[Omniscient]

I'm trying to read the actual Executive Order Trump signed for the Crypto Reserve but reports are saying it will only use seized funds.

This is TERRIBLE for the market and for crypto enthusiasts. Where before the US was forced to auction off seized assets they are now going to pocket them. What does that mean? It means more aggressive seizures of your assets goes directly into this "reserve".

I am not happy and neither should you be. I assume this fact coming out is why crypto has dropped this afternoon.

A true reserve would be acquiring crypto through traditional markets, possibly swapping out Gold for Bitcoin or doing trades. But nope, they'll just gonna store the seizures and claim it as a reserve.

Very bad.


EDIT: It might explain why XRP on the list, because they could seize a lot of them if they lose SEC case.

[Pr0m3th3us]

No surprise, why would the feds ever acquire anything legitimately? That is laughable. Even local police have "laws" that allow them to acquire any and all property they believe you have used in a the commission of a crime. Then after the trial is over and you have been sentenced they sell it. Its BS.

[Omniscient]

One has to wonder if governments using intelligence agencies won't start crypto-wars where they are hacking into exchanges and wallets of each other. N. Korea already doing it. I bet Israel does too. Russia, China, and Turkey possibly...

Something interesting to think about it.

[Half the Great]

I cannot fathom trying to explain this to someone in the 1970s.

[Parks]

That's one way to gain more control.

[Bullup]

I'm neutral about it, it gives purpose to seized crypto assets at least and a crypto reserve through legitimate purchases would just have been a manipulation tool for the US gov, specifically trump, to decide which crypto blows up next.

I personally don't see what it is terrible about it honestly.

[DarkWebInsider]

Neutral at worst, bullish at best. The EO explicitly mentioned acquiring more BTC if it can be done in a revenue neutral way without requiring taxpayers to fund it, this is the bull case.

Neutral because it's not causing a sudden increase in either supply or demand. This is much better than the US govt dumping 200k BTC.

[Ninja.]

If seized assets are integrated into a standard reserve, would their “seized” status be nullified, considering their legal reintegration into the market—assuming that is the intended purpose?

[Marvelous]

The current admin has dropped a large majority of SEC cases against Crypto. I dont think they will go out of their way to seize crypto, but if they do get some then it wont be sold.

Also, they cant just come out and say we plan on buying 250k BTC per year. They would be much more likely to say this, which was released shortly after the Executive Order.

"US Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies to buy additional Bitcoin for the reserve."

There will also be more EO's signed tomorrow at the Conference.

In all I think this is a really good thing. All the other countries will be having emergency meetings tomorrow. The race just started.

[DramaKing]

No surprise, why would the feds ever acquire anything legitimately? That is laughable. Even local police have "laws" that allow them to acquire any and all property they believe you have used in a the commission of a crime. Then after the trial is over and you have been sentenced they sell it. Its BS.

It's called the Fourth Amendment.

[Pr0m3th3us]

It's called the Fourth Amendment.

My point is they abuse it all the time. For example: if you are caught with drugs in your car on your property they will go into your home and “seize” things like your computers. Even if it’s found to be completely unrelated to the crime, fat chance you’re getting it back. It’s then auctioned off and the money goes back into the cops paychecks and pension fund. (Because my taxes aren’t enough apparently) Pathetic.

[DramaKing]

This is TERRIBLE for the market and for crypto enthusiasts. Where before the US was forced to auction off seized assets they are now going to pocket them. What does that mean? It means more aggressive seizures of your assets goes directly into this "reserve".

The DOJ only got permission to fully liquidate the Silk Road Bitcoin just before Trump took office, trying to prevent him from doing just this.

[thrudda]

Won't that mean lesser sell pressure? it might affect adoption thou

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[Braco22]

The current admin has dropped a large majority of SEC cases against Crypto. I dont think they will go out of their way to seize crypto, but if they do get some then it wont be sold.

Also, they cant just come out and say we plan on buying 250k BTC per year. They would be much more likely to say this, which was released shortly after the Executive Order.

"US Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies to buy additional Bitcoin for the reserve."

There will also be more EO's signed tomorrow at the Conference.

In all I think this is a really good thing. All the other countries will be having emergency meetings tomorrow. The race just started.

Exactly this. However, it's really strange about how big of a hype he was making it before he was elected. He really "lived up" to his word, but only enough to not lose the hope of BTC enthusiasts. Creating a BTC reserve of the seized coins is great, meaning they won't sell them, but what about buying new ones...

I think the states will start this instead, particularly Texas and Utah.