Shushant
@0xshushant.eth
Trump just signed an executive order aimed towards crypto and digital assets What does it actually do? I did the research so you don't have to:
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Shushant
@0xshushant.eth
1) Emphasizes that law-abiding citizens should not be persecuted for developing or deploying decentralized applications, mining and validating, transacting with people outside the United States, or maintaining self-custody of assets.
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Shushant
@0xshushant.eth
2) Cultivates the growth and development of dollar backed stablecoins worldwide. USD stablecoin dominance will ultimately grow the power and influence of the dollar worldwide, so promoting its adoption is in the best interest of the United States.
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Shushant
@0xshushant.eth
3) Denounces the creation of a Central Bank Digital Currency (CBDC) CBDC refers to digital currencies minted directly by the US government, aiming for easier digital access to USD. Skeptics argue it could enable mass surveillance and harm democracy, eg, dissidents could have their USD digitally revoked by the government. Traditional U.S. banks are privatized, with the Federal Reserve managing policy and regulation, akin to the stablecoin structure the Trump administration supports. CBDCs in traditional finance would be like being forced to hold your money only in a Federal Reserve account, with no private bank option. FDIC, possibly due to their roles in Operation Chokepoint 2.0.
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Shushant
@0xshushant.eth
4) Revokes executive actions created under President Biden **Executive Order 14067** - Focuses on national security issues with cryptocurrency and responsible crypto development - Begins research into CBDC technology **US Treasury's "Framework for International Engagement on Digital Assets"** - Aggressively focused on developing a CBDC to benefit trade with allies and counter China's CBDC
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