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42 sats \ 14 replies \ @siggy47 8h \ 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.

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 7h

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 7h

Very good point.

55 sats \ 0 replies \ @freetx 7h

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 7h

(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 7h

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 7h

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 7h

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

62 sats \ 5 replies \ @Aardvark OP 8h

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

55 sats \ 4 replies \ @siggy47 7h

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 7h

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 7h

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 7h

The Biden/Harris thing just felt hopeless.

0 sats \ 0 replies \ @Bell_curve 7h

That's not unique

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