President Biden Signs Executive Order, Signaling the Development of a United States Central Bank Digital Currency and Shaping Up Regulations of Digital Assets - CSG Law “On March 9, 2022, President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets, bringing the U.S. Government one step closer to regulating cryptocurrencies1 and digital assets2 at the federal level and international stage.”
I concede that; but Gensler at the SEC was persecuting digital currencies, which should have been regulated by the CFTC. Gensler was making it up as he went along, claiming bitcoin was a currency but many other digital currencies with no contract capabilities were not. It was pretty clear he was ascribing to a hegemonic playbook for the US dollar, knocking out most competition to it. [He was cool with bitcoin not being regulated by the SEC because Blackrock, the Fed’s proxy, holds most bitcoin now; so they can play all sorts of shenanigans with its price. Also, the CFTC staked out Bitcoin regulations early on, so he had to throw them a bone on that.]
I think contrary to the complex narratives out there in cryptoland, the reason for an ethereum slump right now is because they WOULD be regulated by the SEC since their value proposition involves DUMB contracts (Blockchain Smart Contracts Aren’t Smart And Aren’t Contracts; well, they are contracts, but very dumb ones -“smart” was a complete misnomer!) So it reflects the market looking to speculate, as opposed to building meat-and-potatoes financial infrastructure.
Also note: ethereum is more ESG-friendly. Maybe that’s a strike against it with the Repubs; but NOT the EU! If the US doesn’t go full banana republic, that will eventually matter -but Hegseth’s confirmation is a REAL BAD indicator!
Take a bow, Roberts, Thomas, Alito, Gorsuch, and Kavanaugh! By the way: THAT VOTE is an example of what they want people to be distracted from by the Greenland/Canada BS.
My having the Repubs pleasantly surprise us is over; that appointment is pretty clearly a setup for a military coup at some point. He’s NOT a real career military man. It appears the corporate owners of the duopoly party system are cool with continuing to operate in a banana republic, once it comes to that.
And since the Turks did a show on digital currencies (link…). I’ll just be full disclosure on my viewpoints:
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Not all digital currencies are scams -though most are (I would guestimate 20% of crypto projects have utility…)
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There should be no “strategic reserve” for ANY crypto; that will Hoover up the money supply, having very negative effects for the economy.
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Digital currencies can provide fair privacy safeguards, that banks and the “SWIFT” money transfer protocol do not provide, through the use of “decentralized id”. But unfortunately childish crackpot libertarians (not that all libertarians are crackpots -a very small few do walk the walk…) want to have NO id at all for currencies.
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The Ulbricht pardon is one of the most shameful acts of Trump on the legal front (but does he have shame?? none whatsoever…) If Ulbricht had opted for a weed site, he would have gotten a slap on the wrist. But his childish denial that he was facilitating the sale of strongly addicting drugs is absurd. If libertarians think all drugs should be legal, go check out how it worked in Vancouver, and you will probably want to reconsider.
This article sums it up well: