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Financial Times
As Bitcoin has previously declared it to be a “scam”, the US president wants to add it to the Fed’s balance sheet
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There is nothing mysterious about Donald Trump’s support for cryptocurrency. Four years ago, he said Bitcoin was a “scam.” Now he wants to make America the “crypto capital of the world.” To see it as a U-turn is to miss out on how Trump works. The second statement continues naturally from the first statement.
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On Sunday, Trump said five cryptocurrencies will be included on the US Federal Reserve balance sheet. The US “cryptosa area” includes Bitcoin, Ethereum and three others (Solana, Cardano and XRP) who caught the investor who arrested the investor. The Securities and Exchange Commission questioned whether David Sachs, the author of Trump’s “Crypto and I Zar,” whose investment company invests in all five, was also surprised. Each one has skyrocketed in value following Trump’s announcement.
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Hours later, Trump scrapped America’s major anti-money laundering measures – The rule is that US shell companies must disclose useful owners. The second move also flowed from his first move. Last month he closed the Department of Justice’s anti-Kreptocrate initiative. This is seizing assets such as authorized Russian oligarch mega-yachts.
The most impressive aspect of these steps is that while it corresponds to a charter for criminals, Trump has little attempted to dress them up. This pig does not have lipstick. Trump and his wife Melania launched their own memokine. Trump’s alter ego Elon Musk is also a heavy crypto investor. Certainly, Musk’s so-called Government Efficiency Bureau (DOGE) has unaccused clues, sharing acronyms with cryptocurrencies. One of the mask’s nicknames is “Dogefather.”
No matter how chaotic Trump acts, the bright threads will bring them together. Louis XIV of France first summed it up as “L’état, C’est Moi.” Trump may update it like this: “National” – That’s me (and for now Elon). “The planned launch of the crypto-protected area is more transparent than most. The Fed acts as a backstop for investors of speculative assets with no obvious use value, except for criminals and the dark web. It will be the insurance floor for billionaires, including the Trump family. If Crypto’s value drops, the Fed can step in and buy more.
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Finding public value is even more difficult for anonymous limited liability companies. Complying with the Treasury anti-money laundering regulations included filling out a short format and signing off legally. Trump argued that the rules were “a disaster for small businesses across the country.” An informed reader may suggest a legitimate business that hides its ultimate ownership. I can’t think of it. Remember, a 2017 Reuters survey estimated that a third of Trump’s Florida Tower was anonymously owned. It also discovered that Russian passport holders have invested at least US$98.4 million in Trump’s seven gorgeous brands of Florida towers.
It’s getting worse. Musk’s Doge Operation aims to reduce public spending by eradicating waste, fraud and abuse. His declared savings still do not result in decimal rounding errors. But it is already important that Doge hit US regulatory capabilities. Thousands have also been fired from the Internal Revenue Service. If Doge’s goal is financial efficiency, it would be the opposite. For every dollar invested in tax collection, the IRS will bring at least five yields in return. Regular taxpayers deduct income from sources. Masks, who have not paid federal income taxes in two of the last three years, employ people who ensure that the date of employment never arrives.
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The Washington landscape is littered with disruptions of regulatory agencies. But the impact of masks on the Federal Aviation Administration deserves special quotation. Without a public bid, Musk’s Starlink appears to be aiming to take over the FAA’s air traffic control system. If there is no musk identifying waste, fraud, or abuse, here is an example. Starlink’s hostile takeover of the FAA is an abuse of power with the potential for waste, and perhaps a fraud against US taxpayers. It could also put passengers at risk.
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The idea that Trump “floods the zone with shit” makes no sense anymore when his actions point everything in one direction. Even his foreign policy is driven by acquisitions, whether they transform the Gaza Strip into the Middle Eastern Riviera, buy Greenland or take Ukrainian mineral resources. Trump’s crypto-movement threatens similar predation on US taxpayers – This is also true of mask conflicts of interest. All of these occur under the nose in America. Trump has destroyed the role of civil servants. The United States is now serving him.
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