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Dr. Bitcoin, MD 1y ago

This is the law that will permit the US federal government to control US Bitcoin companies/custodians/exchanges/etc.

We are moving from an era where “national security” is the altar on which rights are sacrificed into a world where “financial stability” is the new god. #TheGreatTaking #2010

12 US Code § 5323 Authority to require supervision and regulation of certain nonbank financial companies

(a) U.S. NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS

(1) DETERMINATION

The Council, on a nondelegable basis and by a vote of not fewer than ⅔ of the voting members then serving, including an affirmative vote by the Chairperson, may determine that a U.S. nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards, in accordance with this subchapter, if the Council determines that material financial distress at the U.S. nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the U.S. nonbank financial company, could pose a threat to the financial stability of the United States.

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Dr. Bitcoin, MD 1y ago

It gets better:

12 U.S. Code § 5331 - Mitigation of risks to financial stability

(a) MITIGATORY ACTIONS

If the Board of Governors determines that a bank holding company with total consolidated assets of $250,000,000,000 or more, or a nonbank financial company supervised by the Board of Governors, poses a grave threat to the financial stability of the United States, the Board of Governors, upon an affirmative vote of not fewer than ⅔ of the voting members of the Council then serving, shall—

(1) limit the ability of the company to merge with, acquire, consolidate with, or otherwise become affiliated with another company;

*************(2) restrict the ability of the company to offer a financial product or products;

*************(3) require the company to terminate one or more activities;

(4) impose conditions on the manner in which the company conducts 1 or more activities; or

(5) if the Board of Governors determines that the actions described in paragraphs (1) through (4) are inadequate to mitigate a threat to the financial stability of the United States in its recommendation, require the company to sell or otherwise transfer assets or off-balance-sheet items to unaffiliated entities.

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Dr. Bitcoin, MD 1y ago

In effect, any corporation holding valuable property can be forced to sell that property if Washington commands it.

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Dr. Bitcoin, MD 1y ago

See more here on YouTube Peak Prosperity:

https://youtu.be/PpfJ3DgrxRY?si=fzqitDrLrPAn02s-

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Dr. Bitcoin, MD 1y ago

We need to make bitcoiners out of ar least three members of the FSOC…the laws to screw bitcoin were written long ago.

12 U.S. Code § 5321 - Financial Stability Oversight

Council established

(a) ESTABLISHMENT

Effective on July 21, 2010, there is established the Financial Stability Oversight Council.

(b) MEMBERSHIP

The Council shall consist of the following members:

(1) VOTING MEMBERS

The voting members, who shall each have 1 vote on the Council shall be—

(A) the Secretary of the Treasury, who shall serve as Chairperson of the Council;

(B) the Chairman of the Board of Governors;

(C) the Comptroller of the Currency;

(D) the Director of the Bureau;

Bureau of Consumer Financial Protection

(E) the Chairman of the Commission;

Securities and Exchange Commission,

(F) the Chairperson of the Corporation;

Federal Deposit Insurance Corporation.

(G) the Chairperson of the Commodity Futures Trading Commission;

(H) the Director of the Federal Housing Finance Agency;

(I) the Chairman of the National Credit Union Administration Board: and

J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise.

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