Schiff Slams Trump's Crypto Order: "Paying Off Donors, Not Advancing Industry"

In a surprising turn of events, renowned economist and vocal Bitcoin critic Peter Schiff has slammed President Donald Trump's recent executive order on digital assets. Schiff, known for his skepticism towards cryptocurrencies, took to X (formerly Twitter) to express his concerns about the order, suggesting that it is a thinly veiled attempt to "pay off donors" rather than a genuine effort to advance the crypto industry.

Trump's executive order, signed on January 23, 2025, aims to position the United States as a global leader in the crypto market. The order establishes the Presidential Working Group on Digital Asset Markets, which will evaluate the creation of a national digital assets reserve and develop a federal regulatory framework for governing digital assets, including stablecoins. However, Schiff is not convinced that the order will have the desired effect on the crypto industry.



Schiff argues that the order is "just an easy way to pay off donors" and that it does not guarantee the creation of a strategic national digital asset reserve. Instead, he believes that the focus is on developing a regulatory framework, which may not be beneficial for the crypto industry. Schiff's skepticism is rooted in his long-standing criticism of Bitcoin and his belief that the crypto industry is a speculative bubble that will eventually fail.

Schiff's perspective differs from other industry experts who have offered more positive views on Trump's executive order. David Sacks, the newly appointed crypto and AI czar, has praised the order as a step towards fostering innovation and growth in the digital assets space. Sacks has also emphasized the importance of ensuring that industry leaders have the resources they need to succeed.

However, Schiff's criticism highlights the importance of scrutinizing political motivations behind policy decisions, especially when they involve industries with significant financial influence. While the crypto industry may benefit from regulatory clarity and support, it is essential to consider the potential consequences of political maneuvering and the misallocation of capital.

In conclusion, Peter Schiff's criticism of Trump's crypto order serves as a reminder that political decisions should be evaluated critically, and the potential benefits and drawbacks should be carefully considered. As the crypto industry continues to grow and evolve, it is crucial to maintain a balanced perspective and acknowledge different viewpoints to ensure its long-term success and stability.