“Trump’s Nashville speech discussed bitcoin interchangeably with “crypto,” but bitcoin is fundamentally different from other cryptocurrencies. It runs on a decentralized, peer-to-peer software network and issuance schedule that, by design, can’t be tampered with by centralized authorities. It provides a way to send value over the internet without trusting third-party intermediaries. Like the gold standard, it’s a neutral monetary system; unlike gold, it has no physical properties, making it harder to seize or censor. If bitcoin fully succeeds, governments will no longer be able to steal from their citizens by printing money, and they’ll no longer be able to cut people off from payment networks and banking services.
“Crypto,” on the other hand, typically describes a set of centrally issued tokens, usually administered by foundations, neobanks, and tech companies. Most “crypto” projects are outright scams or pyramid schemes; most have failed to find (or never looked for) real-world adoption.
The major exception is “stablecoins,” which have emerged as the crypto industry’s killer application. They work like casino chips: a stablecoin company issues $100 worth of digital dollar tokens and simultaneously backs them with $100 of “high-quality” assets, typically U.S. Treasuries. Stablecoins aren’t routed through the conventional banking system, so they move easily across borders and are readily accessible in parts of the world where the dollar is in high demand.
Stablecoins’ key innovation isn’t technical; it’s regulatory arbitrage. They mean dollars for anyone, with no rules. Like bitcoin, they’re a quasi-permissionless, internet-native form of money; unlike bitcoin, they rely on the U.S. dollar for their value and are almost entirely administered by companies.
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As early as 2018, millions of people in Iran, Turkey, Nigeria, and Argentina began using Tether as an “offshore” dollar that local authorities couldn’t easily confiscate. With stablecoins, a refugee in a war zone can access dollars just as easily as a London bank. A recent study from ARK Invest estimated that there are 200 million stablecoin holders, compared to a billion holders of paper dollars. As countries like Russia and Iran attempt to coerce their citizens into using collapsing local currencies, the people are increasingly turning to stablecoins, which are hard to ban.
There is significant bitcoin adoption in authoritarian countries and collapsing economies as well, but many prefer stablecoins to mitigate price volatility. Stablecoins track the dollar, while bitcoin floats. Like the dollar, stablecoins gradually lose value over time, but they don’t experience wild price swings.
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unlike bitcoin, stablecoins require users to trust the companies that issue them. The tokens can be frozen, inflated, or remotely confiscated—and if the company issuing them commits fraud, they can become worthless. They’re a useful tool, but they aren’t in the same category as bitcoin, which is essentially freedom money.”
https://reason.com/2025/09/12/donald-trump-is-not-the-bitcoin-president/
“The Treasury Department will stop issuing paper checks for tax refunds, Social Security payments and most other government programs on Sept. 30 as part of an executive order aimed at modernizing the government.
While experts widely agree that electronic payments are faster to process, and less susceptible to fraud and theft than paper checks, advocates who work with the small percentage of those who still receive checks say the change is being rushed out and worry that some beneficiaries won’t learn of it unless their payment doesn’t show up.”
https://www.yahoo.com/news/articles/checks-going-away-soon-social-134520636.html
The Truth About U.S. Treasury Gold: Myth vs. Reality
https://www.youtube.com/watch?v=_ytW1Aoy-2w
“The Treasury has a cash pile of well over $1 trillion, which will allow the government to quickly disburse money in line with the sweeping new law, including direct checks to millions of Americans that are expected to start hitting bank accounts in the coming week. That robust rainy-day fund was built last year by then-Treasury Secretary Steven Mnuchin, who preemptively cranked up the pace of government borrowing, unsure of how and when Congress might mandate further relief measures.
So, despite concerns that markets will be flooded with new U.S. government debt to pay for the rescue package, the Treasury Department might not have to change its borrowing plans much at all to fund the legislation signed into law”
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““There are enormous implications for everyone else, but the Treasury was out in front of this nine months ago,” said Lou Crandall, chief economist at research firm Wrightson ICAP.
The advance moves by the Trump team are proving to be key to limiting turbulence in government debt markets from such massive spending. Bond yields have already been inching up in recent months due to brighter prospects for the economy”
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“The planning by Mnuchin also demonstrates that, even as Republicans now balk at the price tag of Biden’s rescue package, the Trump administration itself was prepared for the possibility that the economy would need another big infusion of cash to fully emerge from the pandemic.”
“Key divisions at Treasury have been hollowed out by attrition during the Trump administration under Secretary Steven Mnuchin, who has sought to cut “wasteful spending,” including on personnel he sees as superfluous. Between fiscal years 2016 and 2019, the department’s main offices — Domestic Finance, Economic Policy and International Affairs, among them — saw their staffing levels plunge by nearly a quarter as budgets were slashed.”
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“A former Treasury official argued that it made some sense that Mnuchin allowed staffing to decrease; once implementation of sweeping new financial rules after the 2008 credit crisis began to wind down, the domestic finance division probably didn’t need as big of a staff at the beginning of the Trump administration.
“But you always have to think about the tail risk — a financial crisis or a pandemic that causes a financial disturbance,” the former official said. “That’s when a smaller staff can expose some problems.”
Klein said it was positive that Yellen, a former Federal Reserve chair, already knows what it’s like to run a large agency, and her designated deputy, Wally Adeyemo, has extensive experience at Treasury, including as deputy chief of staff.
But Yellen and Adeyemo could face barriers to bringing in their own people, given the possibility of a Republican-controlled Senate. That will create pressure for the new leadership to find ways to bring people on board quickly, such as by appointing counselors.”
“In picking former Federal Reserve Chair Janet Yellen to serve as his first Treasury Secretary, Joe Biden is leaning on a well-known figure who is trusted and beloved by most Democrats, respected by many Republicans, acceptable to Wall Street and aligned with the no-surprises approach expected to be a hallmark of the incoming president’s tenure.
Yellen, widely seen as the obvious choice when Biden teased last week that he had made his pick, is slightly untraditional for Treasury. Her pre-government background came largely as an academic economist and monetary policy expert. The top Treasury slot often goes to people — until now all men — with extensive corporate backgrounds and high-profile international experience.”