Topic: Leaked statement about digital asset from Secretary Janet L. Yellen (Read 253 times)

The summary of the executive order I read on twitter poses no threat to bitcoin and digital currencies. Part advised that cryptocurrency should be well studied to see how the States will be a leader in the digital economy. No one can actually stop bitcoin as it stands now. You try to truncate it in one nation, it does wondering other region.

A competition for what? Bitcoin is being used by less than 5% of population in the United States. Plus if we are talking about functionality, CBDC's main objective is to enslave, Bitcoin's ethos and main value proposition is censorship-resistance. They are very different networks. They also want to use a "blockchain", for what? It's more efficient to use a database.

CBDC is not a shitcoin, ser. It's something worse. It's Rat Poison Squared.

Could be worst as we've seen a sudden crash as well after the real announcement from President Biden. But this kind of EO are just non-events per se since this has been in talks for years now. We may never know what could influence the sudden spike but as per the exchange volume especially on Binance it wasn't that much. Might be a Bitcoin whale game.

I disagree. It is a competition, it was created because bitcoin exists. It is using something they call "blockchain" that resembles the same technology that bitcoin introduced. It is just centralized and fully in control of the banking system.

Totally agree but that doesn't change the fact that the idea for this "shitcoin" started as a competition to bitcoin. The fact that the banksters are incapable of understanding that centralized money can not even begin to compete with decentralized money is just their stupidity.

They are not trying to compete with Bitcoin. They are trying to build a different kind network, with an completely different agenda. CBDC will not show its true nature during the introduction phase, but they will slowly add "features" for "your security and safety". I believe that by the end phase, your CBDC will control and censor you, limit your access to services and merchants they don't like, promote theft from you through inflation.

The natural order of things is:
First they ignore bitcoin (in early years)
Then they laugh at bitcoin (maybe from 2012 to 2013)
Then they try to fight bitcoin (from 2014 to 2017)
Then they try to compete with bitcoin (from 2018 to today with shitcoins called CBDC)
Then bitcoin wins.

I do believe that CBDCs will be a good reason why more people would adopt bitcoin instead. We saw it happen in a small scale in Venezuela when they created their own shitcoin called Petro. People became aware of cryptocurrencies and realized the only viable option is the decentralized currency that is bitcoin.

Hahaha. "It's happening". This quoted text from that statement is why everyone should be scared.


I believe everyone should start becoming more and more aware that that's all of the Central Banks', of all nation-states, final objective. A CBDC with complete control of the monetary system.

It is difficult to be sure, as there are so many things that can influence the price, and we have no way of checking. But I recently heard this as the cause of the recent rise, and I think it is likely that it had an influence on the price, otherwise I don't know what could have influenced the price for that sudden 10% rise in the middle of a war and with the markets in general going down.

It is obvious that this was more about "sharing the information" and not her own thoughts. I mean surely she put in a few of her own thoughts as well, but the idea and the basic concept came from administration and Biden himself probably. Some consultants and all that too, Biden is 70+ years old, and I doubt he has any clue how any of it works, if he wasn't president and got no help, he would not be able to setup a coinbase account for himself.

So, when you see these old politicians making these type of claims, we all know it wasn't Biden, it wasn't Yellen, it was all just consultants and staffers and all that which make their decisions easier by telling them from their own views.

this is not a EO to do anything, .. apart from make a risk report..
its not really making any new laws. its more about biden asking for an investigation into possible financial risks.

they want to concentrate on stable coins, and be more inclusive without opening themselves up to competition which can remove government/institutions out of the equation.

what they might be concerned about is if stable coins(measured in dollars) were to become mainstream established. and then the crypto markets change route and value stable coins differently. (de-pegging/fractional reserving)

yep many people think that a stable coin is somehow by law/code fixed as a peg of dollar 1:1. but its not. its just a mutual understanding of current agreement to treat 1stable coin as 1 dollar on the markets.

markets could decide to instead peg it to 0.1 hour of minimum wage labour or another fiat overnight. so the SEC would probably need to put laws in place that enforce that markets always keep a stable coin pegged to a dollar and also that the markets actually keep a 100% reserve rate of coin to dollar. to prevent off-market fractional reserving a stable coin

there are other risks like the normal stuff about AML/KYC which they will probably want to ramp up. but this topic is not about changing laws now/soon, this is about reporting possible risks so that maybe sometime in the future laws might change like some i just mentioned

It's strange that they have chosen to delete it, as it seems like a relatively mild press release. I guess this is a sort of "soft launch" and may they wanted to publish it on another day or place where they will hope to get maximum usage from it. Ultimately everyone in the US can expect more regulation, but it seems there is already quite a bit in place already - we see Coinbase on the stock market and they will be subject to all the financial laws of a normal operating company, if they can do it then there is little further regulation to take place. They'll probably just want greater traceability on every exchange that wants to do business with Americans and probably target newer coins with increased anonymity features.

Same here, my AV blocks the link, but there are other sources if you want to read about the executive order.

I feel like this is good because they again aren't trying to ban it nor restrict access. They see it as innovation and want to ensure it keeps growing and the US remains involved in this research and growth.
The bad side is that they're still pushing for this useless CBDC which IMO is a waste of time and resources. It's going to be just another centralized payment system, but under government's control. Like a state owned paypal.

I guess it seems like a good thing but to me,,, all of these news have little actual effect on the markets because people are doing what they want anyway and state adoption or legalization is actually just allowing, not deterring. Which possibly also explains why the "pump" is so small.

The worst thing now is if the statement is confirmed then we only get confirmation. If it is denied,,, we go back below 40k. Better to hope that what is happening now is just another market test of 40k resistance so let us hope March brings us above it and stays there.

               The way I see it, this may really be the case since just moments later after it got leaked, a whopping 6.6% pump immediately happened and is currently consolidating at 41k-42k range at the time of writing this post. I reckon that this surge would continue till weekends  depending on the official statement tomorrow. Either way I am not gonna go on high levs still.aybe some low lev swings here and there while having majority on spot.

it's happening:
https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/

exactly. She can whatever she wants, as long as the govt can take a piece of the pie (in the form of taxes), they'll be more than happy to regulate cryptos and even promote it.

I think the some key words from the link above are "Protect" and "Financial stability", two things that a lot of financial institutions are expecting the government can provide. The big companies need to feel safe before they start doing what MicroStrategy did a few years ago and invest hundreds of millions of $ in Bitcoin.

But this isn't about Yellen at all, it's about the Biden's administration and the order seems to the support for innovation that may benefit the people across the nation as well as businesses, as per the statement of Yellen. I mean it's bullish but as you've said we're on that track but look how the market reacts.

Might be but we could be wrong as well.

OP, that's completely different from what they wanted the general public to believe based on their other press releases. Plus why did they release that, then delete? Buy the DIP, but I believe we should wait for the official, confirmed press release.

Yelen has never been a fan of either Bitcoin or cryptocurrency. Years ago in 2018, Here's What Janet Yellen Has Said About Bitcoin from 2015 to 2018.

People can change but not all and Yelen seems to be not a person who will change her mind about Bitcoin. Bitcoin does not need Yelen to be accepted and become legal tender globally. It will happen someday and Yelen does not need to be part of it.

Governments will not easily to admit their mistakes or bad intentional strategic plans so the crowd have to be enlightened through education and accept Bitcoin themselves. Someday, governments will no longer be refuse the success of Bitcoin.

There's a deleted article from the Secretary of the Treasury Janet Yellen in regards to digital assets. Good thing they got archived by the web archive here: https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643

What do you think about this executive order? Was this the reason in regards to the recent pump in the market? I mean the EO was a positive thing for crypto, so it might be.