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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113884465276355855">Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 25-Jan-2025 02:17:18 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113884453036842319" rel="in-reply-to">in reply to</a></div></section><article><p>The much-awaited crypto executive order came later on. Instead of establishing a “bitcoin strategic reserve”, Trump created a committee to think about whether to recommend he establish a stockpile from digital assets already held by the government.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/USpolitics" rel="tag">#USpolitics</a> <a href="https://hachyderm.io/tags/USpol" rel="tag">#USpol</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4440668#notice-8688897">In conversation</a><time datetime="2025-01-25T02:17:18+09:00" title="Saturday, 25-Jan-2025 02:17:18 JST">about 11 months ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113884465276355855" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113884465276355855">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004552">Crypto executive order
On day four, the much awaited cryptocurrency executive order finally appeared, much to the industry’s relief.15 However, the order was not what everyone had hoped. Many had dreamed it might institute the “strategic bitcoin reserve” that has been the topic of much discussion, leaving many bitcoiners with cartoon dollar signs in their eyes.Instead, the order does a few things:Revokes Biden’s Executive Order on cryptocurrencies, the Treasury’s “Framework for International Engagement on Digital Assets”, and any “policies, directives, and guidance” issued as a result that are deemed to conflict with this new executive order
Establishes a Presidential Working Group on digital assets, to be chaired by Special Advisor for AI and Crypto David Sacks. This is a pretty huge working group, containing high-level officials including the Treasury Secretary, Attorney General, Commerce Secretary, SEC and CFTC Chairs, and six others, with others to be invited to meetings as deemed necessary. However, some are notably missing from the core group — any delegate from the Federal Reserve, for example.
Directs the working group to, within 30 days, identify all “regulations, guidance documents, orders, or other items that affect the digital asset sector”. Within 60 days, they are to submit recommendations as to whether they ought to be rescinded, modified, or (for items other than regulations) adopted as regulations.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/454/649/075/803/original/5a403c13beca8ef3.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/454/649/075/803/original/5a403c13beca8ef3.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004553">Altogether this seems like... nothing much. The regulatory changes alluded to here were already likely to happen with or without an executive order, this order now dictates that they happen by recommendation of (gigantic) committee. The committee itself also cannot directly make changes, but rather recommendation changes to be submitted for approval.The Biden executive order also didn’t really do anything, and so rescinding it doesn’t really rescind anything. This is mostly symbolic, as the Biden EO strongly emphasized the need for consumer protections and the risks posed by digital assets. As for the Treasury Framework, that mostly pertained to collaborating with other countries on digital assets (including on law enforcement activities to handle illicit transactions using crypto), so I’ll be curious to see what is downstream of that.The CBDC prohibition is, again, entirely symbolic. As I mentioned last issue [I74], many Republican crypto enthusiasts enjoy railing against the specter of a CBDC, despite the fact that there has been no effort to actually create one in the United States. However, this may anger some in the Ripple camp, as the company has been developing a platform for CBDCs. Ripple was the second largest donor to the Fairshake crypto super PAC.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/455/543/358/809/original/76ee6304f40ea2bc.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/455/543/358/809/original/76ee6304f40ea2bc.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004554">Finally, there’s the “national digital asset stockpile”, which seems to be the most disappointing to the crypto world. Last issue [I74], I mentioned the horrified reaction by bitcoin maximalists to the rumors that Trump was considering cryptocurrencies other than bitcoin for his stockpile. This shift from the “strategic national bitcoin stockpile” wording Trump used at the Bitcoin Conference in July 2024, to “digital asset stockpile”, seems to cement this concern for a lot of bitcoiners, who lamented the likelihood of a “national shitcoin stockpile”. Furthermore, there was disappointment that Trump was not establishing a “strategic reserve” of the kinds promoted by Robert F. Kennedy Jr. during his presidential campaign, or by Senator Cynthia Lummis in her “BITCOIN Act” proposal. Both of those suggest that the US government should go out and buy a substantial quantity of bitcoin (4 million and 1 million BTC, respectively), which would pump the bags of bitcoiners (including Kennedy and Lummis themselves).However, Trump’s executive order echoes his suggestion at the Bitcoin Conference that the US government should establish a stockpile by holding on to cryptocurrencies seized by law enforcement, rather than selling them after the assets are formally forfeited. As I wrote in Issue 70:[Trump] fails to acknowledge that much of the time when the government seizes crypto assets and then sells them later on, the proceeds are returned to the victims of the crime.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/461/657/194/027/original/3f0b5d001d416729.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/461/657/194/027/original/3f0b5d001d416729.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004555">There’s also some disappointment that Trump did not create a strategic stockpile (or reserve) directly. His promise at the Bitcoin conference that “if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future” has now become a sub-bullet point in an executive order, instructing that an eleven-person committee led by a venture capitalist fond of non-bitcoin cryptocurrenciesc “shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile”. After they submit their recommendation in their report, it will be passed over along to Congress for further arguing.As L0la L33tz wrote on Twitter, “ngl Trump being wooed by the crypto industry to the tune of hundreds of millions of dollars only to drop an EO that establishes a working group to maybe build a stock pile by stealing your coins is pretty legendary.”16</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/464/346/430/401/original/95fb316346dadd20.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/464/346/430/401/original/95fb316346dadd20.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 25-Jan-2025 02:17:18 JST Molly White
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The much-awaited crypto executive order came later on. Instead of establishing a “bitcoin strategic reserve”, Trump created a committee to think about whether to recommend he establish a stockpile from digital assets already held by the government.
#crypto #cryptocurrency #USpolitics #USpol
In conversationabout 11 months ago from hachyderm.iopermalink
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