Trump issues and order making CBDC illegal. \ stacker news ~Politics_And

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Trump issues and order making CBDC illegal.

761 sats \ 18 comments \ @Aardvark 4h Politics_And_Law

Trump just signed an executive order that I recommend reading, but this really stood out to me.

Read the whole thing here: https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/

STRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY

Sec. 5. Prohibition of Central Bank Digital Currencies.

(a) Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.

(b) Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.

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42 sats \ 14 replies \ @siggy47 4h

Except to the extent required by law,

Pretty big except. The general sentiment is nice, though.

137 sats \ 3 replies \ @freetx 4h

Except to the extent required by law,

You're right....but it kinda cracks me up.

I mean its the Treasury's job to regulate the currency, not the Fed per the constitution.

Notwithstanding the constitution also says: "No state shall....make any Thing but gold and silver Coin a Tender in Payment of Debts."

....and yet they are worried about "some other law" that may contravene this.....

21 sats \ 0 replies \ @Bell_curve 4h

All exec orders are contrained by the law. They have to be otherwise the executive can overrule all other branches of government

35 sats \ 1 reply \ @siggy47 4h

Very good point.

55 sats \ 0 replies \ @freetx 4h

We are so conditioned to "negotiate down" when in fact the law is (and has always been) on our side.

41 sats \ 3 replies \ @SimpleStacker 4h

(c) “Central Bank Digital Currency” means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.

Does the definition seem overly broad to you?

The rest of the definition section doesn't seem to very precisely define what any of these terms mean. But I'm not a lawyer so I wouldn't know.

30 sats \ 2 replies \ @siggy47 4h

This lawyer has no idea. I'm not sure if it matters. I recall talk that the US won't need a coin called a CBDC, because a dollar denominated stable coin like tether, backed by US bonds, serves the same purpose. I think Mark Goodwin has talked about this a lot.

55 sats \ 1 reply \ @SimpleStacker 4h

I guess it's one of those things where you don't know until it's tried in court, right?

30 sats \ 0 replies \ @siggy47 4h

I think so. @Arceris might know more about this than me.

62 sats \ 5 replies \ @Aardvark OP 4h

You're the lawyer, explain like I'm 5, but pretend I'm a particularly stupid 5 year old.

55 sats \ 4 replies \ @siggy47 4h

I have no special knowledge. It just means if a law is passed requiring a CBDC, that takes precedence over this executive order.

41 sats \ 2 replies \ @Aardvark OP 4h

Ahh, I see. So this is a big fuck you to CBDCs unless a law is passed.

I'm having this weird love hate thing with Trump. He's doing things I absolutely loath like his bullshit Trump coin, but then he free's Ross and attacks CBDCs.

Buckle up I guess it's going to be a bizarre 4 years.

55 sats \ 1 reply \ @siggy47 4h

Yep. Me too. No matter how many shitcoins he hawks, I wouldn't trade him for more Biden/Harris.

Crazy rollercoaster.

55 sats \ 0 replies \ @Aardvark OP 4h

The Biden/Harris thing just felt hopeless.

0 sats \ 0 replies \ @Bell_curve 4h

That's not unique

All exec orders operate under this constraint except for Obama who received more executive latitude from the courts