Dangerous bills could pave the way for Trump\u2019s own cryptocurrency to be used in government payments<\/p>\n
When Elon Musk<\/a>\u2019s \u201cdepartment of government efficiency\u201d (Doge) gained access to treasury payment systems<\/a> in February, Democratic<\/a> party leadership pledged to protect government payments<\/a> from Donald Trump<\/a>\u2019s influence. Chuck Schumer and Hakeem Jeffries held a press conference announcing the Stop the Steal act that would prevent the takeover of critical government payment infrastructure. On that very same day<\/a>, high-profile Democrats joined with Republicans to introduce legislation allowing for payments to be made in cryptocurrencies called stablecoins<\/a>. The bill paves the way for the US president to require that all payments to and from the government are made with cryptocurrencies, which could include the one he has a business interest in.<\/p>\n After making millions off a \u201cmemecoin\u201d, the crypto-opportunist-in-chief recently entered the burgeoning crypto-payments market by launching a stablecoin<\/a>. For the uninitiated, stablecoins are crypto products that allege to hold the value of a currency like the US dollar and are intended to be used as digital payments. In fact, stablecoins constantly fail to hold their value<\/a>, aren\u2019t subject to federal consumer protections<\/a>, and aren\u2019t backed by the full faith and credit of the government. If a consumer\u2019s stablecoins are hacked, fraudulently or accidentally spent, or lost due to a misplaced password, stablecoin companies will not reverse or reimburse<\/a> those payments like a credit card company would. If a stablecoin company fails, consumers are not protected<\/a> by anything like federal deposit insurance. Stablecoins have also become the preferred cryptocurrency<\/a> for illicit finance.<\/p>\n Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Dangerous bills could pave the way for Trump\u2019s own cryptocurrency to be used in government payments When Elon Musk\u2019s \u201cdepartment of government efficiency\u201d (Doge) gained access to treasury payment systems in February, Democratic party leadership pledged to protect government payments from Donald Trump\u2019s influence. Chuck Schumer and Hakeem Jeffries held a press conference announcing the … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-40839","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/40839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=40839"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/40839\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=40839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=40839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=40839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}