and by sworn affidavit is a fucking drunk, to be Secretary of State - a job running literally the largest bureaucracy on the planet, whom needs to be able to make VERY important decisions and brief the President at any given minute of the day.
- Biden didn't order a study of dumping taxpayer money into crypto scams, because he rightfully knew that they're scams predicated on getting other people to give you their money by their own choice.
And we're only on day 4. By the way, when does he get to the part where he lowers the price of eggs?
The rest of your post is sound and fury signifying nothing but a parrot repeating the steady diet of wingnut agitprop so I'm not going to bother.
Re:Oh come on (Score:4, Informative)
Biden didn't nominate and isn't still standing by a fucking Fox News weekend host, who by all reasonable accounts is absolutely unqualified for the position and by sworn affidavit is a fucking drunk, to be Secretary of State
Trump nominated the drunk TV host to be Secretary of Defense - not Secretary of State.
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Correct. My mistake.
His Secretary of State nominee actually made sense, and was qualified for the position. And he flew through the nominating process which ended with a 99-0 vote proving that he can make a good pick if he wants to.
And yet he still hasn't jettisoned the drunk abusive rapist misogynist piece of shit with absolutely no experience running a large organization, procurement, logistics, or anything more than a military platoon - when he's had the chance, he's fucked it up and been fired.
But som
Re: Oh come on (Score:2)
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The MAJORITY brought Trump back because Biden sucked worse than Trump.
Incorrect. The Florida Orange Man got less than 50% of the vote, therefore he did not get a majority. He received a plurality (AKA the most votes).
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Uh.. No.. The three branches are President (Executive), CONGRESS (Legislative), Courts (Judicial). The Senate and Congress are not different things. The Senate is 1/2 of Congress (the upper house). The lower house of Congress is the House of Representatives.
We have elections every two years. Every single election cycle we vote for the House (they have 2-year terms). Every 4 years we vote for President. Every six years Senators are up for re-election. Senate terms are staggered so 1/3 of the Senate is u
Re:Oh come on (Score:4, Funny)
We had our chance in November
Your "chance in November" was to vote in the same person who had already been IN POWER FOR FOUR YEARS.
So Harris was president for 4 years? Somehow I missed that.
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So, calling out a direct lie is now "being a cunt"? Nice massive dishonesty you have there. Makes you a bad person.
Because, you know all your "arguments" do not make it "the same person".
What sort of strategy is this? (Score:3)
"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.
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I predict the experts will take 4 and a day (figuratively) to come up with that proposal. And hence this order is meaningless.
Layers of stupid (Score:2)
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.
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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.
Re: Layers of stupid (Score:2)
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.
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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.
When Lambo? (Score:2)
Can you short it? (Score:2)
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I hope we don't buy crypto with tax money. (Score:2)
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100% chance Trump enriches himself with this (Score:1)
Remember: We voted for Harris, so don't blame us when you all go broke. All of this and so much more to come could've been avoided.
How to make money on this (Score:2)
and nothing of any real value (Score:2)
grifters (Score:2)
This is what will cause it (Score:2)
This is what will finally be able to trigger a fatal meltdown of the economy, a Trump cryptocoin.
In addition to being the perfect way to send bribes and payoffs to Trump and his minions, the other side of this magical new cryptocoin he wants to float are the inevitable side effects if this scheme behaves like most crypto endeavors or 'investments' have historically.
Between the repeated rug pulls, theft, and fraud, a coin at this kind of scale being manipulated by $BAD_ACTORS would finally be able to crash t
There's still no use-case for any crypto products (Score:2)
Crypto has never be plausible. It's just gambling, decades later and there's still no productive use-case for any of it.
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There's still no use-case for any crypto products outside of speculating on price-action.
Nonsense. Crypto is quite useful for moving around large amounts of money if for whatever reason the regular financial system doesn't want anything to do with you. What else would you use? Duffel bags of cash?
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You also seem to be describing a massive category of transactions that's probably 99% just drug trafficking or tax evasion. Activists aren't using crypto to evade govt controls because it essentially requires doxing yourself and creating public receipts of your transactions.
So ya, the use case y
Trump signed an executive order banning CBDCs (Score:2)
President Trump has signed an executive order banning Central Bank Digital Currency (CBDC)
https://x.com/DC_Draino/status... [x.com]
Prediction for tomorrow (Score:2)
Trump issues Executive Order that his micro-peen isn't weird and mushroom-shaped!
Great (Score:2)
We'll go from one bullshit currency to a bunch of bullshit currencies with volitle values. We will never know what we can afford at any given moment.
These are being treated as unsecured securities and should be looked at as such. Fake currency is not a replacement for fake currency.
I don't have to accept cryptocurrency. I don't consider it legal tender and I never will. Small claims court agreed with me on that.
somebody's missing (Score:2)
"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,"
I didn't see any prominent software security experts on that list. What could ever go wrong?