The Crypto Industry Is Not Worried

But maybe it should be. Sovereign means: in charge, dominant, unquestionably hegemonic. They intend to keep fiat money that way, no matter what. [Gilder's Daily Prophecy] March 11, 2022 [UNSUBSCRIBE]( | [ARCHIVES]( [Do you own gold?]( [Somebody recently decided to buy a LOT of gold.]( And I think I know why... It's all about a meeting that's scheduled for March 16. If you own gold (even just a few ounces of it), you've got to see what could be happening. The big announcement just might be days away. [Click here now.]( It’s come to our attention that you might be missing out on extra benefits exclusively for Gilder's Daily Prophecy subscribers. Check out our website where you can find archives, updates, and everything else included in your subscription. You can access it by [clicking here now](. The Crypto Industry Is Not Worried [Jeffrey Tucker]Dear Daily Prophecy Reader, In the weeks leading up to the Biden administration’s executive order on crypto, there was genuine worry that the edict would trend toward a full-scale crackdown, even a ban. What came out instead is a document that has every every earmark of wanting everyone to settle down and recognize that 1) this innovation is serious and real, 2) represents some dimension of the future of money, 3) cannot and will not be abolished, 4) should be subject to more regulatory control, and 5) the technology itself could be critical in preserving the global status of the dollar. You could almost feel the markets giving a huge sigh of relief. There is nothing actionable right away and nothing much new in the order at all. It has tasked what will end up being a massive bureaucracy to make a series of recommendations that could end up in legislation and some regulatory changes. In addition, and this is the part that might eventually have the greatest impact, it calls for a Central Bank Digital Currency to be managed by the US Treasury and the Fed. Now, any serious crypto person who believes in freedom cannot be pleased about a dollar-based CBDC. I personally find it chilling. It would be the ultimate in trackable currency and programmable currency. It could be made to expire after a certain date, and that date can change. In principle this would allow the Fed fully to control money velocity simply by turning on and off the unit’s operational functions. Like a light. Let’s just say that this is a long way off. Maybe someday, but not immediately. Plus such a unit has no built-in natural market. It would have to be forced and my supposition is that it will mainly be used by banks. Crypto Bombshell Caught LIVE On Camera Crypto millionaire James Altucher recently received this mysterious package in the mail: [Click here to learn more]( [Click Here to See James Open It LIVE On Camera]( Inside is a special device that EVERY crypto investor needs in their arsenal… One that’s delivered as much as $1,170 per month or more in passive crypto income. Today, you’ll discover what this piece of equipment is, and how YOU can get your hands on one. (Plus ANOTHER very special bonus opportunity!) [Click here to watch the video](. The Text The document begins on a positive note. “Advances in digital and distributed ledger technology for financial services have led to dramatic growth in markets for digital assets, with profound implications for the protection of consumers, investors, and businesses, including data privacy and security…” The word advances here is key. There is no push here for demonization, abolition, condemnation or anything like that. In that sense, this document might even be seen as a tonal improvement over ten years of nonsense that we’ve heard about Bitcoin and crypto from government big shots. For years, they inveighed against it as a profound threat, and even a dangerous scheme. No more. Once an industry reaches $3 trillion in market cap, it starts getting respect from D.C. The document moves on with its most implausible but predictable section: “The unique and varied features of digital assets can pose significant financial risks to consumers, investors, and businesses if appropriate protections are not in place. In the absence of sufficient oversight and standards, firms providing digital asset services may provide inadequate protections for sensitive financial data, custodial and other arrangements relating to customer assets and funds, or disclosures of risks associated with investment.” Sure, they’ve said the same thing about the stock market for hundreds of years. The idea of the SEC was to tame this wild beast. Instead, it only increased costs and the regulators immediately became captured by the biggest players. The protections protected the industry against markets, rather than protecting consumers against the industry. It’s all very predictable. Anyone involved in crypto for the last ten years knows the risks. That’s the point. In fact, that’s the fun. That anyone could get involved introduced a democratic element to investing. The elimination of the necessity of intermediaries benefitted crypto enormously. Indeed, that was the whole point. I’ve said this often, but it bears repeating: the regulatory focal point here will be the exchanges. They will gradually become as regulated as conventional banks. That’s the goal. It’s already a partial reality as it is. We don’t have to say it because it is so obvious: nothing the federal government does to regulate crypto will make you safer, make the industry operate better, or promote acceptance and adoption. As with stocks, a crypto-style SEC will only make mischief. Nonetheless, that’s what is coming. The regulators just cannot and will not accept the reality that this is a different animal, structured with the purpose of being different. Hence, we get this paragraph: Digital asset issuers, exchanges and trading platforms, and intermediaries whose activities may increase risks to financial stability, should, as appropriate, be subject to and in compliance with regulatory and supervisory standards that govern traditional market infrastructures and financial firms, in line with the general principle of “same business, same risks, same rules.” Keep in mind here that a “digital asset issuer” can also be a miner. Mining is a global business. Perhaps the largest players can be regulated domestically, but there is no way to control these operations globally or when they remain out of the public eye. It’s a hydra that resists control. The Great Bureaucracy If you are in business, you know the dangers of large teams tasked with making grand decisions. It never works very well. So I had to laugh at the massive bureaucracy that is being created here just to come up with a plan. It reads like a federal government organizational chart. Forgive the large block text: The Assistant to the President for National Security Affairs (APNSA) and the Assistant to the President for Economic Policy (APEP) shall coordinate, through the interagency process described in National Security Memorandum 2 of February 4, 2021 (Renewing the National Security Council System), the executive branch actions necessary to implement this order. The interagency process shall include, as appropriate: the Secretary of State, the Secretary of the Treasury, the Secretary of Defense, the Attorney General, the Secretary of Commerce, the Secretary of Labor, the Secretary of Energy, the Secretary of Homeland Security, the Administrator of the Environmental Protection Agency, the Director of the Office of Management and Budget, the Director of National Intelligence, the Director of the Domestic Policy Council, the Chair of the Council of Economic Advisers, the Director of the Office of Science and Technology Policy, the Administrator of the Office of Information and Regulatory Affairs, the Director of the National Science Foundation, and the Administrator of the United States Agency for International Development. Representatives of other executive departments and agencies (agencies) and other senior officials may be invited to attend interagency meetings as appropriate, including, with due respect for their regulatory independence, representatives of the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and other Federal regulatory agencies. So yeah, that’s the whole government! Crypto certainly has gotten their attention! The edict includes some perfunctory talk about how crypto must be structured to address climate change, but the language is mostly vapid, so I won’t spend any time on it. The important part here really does concern the CBDC. As I predicted, what really gets the goat of the feds are the private-issue stablecoins. Why? Because they provide a vastly cheaper, faster, and more reliable way to move money domestically and internationally. This industry really did figure it out, by necessity. The cumbersome job of on-ramping and off-ramping and then using conventional tools was just too much. Stable coins solved the problem by eliminating counterparty risk and fees by going fully blockchange. In other words, the private sector has already built the foundations of a global system of check clearing and payments, one that is vastly improved over legacy bank-based systems. The feds seek not so much to abolish, but to displace them with a new system based on the dollar. Private Money, No Way Let’s conclude with the most ominous statement in the document: “Sovereign money is at the core of a well-functioning financial system, macroeconomic stabilization policies, and economic growth.” Sovereign means: in charge, dominant, unquestionably hegemonic. They intend to keep fiat money that way, no matter what. This is an open declaration: money will not be privatized! Maybe, maybe not. The battle has thus begun. Regards, [Jeffrey Tucker] Jeffrey Tucker P.S. WARNING: Strange 3 Step Pattern = Market Crash. This strange 3 step pattern has occurred in an obscure market before every major stock market crash going all the way back to 1919… with only 2 possible exceptions. It appeared before the 1987 stock market crash… When the Dow plunged 23% in a single day. It appeared before the dot.com bubble 2000… Just before the NASDAQ dropped 75%. And it appeared in 2006… Before the stock market lost more than half of its value. And it’s set to appear again next week. That’s why 48 hours before this pattern starts to make its appearance, former CIA and Pentagon insider Jim Rickardswill host an urgent broadcast live from Washington D.C, at 2pm ET, on Monday March 14th. Where he’ll tell you exactly what this pattern is, and what you need to do to protect yourself. [Click Here To Register For Jim’s Briefing From Outside The White House And Learn How To Prepare For A Market Meltdown]( RSVP NEEDED: Our Biggest Event Of The Year This note has been issued with extreme urgency. Ex-Pentagon and CIA insider, Jim Rickards, is about to make a rare appearance on camera to expose a shocking truth about the stock market. Jim is issuing his latest warning directly to the American people. And saying that just a few days from now… America is going to face its biggest crisis yet. One that could have a HUGE impact on your wealth, your retirement, and your way of life. Please set your calendar for Monday March 14th at exactly 2:00PM ET. 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