13 Dec Buy a brick, build Trump’s Wall with bitcoin
It’s bad enough that bitcoin is being used for a bunch of fake bomb threats across the US and Canada today.
Now, Republican Congressman Warren ‘Crypto’ Davidson would like Americans, and maybe Mexicans, to “Buy a Brick, Build a Wall” with bitcoin.
This could take government services and crowdfunding to a new level. It could even be used to avoid a shutdown, couldn’t it?
A Trump Wall ICO?
In an NPR radio interview with host Steve Inskeep, Davidson outlined his ‘off-the-wall‘ new funding strategy for US border security. He has already proposed The Border Wall Trust Fund which, if passed, would allow Trump supporters to help POTUS keep his campaign promise.
“You could do with this sort of, like, crowdfunding site. Or you could even do blockchain, and you could have wall coins. But you could raise the money. And frankly, if we get it right at the Treasury, you could even accept Mexican pesos,” Davidson enthused to Inskeep.
Imagine. For just one bitcoin, you could own your own share of Trump’s Wall. Just the same as you can now sponsor a stretch of highway cleanup across the nation.
The mind boggles as does the crypto wallet. We know blockchain can solve everything, right?
A ‘security’, ‘property’, or a ‘currency? Oh my.
Here’s where the fun really gets started.
Those of us in the cryptocurrency industry realize the immediate challenges. Numerous federal organizations would need to be involved in order to put together the legislative details.
The Securities and Exchange Commission (SEC) would deem the Trump Wall ICO a security, subject to rules and regulations to protect investors. The Democrats would claim that in fact this isn’t increasing ‘security’ but rather simply taking investors away from their money.
The Commodity Futures Trading Commission (CFTC) would consider it property and therefore regulated and taxable only when the property is sold. Then there’s the little problem of who’s doing the buying and selling.
The IRS would definitely not consider it a currency because there would be no way for them to get tax revenue from this crowdfunding action.
Of course, the US Treasury would have to be involved because someone in government has to receive the funds and the US Mint would need to produce the new Trump Wall coin.
A nonprofit Trump Wall Foundation?
One other option that Davidson didn’t mention is to create a Trump Wall nonprofit, but given recent history, let’s just agree not to go there.
Davidson was also quick to clarify how the new ICO funds would be spent: “Well – and to be clear, not all of that is for the wall. But there are areas that you would want to secure with a wall. And if you look at the areas where you have secured them with walls, 5 billion isn’t going to build a wall like the Great Wall of China. I mean, this is going to build secure fences, which was incredibly bipartisan when it was called the Secure Fences Act.”
If you’re as confused as I am, this Buy a Brick – Build a Wall swamp may simply too full of alligators to stand a hope in Hell of moving forward.
Would the crypto community support a Trump Wall coin?
I think we already know the answer to the question of whether the crypto community would support the Trump Wall coin or not.
First, there would be an argument about whether it should be decentralized or centralized and plans made for the inevitable hard fork. Next, we’d have virtual Twitter storm about whose image should be on the new digital coin. POTUS? Melania? President Obama? Michelle Obama?will
I can already hear Kellyanne Conway suggesting that we need an ‘alternate currency’ and Sarah Saunders would have the ‘alternate facts’ to back up the case for the new crypto.
Not to worry
If all of this cryptocurrency speculation is giving you a headache, not to worry. Chalk this up to another crackpot Congressman trying to support the current administration.
Like most ICOs, this one will never fly. But we do recommend you watch out for scammers out there trying to take advantage of Republicans who will do anything to help build a wall, including buying a brick with bitcoin.
On that note, let’s hope this crackpot crypto idea goes no further. The price of bitcoin is already under pressure and suffering enough.
You can hear the full NPR interview with Rep Davidson starting midway at 3:30 here.