Trump to Bolster Cryptocurrency Market with New Policies
Trump ended the Federal Reserve’s CBDC project
Donald Trump is making bold moves that are boosting the cryptocurrency market. He has officially ended the Federal Reserve’s Central Bank Digital Currency (CBDC) project. Instead of pushing for a government-backed digital currency, he is choosing to support stablecoins and the existing decentralized cryptocurrency system. Trump’s executive order banning a Fed-issued digital currency is a huge win for financial freedom. No government-controlled surveillance coin—no backdoor to freeze dissenters’ wallets or track transactions.
President Trump pledged to never allow a central bank digital currency
To implement this plan, the U.S. Securities and Exchange Commission (SEC) is creating a specialized task force dedicated to cryptocurrency. Tigran Gambaryan, a former executive from Binance, is proposed as the head of this new group. The primary goal of this task force will be to promote and protect the interests of the cryptocurrency industry. In addition to these changes, Trump plans to give banks the authority to trade cryptocurrencies. This step is aimed at broadening the financial landscape for digital assets. He also intends to support the creation of more cryptocurrency-based exchange-traded funds (ETFs). These moves are expected to enhance the legitimacy and accessibility of cryptocurrencies in the traditional financial market. After these announcements, Bitcoin is on track to reach new all-time highs. Investors are likely to respond positively to these developments, as they signal a shift towards greater acceptance and integration of cryptocurrencies within the mainstream financial system. With the backing of the SEC’s new task force and the support for banks to handle digital currencies, the future of cryptocurrency appears increasingly bright. This is a promise kept as Trump spoke about it a year ago. President Trump pledged to never allow a central bank digital currency.
Vivek’s relentless arguments against CBDCs
Trump credits Vivek Ramaswamy for this. Vivek’s relentless arguments against CBDCs—comparing them to China’s social credit system—turned a niche crypto issue into a mainstream priority. Even after dropping out of the race, he kept Trump’s ear on this. Credit where it’s due. This is a firewall against tyranny. For anyone who values decentralization, privacy, or just hates the idea of politicians having a kill switch on your money—the US under trump feels like a breath of air.
Scott Bessent confirmed as Treasury Secretary
Ooh but it gets better. Scott Bessent was confirmed as Treasury Secretary, supporting President Trump’s aim to bolster U.S. economic strength. This may lead to policy shifts like tax reform and crypto advocacy, but could also result in social program cuts, stirring public debate. Less than 2 weeks ago, at his Senate Finance Committee hearing, Sen. Bernie Sanders questioned Scott Bessent, President-elect Trump’s nominee for Treasury Secretary on oligarchy.
‘No reason’ for U.S. to have central bank digital currency, US Treasury Secretary
The Scott Bessent confirmation hearing brought out important information to know about the incoming Treasury Secretary. Bessent believes the US have a spending problem. Not a revenue problem. He believes in the trickle-down theory. He doesn’t believe in taxing the rich because they create the jobs. Small businesses actually create most jobs. He firmly said he will not advocate for a federal minimum wage increase. He wants all employees to show up to work in person for security reasons- noting to a hack that happened through work from home equipment. Most importantly, he said he sees no reason for the U.S. to have a central bank digital currency.
CBDCS TO FACILITATE CITIZEN TRACKING AND CONTROL
The ultimate outcome of the central bank digital currency that President Biden supports, will be a digital currency that facilitates citizen tracking, control, and punishment. For example, the FBI and the Justice Department quietly moved forward with plans for a cryptocurrency enforcement team (also known as digital money cops), a virtual asset exploitation unit tasked with investigating crypto crimes and seizing virtual assets, and a crypto czar to oversee it all, weeks before the Biden Administration made headlines with its support for a government-issued digital currency. Of course, this is not surprising. The way the government works is by providing us with resources to make our lives “easier,” which also makes it simpler for them to impose laws.
Natalie Smolenski, Bitcoin Policy Institute Senior Fellow
The global trend towards the adoption of cbdcs
In fact, there is a global trend towards this switch to digital currency. More than a hundred additional nations are thinking about launching their own virtual currencies. China has already implemented a digital currency that is issued by the government. This currency not only enables the government to monitor and intercept people’s financial transactions, but it can also be used in conjunction with its social credit score system to penalise people for moral failings and social infractions (and to reward them for following government-approved behaviour). The Chinese Communist Party will be able to directly oversee and access people’s financial life using digital yuan, doing away with the need to coerce financial intermediaries. The authorities may simply suspend dissidents’ and human rights advocates’ digital wallets in a culture where people consume yuan digitally.
The war on cash erases privacy
CBDCs are for surveillance
A digital currency will unavoidably play a significant role in both our economy and government surveillance programs. When you combine that with ESG (Environmental, Social, and Governance) initiatives—which are essentially corporate social media credit scores—you’ll see that we’re heading in the same direction as China in terms of digital dictatorship. Digital currency issued by a central bank can be used as a tool for government surveillance of citizens and control over their financial transactions.
Cbdcs sold as a solution to crime
As a result, digital money gives the government and its business partners an easy-to-track, tabulate, mine for data, hack, hijack, and seize method of trade whenever it suits them. This drive for a digital currency fits nicely with the government’s long-term, covert campaign against cash. This so-called “war on cash” has been marketed to the public as a way to combat terrorists, drug traffickers, tax evaders, and even COVID-19 germs, much like the wars on drugs and terror. These days, having large sums of money about you may get you accused of being a criminal and linked to questionable activities. Police argue that since cash is more difficult to trace, can be used to pay illegal activities, and denies the government its cut of the transaction, it is the preferred medium of exchange for illegal transactions. Therefore, banning paper money will aid in the fight against crime and increase government revenue. The true cause of this war on cash is Big Government’s obscene attempt to seize control. People’s privacy will decrease because electronic commerce makes it easy for Big Brother to monitor our actions and prohibits those that it finds objectionable. This is how a cashless society plays straight into the hands of the government (and its corporate partners)—it is easily watched, controlled, manipulated, weaponised, and shut down.
Tech has done the heavy lifting for cbdc acceptance
The transition to a cashless society is actually not that difficult to sell to a society that is becoming more and more reliant on technology for even the most routine aspects of daily life, even in light of what we know about the government and its history of corruption, bumbling, fumbling, and data breaches, not to mention how easily technology can be used against us. Digital cash, or the ability to pay with a debit card, credit card, or cell phone, is quickly becoming the de facto currency of the American police state, in a similar manner to how citizens have chosen to be monitored by the government thanks to the convenience of GPS and mobile phones. It was once predicted that by 2020, smartphones will completely replace cash and credit cards. Since then, an increasing number of establishments, such as several airlines, hotels, car-rental agencies, restaurants, and retail outlets, have implemented no-cash rules. Even churches and the homeless use digital currency in Sweden.
The war on cash erases privacy
What then is the actual reality here? Even though living in the digital age has many benefits, such as convenience, it’s difficult to see how a cashless society that is managed through a digital wallet won’t mean the end of what little privacy we still have and expose us to the likes of data hackers, government thieves, and an all-seeing, all-knowing Orwellian corpo-governmental state. First off, by privacy, I don’t just mean doing things you don’t want other people to know about—those harmless, tiny things you do behind closed doors that are awkward or personal but not destructive. Additionally, I’m talking about matters that are extremely private and that nobody should be aware of—certainly not the government and its army of petty prefects.
Cbdcs usher in complete control
Second, it’s already evident how simple it will be for government agents to control digital wallets for their own benefit in order to follow you about, keep an eye on your conversations and actions, and eventually shut you down. For instance, the Department of Homeland Security’s Electronic Recovery and Access to Data devices, which enable police to not only find out the balance of any magnetic-stripe card but also freeze and seize any funds on pre-paid money cards, are making civil asset forfeiture schemes even more profitable for police agencies. When the digital money police arrive in full force, those numbers should soar.
Third, the government will have complete control over the economy and financial interactions with its citizens if it issues digital money. Although the government can boast about how easy it is to transfer stimulus funds into individuals’ accounts, such a system might also lead to what economists refer to as “negative interest rates.” Instead of restricting it with a zero bound barrier on interest rates, the government may decide to impose negative interest rates on digital accounts in order to slow down economic development. Fourth, the adoption of a digital currency will expose Americans and their bank accounts to even higher levels of financial risk from both government agents and hackers. The UK’s Permanent Secretary to the Treasury, James Bowler, struggles to explain what problems CBDCs are actually going to solve.
Fifth, in practically every area of our life, digital authoritarianism will rewrite the definition of freedom. Once more, we need to turn to China to see what lies ahead. Chinese authorities employ technology in more subdued but no less effective methods to maintain population control throughout the nation. By using digital money, the central bank will be able to monitor and regulate people’s financial transactions. China is constructing “safe cities,” combining information from invasive monitoring systems to forecast and stop anything from natural disasters and political unrest to fires. The government thinks that these intrusions, together with administrative measures like preventing access to services for those on a blacklist, will encourage individuals to engage in “positive behaviours,” like exercising and adhering to laws more closely.
