Donald Trump is poised to exploit stablecoins and digital currency to amass unparalleled wealth, presenting an urgent need to understand and address this potential economic shift.
Donald Trump has laid the groundwork to become one of the wealthiest people on the planet by personally making money from every dollar printed in the United States. And the worse the economy gets, the more money he stands to make. The House has already passed three crypto bills that would make this potential a reality by allowing the Trump family to control the global stablecoin market.
So, there’s an inevitable need to hyperbolize in this kind of article that I hate.
But StableCoins are a notoriously sketch subset of Cryptocurrency. Trump getting into the game - with the ability to influence which StableCoin vendors have direct access to the Fed credit window - has an opportunity to make obscene profits.
The second bill is known as the CLARITY Act which gives more regulatory authority of crypto to the business-friendly Commodity Futures Trading Commission (CFTC) rather than the SEC. It passed the House with bipartisan support, which is awful because the CFTC is notoriously lax. We have them to thank for past crises like speculative oil shocks, the Enron scandal and, what’s the other one…Oh yeah, the Global Financial Crisis.
I despise the writing style, but they’ve got a concern that’s legitimate. The fact that the crypto lobby has it’s hooks in both parties further exacerbates the risks. Just like with Clinton signing the Gramm-Leach-Bliley Act in '99, this is a precursor for a disaster.
So, there’s an inevitable need to hyperbolize in this kind of article that I hate.
But StableCoins are a notoriously sketch subset of Cryptocurrency. Trump getting into the game - with the ability to influence which StableCoin vendors have direct access to the Fed credit window - has an opportunity to make obscene profits.
I despise the writing style, but they’ve got a concern that’s legitimate. The fact that the crypto lobby has it’s hooks in both parties further exacerbates the risks. Just like with Clinton signing the Gramm-Leach-Bliley Act in '99, this is a precursor for a disaster.