Executive Order 6102 CONFISCATED Private Gold Holdings, Could it Happen with Crypto?

On April 5, 1933, USA president FDR signed Executive Order 6102, "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." Private citizens had their gold stolen by government agents so that the Federal Reserve could freely increase the US dollar money supply without the gold price spiking wildly.

Let's discuss if such an order could be enacted with cryptocurrency. Yes, those holding their own private keys could act to protect their crypto holdings, but as many here know, the majority of crypto holdings are held by exchanges custodially for their customers. Exchanges are easily targeted by governments, and they typically already have close relationships with government regulatory and law enforcement agencies.

Already this month we've seen Treasury Secretary Mnuchin saying he wants to ban private wallet ownership and KYC each and every exchange user. This would be a logical step toward total control or even seizure of crypto assets. Naturally, if governments could accomplish this confiscation (ideally with the element of surprise), there would be a huge panic and price dump for all cryptocurrencies. Of course there would be blowback from Wall St, but those insiders would probably be protected, just as very wealthy gold holders were mysteriously exempt from gold confiscations.

Here's a history of gold confiscations around the world over the last century.