Doomscroll News

Tag: Act

  • Precision Doctrine: Re-evaluating Digital Assets from Peacetime Liability to Wartime Strategic Reserve

    Precision Doctrine: Re-evaluating Digital Assets from Peacetime Liability to Wartime Strategic Reserve

    David’s Note: This article was substantially revised on October 12, 2025 to incorporate new research and provide a more comprehensive analysis.

    Executive Summary

    This report argues that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act represents a fundamental misinterpretation of digital asset technology’s strategic value. The Act integrates stablecoins into the peacetime financial system to foster innovation. However, this policy creates a significant national security liability. It strengthens a global infrastructure that adversaries exploit for illicit finance and sanctions evasion.

    The core argument is that the technology’s decisive value is not in peacetime commerce. Instead, its highest and best use is as a strategic military asset reserved for times of declared conflict. This analysis examines the GENIUS Act, the arguments of its proponents and opponents, and the extensive evidence of security threats posed by the peacetime proliferation of cryptocurrencies.

    As an alternative, this report proposes a “Wartime Digital Asset Act.” This framework would restrict the peacetime use of public cryptocurrencies. It would simultaneously develop the underlying technology as a strategic military reserve. This capability would be activated only upon a declaration of war by Congress for critical applications. These include resilient command and control, secure logistics, and wartime finance.

    The report concludes that true technological leadership requires the precise application of innovation to its most decisive purpose. In this case, that purpose is to serve as a reserved instrument of national power.

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  • Immediately repeal the federal Real ID Act, replace with StatePass or Nothing

    Immediately repeal the federal Real ID Act. Its core danger lies not just in bureaucratic failure, but in its fundamental threat to personal liberty and privacy. Real ID creates the infrastructure for a national tracking system, linking state databases and enabling unprecedented government surveillance of citizens’ movements—precisely the kind of invasive system that evokes deep-seated fears among many Americans, including concerns resembling a “mark of the beast” scenario where government monitors and controls individuals through mandatory identification. This potential for pervasive tracking violates the spirit of the 4th Amendment and must be dismantled.

    Replace Real ID with StatePass, a new system of state-controlled secure IDs for domestic travel originating within their borders. Leveraging lessons from Real ID’s troubled history, states will implement StatePass quickly and efficiently. The absolute priority of StatePass is preventing federal surveillance; standards must prohibit centralized databases or features allowing easy federal tracking, focusing instead on secure credentials verifiable locally, not federal data collection. This state-centric approach, where states design, issue, and manage their own StatePass IDs and verification, directly counters the “mark of the beast” concerns tied to federal overreach.

    State accountability will be ensured through robust mechanisms. The State Security Assurance Fund (SSAF) is a mandatory pool of state contributions, essentially security deposits, used to levy substantial financial penalties against any state whose faulty StatePass system causes a major security breach originating there. The Interstate Travel Security Commission (ITSC), composed of representatives from participating states, manages the SSAF, investigates security failures to determine penalties, and facilitates voluntary collaboration on StatePass best practices.

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  • The Crypto Eradication and Corporate Fraud Retribution Act (Hypothetical)

    The Crypto Eradication and Corporate Fraud Retribution Act (Hypothetical)

    Preamble: To ensure the integrity of financial markets, discourage speculative and potentially illicit activities associated with certain digital assets, and hold accountable high-level corporate executives who defraud investors in smaller public companies, this Act establishes a stringent taxation regime for digital assets and dedicates the resulting revenue exclusively to the prosecution and incarceration of culpable C-suite executives.

    Section 1: Taxation of Digital Assets

    • (a) Capital Gains and Income: All realized capital gains and income (including staking rewards, mining income, airdrops, and interest) derived from digital assets shall be taxed at a rate of 90%.
    • (b) Capital Losses: No capital losses from digital asset transactions may be deducted against gains from digital assets or any other form of income.
    • (c) Annual Wealth Tax: An annual wealth tax of 10% shall be levied on the total market value of all digital assets held by a U.S. person (individual or entity) as of December 31st each year, regardless of whether the assets have been sold or generated income.
    • (d) Transaction Tax: A 5% excise tax shall be imposed on the fair market value of every digital asset transaction, including purchases, sales, exchanges (crypto-to-crypto, crypto-to-fiat, fiat-to-crypto), and payments for goods or services. This tax is payable by the U.S. person initiating the transaction.
    • (e) Reporting: Taxpayers must report all digital asset holdings and every transaction, regardless of value, on their annual tax return with detailed information including dates, values, counterparties (where identifiable), and transaction IDs. Brokers and exchanges must issue detailed 1099 forms for all customer activity.
    • (f) Penalties: Failure to comply fully with reporting requirements or tax payments under this section will result in penalties including, but not limited to, a fine equal to 100% of the unreported assets’ value or unpaid tax, plus potential criminal charges including tax evasion. Egregious non-compliance may result in asset forfeiture.
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