In Reply to: Wednesday:Better than Mon, less exciting than Fri* posted by mh on September 02, 2026 at 09:11:06
When he stood up there with crypto execs recently he was pushing Congress to pass the Clarity Act. Congress had rejected the bill and so Trump just held a big press conference to announce they were doing it anyways so Congress should pass it.
they claim it creates regulations to stop scamming by Crypto people and includes regulations on elected officials profiting. So why is that not a good thing? Because the law would only ban it for crypto created after the officials took office, so everyone in office, including Trump, wouldn't be impacted only future elected officials would.
It would also of course create all sorts of loopholes that they aren't talking about that would essentially give crypto the same protections from the government that banks have, without any actual regulation so if crypto crashes again, and it will, they will all be bailed out like banks are. and guess who would take the hit for their losses, US taxpayers, even if you have never owned crypto in your lives.
Trump is essentially trying to give crypto execs immunity from any potential downturn in the industry and put us on the hook for it. Remember he made 1.4 billion in crypto in 2025 and is expected to make more in 2026.