David Sirota

🚨BIG STORY: Senators put a line into the crypto bill requiring bankrupt banks to prioritize remunerating crypto investors over depositors.

The provision could require banks to take cash from your savings account & use it to pay senators' crypto donors.

https://www.levernews.com/cryptos-new-bailout-fund-your-savings-account/

Jun 5, 2025 at 7:08pmWeb
Show threadmtc_ukJun 5, 2025
@davidsirota
I have a hard time believing this place is real.
Show threadderptronJun 5, 2025

@mtconleyuk @davidsirota I realized the other day that since the consequences of not believing in reality are entirely real it's actually completely optional and irrelevant if you do or don't--and in fact maybe you're better off not. ;)

Reality stands defeated. Weak ass bitch.

Show threadsamiamsamJun 5, 2025

@davidsirota

Nooooooooooooooooooo!!!!!!!!!!!!!!!!

*primal scream*

Show threadFalling forward 🍉Jun 5, 2025
@davidsirota
#CryptoIsAScam
Show threadBLAIRJun 5, 2025
@davidsirota SOONER OR LATER THIS WHOLE CYPTO THING IS GOING TO FALL APART, AS SOMEONE FIGURES OUT TO DEFRAUD THE WHOLE SYSTEM, THEN CRYING TIME WILL BE HERE FOR ALL THE FOOLS WHO BELIEVED IN SANTA CLAUSE!
Show threadTor Iver WilhelmsenJun 6, 2025
@BLAIR @davidsirota An endless stream of crypto scams and crypto exchange hacks is defrauding people regularly, but it seems it does not cause people to be more skeptical of the nonsense.
Show threadMeercat ✅ 
Jun 5, 2025
@davidsirota is that for real?🤬
Show threadnotsoloudJun 5, 2025
@davidsirota
The system that doesn't need central government....
Show threadGuillotine Jones, FlâneurJun 5, 2025
@davidsirota
Big N O David on prioritizing the remuneration of crypto players before making depositors whole.
We're seeing a criminal takeover of the US financial system play out in slow motion, and it isn't right.
Show threadRiley S. FaelanJun 5, 2025
@davidsirota At least the cited part is not really very scandalous. It seems to just make a certain subtype of cryptocurrencies legally close to privately created currency boards. Which is not ideal, but falls into a relatively well understood model, and is unlikely to have major adverse effects, as long as USD will not become highly volatile.
Show threadKathmanduJun 5, 2025

@davidsirota

So in this context, who or what is a "payment stablecoin issuer"?

Is that the bank, or the crypto company that floated the 'coins', or what?

Show threadcwicseolfor (has moved!)Jun 6, 2025
@Kathmandu @davidsirota To me it sounds like the originator of the coins, but this is an area of finance I hoped I could remain mostly ignorant of. If that reading is correct, though, it’s going to become a routine maintenance task asking institutions if they issue coins and then clarifying intent to pull all deposits if they do.
Show threadÖlbaumJun 6, 2025
@Kathmandu @davidsirota Who knows. The whole text is gibberish.
Show threadWeltzeitgeistJun 5, 2025

@davidsirota Holy fucking shit. Even for late stage capitalism and technofascist rule, this is some evil shit.

This is already the greatest Ponzi scheme the world has ever seen and this makes it legal for the 0,001% to profit while everybody else get fucked, when it all comes down.

Show threadyunchtimeJun 5, 2025

@davidsirota

is it the French Revolution yet?

Show threadShirley EugestJun 5, 2025
@davidsirota
Creeps.
Show threadBwazJun 5, 2025
@davidsirota So, if your bank is issuing stablecoins, it's time to move your account to one that isn't
Show threadDan RileyJun 5, 2025
@davidsirota Bankruptcy nerd commentary: https://www.creditslips.org/creditslips/2025/05/the-genius-acts-insolvency-provisions-crypto-investors-come-ahead-of-bank-depositors.html
Show threadDieuJun 6, 2025
@davidsirota it's what god always wanted.
Show threadBadriJun 6, 2025
@davidsirota what the funge
Show threadGJun 6, 2025
@davidsirota so, a bank which issues stable* kleptocoins is not technically FDIC insured anymore for all practical purposes.

* never mention the marketing term Stable without a note that it is oxymoronic. every asset under the sun can be arbitraged/ the correct term is usd-pegged.
Show threadEric LawtonJun 6, 2025

@davidsirota

🎼🎵Some will rob you with a six-gun,
And some with a fountain pen.🎶

— Woody Guthrie, Pretty Boy Floyd

@kataclyst

Show threadAlisonW ♿🏳️‍🌈♾️Jun 6, 2025
@davidsirota
As I read that they only have to prioritise crypto currency speculators if the bank itself issued such 'currency', not otherwise.
Show threadSilvertipGrizzJun 8, 2025
@davidsirota ……… selfish pheckers; there’s just no end of ways they come up with to steal from the middle class.
Show threadsandywb14Jun 9, 2025
@davidsirota oh, hell no!