Executive Order 6102
AI summary of the linked articleExecutive Order 6102, signed April 5, 1933 by President Franklin D. Roosevelt, forbade the hoarding of gold coin, gold bullion and gold certificates within the continental United States. It required people to deliver excess holdings to the Federal Reserve by May 1, 1933 in exchange for $20.67 per troy ounce, while allowing up to $100 in gold coin and gold certificates per person. Violations were punishable by a fine of up to $10,000, up to ten years in prison, or both. The order was repealed effective December 31, 1974, under the International Development Association Appropriations Act of 1975. |
1 comment macbudkowski.ethSubmitter I had heard about this 1933 US gold ban but never dug in. It is a good example of how ownership is ultimately moderated by the country's law. People stored their gold in safes - just like we store our crypto in wallets - yet their gold has still been seized because people were scared of the consequences. If - for some crazy reason - the US gov wanted to seize its citizens' crypto, it'd probably be pretty effective, as it's easy to track CEX/wallet interactions, and most people wouldn't leave their country for good just to escape this kind of law. I don't think it's gonna happen, but it's good to understand the limitations of "Code is Law." To paraphrase Cersei, Law is Law. (vidrel: https://www.youtube.com/watch?v=OvkuePL7oDY) |