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welcome to the terrordome
[UPDATE] has all the buzzwords but critically does not talk about which cryptocurrencies they put in the pile (but again, maxis are mad about "crypto" vs. "bitcoin")
talks about "regulatory clarity" which is a big deal to the bros. for years the SEC was like "come in and register your tokens" and the bros were like "we can't register it's too complicated!" and the SEC was like "it's not that complicated" and bros were like "we need regulatory clarity" (which really meant "we need you to completely rewrite 100 years of securities laws to protect our interests) and the SEC was like "here's your clarity: we're suing you dumbfucks" and the bros were like "TRUMP 2024!"
a lot of stuff in there about the phantom menace of "CBDCs" which is a big boogeyman in crypto world (nevermind that blockchain is functionally the same thing - the only real difference is that everyone can see every payment you ever made on the blockchain not just the government). a lot ot storm and fury, signifying nothing
talks about promoting dollar backed stablecoins i.e. Tether and USDC (coinbase's competitor). there is likely to be significant drama around this tho bc coinbase wants to kick tether out of the market but lutnick is a cabinet secretary and he owns a 5% stake in tether since a few months ago
creates a working group that appears to be basically half the cabinet - attorney general, DHS, sec. treasury, sec. commerce, OMB, HSA, plus like CFTC/SEC chairs. could be fireworks as i think bessent and lutnick do not see eye to eye on this stuff
orders collection of a list of all current crypto regulations (30 day deadline) along with a recommendation on whether to keep or trash it (60 more days). there really aren't any crypto specific regs though, just the good old fashioned securities laws of the 1930s + court decisions like Howey
asks for proposed legislation w/in 180 daysaround the strategic crypto reserve for the nation. discusses starting off the stockpile by preventing DOJ from selling off the $20-40bn (don’t quote me on that) worth of bitcoin that was seized from Silk Road that was finally cleared for sale by the courts ~2 weeks ago. DOJ is mandated by law to sell but of course they won’t. either way not selling bitcoin the govt already holds is probably the best possible outcome. worst case outcome is authorizing half the military budget be used to bailout the crypto industry by buying up all their tokens.
here’s the actual executive order:
