When Elon Musk’s “department of government efficiency” (Doge) gained access to treasury payment systems in February, Democratic party leadership pledged to protect government payments from Donald Trump’s influence. Chuck Schumer and Hakeem Jeffries held a press conference announcing the Stop the Steal act that would prevent the takeover of critical government payment infrastructure. On that very same day, high-profile Democrats joined with Republicans to introduce legislation allowing for payments to be made in cryptocurrencies called stablecoins. The bill paves the way for the US president to require that all payments to and from the government are made with cryptocurrencies, which could include the one he has a business interest in.

After making millions off a “memecoin”, the crypto-opportunist-in-chief recently entered the burgeoning crypto-payments market by launching a stablecoin. For the uninitiated, stablecoins are crypto products that allege to hold the value of a currency like the US dollar and are intended to be used as digital payments. In fact, stablecoins constantly fail to hold their value, aren’t subject to federal consumer protections, and aren’t backed by the full faith and credit of the government. If a consumer’s stablecoins are hacked, fraudulently or accidentally spent, or lost due to a misplaced password, stablecoin........

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