Privatized Central Bank Digital Currencies arrive next month. With these and digital IDs, the surveillance state has us all by the short hairs. From The Winepress at thewinepress.substack.com:
The OCC will provide a path for both traditional and innovative approaches to financial services to ensure the banking system keeps pace with the evolution of finance and supports a modern economy.”
On Friday, the Trump administration approved five new crypto banks that will be able to legally manage cryptocurrencies and digital assets, specifically tokenized digital dollars in the form of stablecoins.
President Trump signed the GENIUS Act in July, providing federal legislation for stablecoins (programmable “money-like” tokens, privatized CBDCs). AI and Crypto David Sachs, a member of the PayPal mafia, acknowledged that the bill creates “digital dollars.”
“This genius act will unlock American dominance in the crypto industry by creating clear rules of the road. It will update arcade payment rails with a revolutionary new payment system, and it will extend US dollar anonymous, like you said, globally by creating a digital dollar that people all over the world can use.
“And for every digital dollar in a crypto wallet, there’ll be a traditional dollar in a US bank account, which will create trillions of dollars demand for US Treasuries. So that is the power of this bill, as you asked all the comments, this is a huge promise made and promise kept by President Trump.”
[see article for video]
Per a summary of the bill, the Genius Act allows third-party entities and corporations to become a ‘bank.’
Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions and safe harbors. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.
Sounds like Derp State globalism from Moshe Trumpstein of MIGA.
Voat moar harderer next time.