GOP Majority Whip #TomEmmer, the man who wrote angry letters to the #SEC demanding that they stop bothering an innovative company like #FTX back in 2022, believes that the US government will be buying 1 million bitcoins for a price equivalent to 10-20% of the US defense budget for the “#StrategicBitcoinReserve” before the end of this session of Congress.

Here he is kissing Sam Bankman-Fried's ass on the floor of the US #Congress a few years ago: https://www.youtube.com/watch?v=MpIPlb7mYTE

Legislation to allocate ~$100 billion of taxpayer money (roughly 8 aircraft carriers or 12% of the entire US defense budget) to buying #bitcoin has been reintroduced by Senator #CynthiaLummis.

(Unstated: Lummis is trying to pump the bitcoin market which has been crashing in the aftermath of Trump only committing to not selling $20bn worth of bitcoins seized from criminals when the market was pricing in a massive government purchase)

(Also unstated: Lummis owns a lot of bitcoin, so she’s nakedly attempting to use taxpayer money to enrich herself)

how it started / how it's going, white house endorses bitcoin edition

bitcoin daily candle chart going for maximum lols in the wake of Trump's #StrategicCryptoReserve announcement

checking in on how #DavidSacks's proposed "strategic crypto reserve" where taxpayers will buy a bunch of rich crypto bros' bags is going over with the #MAGA folks (hint: not well)
https://x.com/DavidSacks/status/1896482883424211188

good summary of the #StrategicBitcoinReserve / #DigitalAssetsStockpile, though i would add that the #broligarchs are doing this to loot america's wealth so they build the #NetworkState.
https://x.com/buccocapital/status/1896269388430606495

kind of ominous that #ElonMusk just started following the Senate's crypto grifter in chief #CynthiaLummis (R-Wyoming), the author of the #StrategicBitcoinReserve legislation which proposes handing 10% of america's discretionary federal budget directly to crypto bros.
https://x.com/BigCryptoAlert/status/1895980891572187260

Chinese crypto scammer #JustinSun weighing in on a US Senator using her position to pump her own bags (#CynthiaLummis owns a lot of bitcoin) with a picture of a dog in a #MAGA hat posted from his #SUNDOG memecoin account, a token that they used Trump's #WorldLibertyFinancial crypto scam to pump a few weeks ago, is just *chef's kiss*.

* video of Lummis pumping her own bags on #CNBC: https://x.com/WatcherGuru/status/1890821513864986744
* SUNDOG reply: https://x.com/SUNDOG_TRX/status/1890825237207420996

tfw u ask a billionaire #broligarch w/a long history of pump and dumps to "advise" about whether the government should transfer billions of dollars directly into his pocket

Marc Andreessen's #a16z has released a wish list for american financial regulations. my comments in parentheses:

1. no more surveillance and #debanking (of fraudsters and terrorists)

2. tokenize stocks (to make the #SEC and all financial regulations obsolete, as well as legalizing #memecoins like #TrumpCoin)

3. create decentralized #stablecoin dollar equivalents (to strip the US govt of its hegemonic currency power)

4. #StrategicBitcoinReserve (to transfer hundreds of billions of taxpayer dollars into the hands of a16z)

5. no taxes on crypto bros

I suspect all of these will be made official policy.

https://a16zcrypto.com/posts/article/us-crypto-capital-policy/

apparently #Ripple is running ads for its new #stablecoin #RLUSD on popular left wing podcasts now?

and it's a really weird ad.

Ripple is a company convicted of massive securities fraud run by one of Trump's biggest donors (#BradGarlinghouse) whose main cryptocurrency #XRP is being considered for a taxpayer bailout via the #DigitalAssetsStockpile (making Ripple the nemesis of bitcoin bros the world over - bitcoin maxis hate Ripple).

The lieutenant governor of Texas just announced his top 25 priorities for 2025 and they include:

* placing the 10 commandments in schools
* allowing (christian) prayer in schools
* educating students on the horrors of communism
* stopping drag queen story hour
* handing billions of dollars of Texas taxpayers' money to crypto bros

https://www.ltgov.texas.gov/2025/01/29/lt-gov-dan-patrick-announces-first-round-of-top-40-priority-bills-for-the-2025-legislative-session/

bitcoin maxis finding out what it's like to have leopards eat your face as it becomes increasingly clear Trump is considering including shitcoins like #Ripple's XRP (created by one of Trump's largest donors and in fact one of the largest donors to the 2024 election across many congressional seats, #BradGarlinghouse) in America's "Digital Asset Stockpile" which they thought was going to be a #StrategicBitcoinReserve.

(Alexander Leishman runs a bitcoin custody company called River).

welcome to the terrordome

(p.s. bitcoiners are big mad that the executive order is about using taxpayer money to buy "crypto" not just "bitcoin")

https://www.coindesk.com/policy/2025/01/23/trump-issues-crypto-executive-order-to-pave-u-s-digital-assets-path-reports

[edit] here's the actual EO: https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/
[edit] my summary of what's in the EO: https://substack.com/@cryptadamus/note/c-88170317

now it's not even just the federal government that's going to put huge amounts of taxpayer cash into the hands of crypto bros - state governments are also getting in on the action.

All these states have proposed a direct transfer of taxpayer money into the hands of crypto bros:

- #Massachusetts
- #NewHampshire
- #NorthDakota
- #Ohio
- #Oklahoma
- #Pennsylvania
- #Texas
- #Wyoming

I uploaded all the draft legislation to #DocumentCloud here: https://legacy.www.documentcloud.org/app?q=%2Btag%3A%22strategic%20bitcoin%20reserve%22

#KleptocracyIsComing

Trump has been given his orders: bail out the crypto industry with hundreds of billions of dollars of taxpayer money on day 1.

NYT: https://www.nytimes.com/2025/01/16/technology/trump-bitcoin-stockpile.html
no paywall: https://archive.ph/FGcLJ

Full "policy proposal" doc from the Bitcoin Policy Institute prepared for #ScottBessent: https://cdn.prod.website-files.com/627aa615676bdd1d47ec97d4/67696fb312a05875203ea400_BessentMemo_BitcoinStatecraft%20v.6.pdf