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💥💥💥Situation Update, Dec. 3rd – Trump invokes foreign interference provision of his 2018 executive order, authorizing military response to cyber warfare, see NSPM 13 💥💥💥 [M.Adams]
⁉️ ✅ Ask yourself this question: What was the purpose of yesterday’s White House speech about election fraud and vote-rigging?
✅ If you think it was all about Trump communicating to the people, think again. This speech was really about Trump communicating with Chris Miller
✅ and the DoD about foreign interference in the U.S. election while laying out the key national security justifications that are necessary to invoke what I’m calling the “national security option” for defending the United States against an attempted cyber warfare coup.
⭕️ Decoding President Trump’s Dec. 2nd speech:
https://t.co/G9kmUfVQzS
🇺🇸Consider what Trump said in yesterday’s speech. About 95% of this speech was filler. Only 5% really matters, as I detail below:
1. First, he lays out that he has a sworn oath to defend the United States
2. Constitution against the wartime “siege” that’s underway:
As President, I have no higher duty than to defend the laws and the constitution of the United States. That is why I am determined to protect our election system, which is now under coordinated assault and siege.
⁉️ ✅ Ask yourself this question: What was the purpose of yesterday’s White House speech about election fraud and vote-rigging?
✅ If you think it was all about Trump communicating to the people, think again. This speech was really about Trump communicating with Chris Miller
✅ and the DoD about foreign interference in the U.S. election while laying out the key national security justifications that are necessary to invoke what I’m calling the “national security option” for defending the United States against an attempted cyber warfare coup.
⭕️ Decoding President Trump’s Dec. 2nd speech:
https://t.co/G9kmUfVQzS
🇺🇸Consider what Trump said in yesterday’s speech. About 95% of this speech was filler. Only 5% really matters, as I detail below:
1. First, he lays out that he has a sworn oath to defend the United States
2. Constitution against the wartime “siege” that’s underway:
As President, I have no higher duty than to defend the laws and the constitution of the United States. That is why I am determined to protect our election system, which is now under coordinated assault and siege.
The debate about stablecoin regulation is at bottom part of a broader debate about regulatory classification of fintech payment service providers (PSPs). But it is, IMHO, wrong to reduce this debate to the question, "Is it a 'bank' or not?"
Posing the question that way implies that there are only two options: (1) Fintech PSPs aren't banks, and therefore shouldn't have to get stnd. bank charters or abide by the reg's that go w/ such to gain access to public settlement facilities. That's what many stablecoin fans say.
(2) fintech PSPs are banks; and therefore must be get bank charters and be subject to the same regulations ordinary banks must abide by. That's the answer offered by the STABLE Act
The second answer relies, not unreasonably, on the standard regulatory definition of a bank as a "deposit taking" institution. But IMHO it's that definition that's problematic, and that renders the conventional bank-nonbank dichotomy so.
For conventional banks aren't just "deposit taking institutions." They combine deposit taking with lending. It's this combined set of activities, not deposit taking per se, that (rightly or wrongly) supplies the rationale for many bank regulations, including deposit insurance.
This thread is as predictable as you\u2019d expect: lots of replies handwaving about \u201cinnovation\u201d and \u201cblockchain\u201d, while ignoring that \u2018stablecoin\u2019 is just another word for payments infra.
— Angus Champion de Crespigny (@anguschampion) December 4, 2020
People get so caught up in the tech they don\u2019t realise the ultimate result is the same. https://t.co/OC2auSh0uX
Posing the question that way implies that there are only two options: (1) Fintech PSPs aren't banks, and therefore shouldn't have to get stnd. bank charters or abide by the reg's that go w/ such to gain access to public settlement facilities. That's what many stablecoin fans say.
(2) fintech PSPs are banks; and therefore must be get bank charters and be subject to the same regulations ordinary banks must abide by. That's the answer offered by the STABLE Act
The second answer relies, not unreasonably, on the standard regulatory definition of a bank as a "deposit taking" institution. But IMHO it's that definition that's problematic, and that renders the conventional bank-nonbank dichotomy so.
For conventional banks aren't just "deposit taking institutions." They combine deposit taking with lending. It's this combined set of activities, not deposit taking per se, that (rightly or wrongly) supplies the rationale for many bank regulations, including deposit insurance.
A few weeks back I posted about the hidden texts of the bible that were altered and amended by Constantinople and the Nicean Counsel in 300AD. Here are some more divinely sacred works for context, collated by @stormis_us
https://t.co/Bs10hlT4wN
https://t.co/GuJqBTnQSh
https://t.co/Mqo4XOdNJR
https://t.co/73nJO8ZpxQ
https://t.co/Bs10hlT4wN
https://t.co/GuJqBTnQSh
https://t.co/Mqo4XOdNJR
https://t.co/73nJO8ZpxQ