Monat: Januar 2025

• The Crypto industry wants Donald Trump to ban the development of a US CBDC.
• The community is in support of a strategic Bitcoin reserve over a CBDC.
• Donald Trump is expected to for a White House Crypto Council for policy advice.

The cryptocurrency industry wants President Donald Trump to ban the creation of the US Central Bank Digital Currency (CBDC), commonly referred to as the Digital Dollar.

This call to action comes as part of a broader initiative to steer the US financial policy towards embracing decentralized digital assets over government-controlled currencies.

Halting the US CBDC project

Recent reports, including insights from Fox Business journalist Eleanor Terret, suggest that Trump might soon sign an executive order to halt the development of a US CBDC.

This anticipation is based on Trump’s previous campaign promises where he vowed to protect Americans from what he described as potential “government tyranny” through CBDCs. His stance aligns with the crypto community’s concerns about privacy and government oversight over individual financial activities.

The demand isn’t just for a ban on CBDCs; there’s a parallel push for establishing a strategic Bitcoin reserve. This proposal, supported by industry leaders like Michael Saylor and platforms like Coinbase, would see the US government recognizing Bitcoin as a reserve asset, potentially using it to mitigate the massive $36 trillion national debt.

Wyoming Senator Cynthia Lummis has been a vocal proponent of this idea, advocating for a more Bitcoin-friendly US policy.

Formation of a White House Crypto Council

Further, the crypto industry is looking forward to the formation of a White House Crypto Council, which is expected to be composed of approximately 20 key figures from the sector. This body would advise on digital asset policies, help craft a crypto-friendly regulatory environment, and work closely with Congress on relevant legislation.

Trump’s administration has already shown preliminary steps in this direction by appointing David Sacks as the White House’s crypto czar, signalling a commitment to fostering innovation in the crypto space.

Another anticipated move from Trump’s administration includes the potential repeal of Staff Accounting Bulletin 121 (SAB 121) by the SEC leadership, which would further ease regulations around crypto custody by banks.

Moreover, there are expectations that US banks will soon be allowed to offer crypto trading services, integrating cryptocurrencies more deeply into traditional finance.

The crypto world also watches closely for any action on Trump’s promise to commute the sentence of Ross Ulbricht, the Silk Road founder, within his first days in office. This move would not only be symbolic but could also signal a major shift in how the government views and treats cryptocurrency-related convictions.

As the industry awaits these policy shifts, the market has shown positive reactions, with Bitcoin (BTC) experiencing significant price surges post-election, reflecting the market’s anticipation and hope for a more crypto-friendly US under President Donald Trump.

All eyes now remain on the forthcoming actions, as promises made during political campaigns do not always translate into immediate policy changes.

The post The crypto industry wants Trump to ban the Digital Dollar appeared first on CoinJournal.

• Three lawsuits have been filed against the Musk-led DOGE agency
• According to a lawsuit, DOGE violates the Federal Advisory Committee Act (FACA)

Elon Musk’s Department of Government Efficiency (DOGE) agency reportedly had three lawsuits filed against it within minutes of President Donald Trump’s inauguration on Monday.

In a 30-page lawsuit, obtained by The Washington Post, public interest law firm National Security Counselors questions the legality of the agency Trump said he’d create to “dismantle government bureaucracy.”

According to the complaint, DOGE violates the Federal Advisory Committee Act (FACA), which requires advisory committees to follow certain rules, including allowing public involvement.

National Security Counselors state that DOGE meets the requirements to be considered a “federal advisory committee.” Yet, while similar agencies follow a “fairly balanced” representation, keep meeting records, and allow public involvement, as required by law, DOGE doesn’t.

The lawsuit, written by Kel McClanahan, executive director of National Security Counselors, reads:

“DOGE is not exempted from FACA’s requirements. All meetings of DOGE, including those conducted through an electronic medium, must be open to the public.”

Along with Musk, Trump appointed biotech entrepreneur Vivek Ramaswamy to lead DOGE; however, Ramaswamy is expected to step aside to focus on running for governor of Ohio, according to a report from Politico.

DOGE has, reportedly, already hired dozens of people who work out of Musk’s SpaceX offices in Washington DC.

The two other lawsuits were filed by a group that includes the American Federation of Government Employees and the State Democracy Defenders Fund. In another case, the plaintiffs are the Citizens for Responsibility and Ethics in Washington and the American Federation of Teachers.

Cutting important programs

Despite its name, DOGE isn’t a department of the US government.

Even so, the agency aims to provide advice and guidance outside of the US government and to work with the White House and the Office of Management and Budget as they “drive out the massive waste and fraud” within the $6.5 trillion federal budget.

Following Trump’s election win in November, he said in a post on Trust Social that Musk and Ramaswamy will “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ movement.”

In a post on X, Musk said all actions of DOGE “will be posted online for maximum transparency.”

According to Ambassador Norm Eisen, co-founder and executive chair of the State Democracy Defenders Fund, DOGE isn’t about getting rid of redundant staff, “this is about billionaires gutting important programs that American citizens across the country rely on every single day without adequate transparency or accountability.”

The post Elon Musk’s DOGE sued after Trump’s inauguration appeared first on CoinJournal.