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42 sats \ 15 replies \ @siggy47 23 Jan \ on: Trump issues and order making CBDC illegal. Politics_And_Law
Except to the extent required by law,

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

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147 sats \ 3 replies \ @freetx 23 Jan
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.....

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35 sats \ 1 reply \ @siggy47 23 Jan

Very good point.

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55 sats \ 0 replies \ @freetx 23 Jan

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

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21 sats \ 0 replies \ @Bell_curve 23 Jan

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

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62 sats \ 5 replies \ @Aardvark OP 23 Jan

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

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55 sats \ 4 replies \ @siggy47 23 Jan

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

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41 sats \ 2 replies \ @Aardvark OP 23 Jan

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.

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55 sats \ 1 reply \ @siggy47 23 Jan

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

Crazy rollercoaster.

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55 sats \ 0 replies \ @Aardvark OP 23 Jan

The Biden/Harris thing just felt hopeless.

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0 sats \ 0 replies \ @Bell_curve 23 Jan

That's not unique

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

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41 sats \ 4 replies \ @SimpleStacker 23 Jan
(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.

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30 sats \ 3 replies \ @siggy47 23 Jan

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.

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55 sats \ 2 replies \ @SimpleStacker 23 Jan

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

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30 sats \ 1 reply \ @siggy47 23 Jan

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

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141 sats \ 0 replies \ @Arceris 24 Jan

I’m going to have to agree: we’ll have to wait and see.

Of course, a tether or another stabletoken (or PBDC), with full capture, would be just as bad as a CBDC.

Also, as an EO, the next president can just reverse it

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