Buddies,
Within the midst of the Trump regime’s shameful try and assault any and all organizations and establishments that oppose it, we should not and won’t again down from holding Trump accountable for his corruption and lawlessness.
Yesterday, The New York Occasions — which Trump simply sued for $15 billion for allegedly defaming him — reported that Steve Witkoff, Trump’s envoy to the Center East, apparently made a multibillion-greenback cope with Sheikh Tahnoon bin Zayed Al Nahyan, a member of the ultrarich ruling household of the United Arab Emirates who controls $1.5 trillion of the Emiratis’ sovereign wealth.
In return for Sheikh Tahnoon’s funding agency depositing $2 billion into World Liberty Monetary, a cryptocurrency begin-up based by the Witkoffs and Trumps, the White Home agreed to present the UAE — specifically, a sprawling expertise agency managed by Sheikh Tahnoon — access to a whole bunch of hundreds of the world’s most superior and scarce pc chips, regardless of nationwide safety considerations that the chips may very well be shared with China.
That is simply the tip of the iceberg of Trump’s crypto corruption.
To grasp the complete extent of it, it’s good to return to 4 days earlier than early voting started in 2024. That’s when Trump and his sons launched the crypto agency, World Liberty Monetary.
As quickly as Trump received, money started pouring in.
Then, just days before returning to office, Trump launched a separate crypto scheme, promoting TRUMP and MELANIA memecoins. Memecoins are a kind of cryptocurrency primarily based on a picture or on-line joke.
Inside his first six weeks in workplace, Trump referred to as for a “Crypto Strategic Reserve”— a authorities backed stockpile of crypto belongings, kind of like our oil reserve, however fully pointless. That announcement made crypto prices soar.
Thus far, the Trump household has made about $3 billion from crypto — with many purchases by foreign buyers. Forbes now estimates that over half of Trump’s complete web value is crypto-primarily based.
With Trump appearing as each the president of america and as his personal crypto model ambassador, it’s arduous to inform which job he’s doing at any given second.
One U.S. firm stated it explicitly purchased $2 million of Trump’s meme cash to affect commerce coverage.
The corruption goes additional.
Trump’s professional-crypto SEC chair, Paul Atkins, is heavily invested in crypto himself. He’s been lifting financial guardrails in methods that may make it simpler for crypto corporations (just like the Trumps’) to unfold into new markets, and going straightforward on crypto fraud.
Chinese language billionaire Justin Solar had been charged with crypto-related fraud earlier than Trump was elected. After Trump’s election, Solar invested greater than $115 million into varied Trump crypto merchandise. What occurred subsequent? Trump’s SEC suddenly stopped prosecuting Solar.
Trump’s SEC additionally deserted a lawsuit against Binance, a crypto alternate that had previously pled guilty to money laundering.
This occurred simply days after Binance started listing a Trump cryptocurrency on its marketplace.
The corruption goes even additional.
Trump’s Justice Division even scrapped the National Cryptocurrency Enforcement Team, giving a inexperienced-mild to every kind of crypto crime, despite the fact that Individuals misplaced $9.3 billion in crypto scams in 2024.
The crypto trade spent large on Home and Senate races, on each Republicans and Democrats. Why? So the Senate would pass the so-referred to as GENIUS Act — a regulatory invoice that the crypto trade lobbied for. Eighteen Democrats joined with almost all Republicans to vote sure.
The invoice provides a stamp of legitimacy to so-referred to as “stablecoins,” a kind of foreign money that Trump’s World Liberty Monetary makes and sells.
Stablecoins declare to be extra secure as a result of they’re supposedly tied to the worth of different belongings which can be held as collateral — just like the greenback or Treasury securities. However we already noticed one collapse only a couple years in the past, wiping out some investors’ life savings.
Whereas the invoice appropriately bans members of Congress and their households from profiting off stablecoins, it places no such restrictions on the president.
Essentially the most harmful a part of the GENIUS Act is the way it permits crypto to succeed in into mainstream monetary programs.
All this corruption is unhealthy sufficient. Worse, it might tank the economic system.
The GENIUS Act opens the door to establishments investing more heavily in crypto. It will even let banks and large firms, like Walmart, Amazon, or Facebook, launch their very own digital currencies — potentially thousands of them — all with little oversight.
Trump has also opened the door to letting retirement plan directors make investments 401(ok) funds in crypto. That would put your financial savings in danger even when you by no means purchase any cryptocurrencies.
As we noticed through the 2008 financial meltdown, the extra the economic system turns into entwined with unstable and speculative investments, like crypto, the higher the chance to all of us. The failure of dangerous bets can have a domino impact.
If a single cryptocurrency started to tank — as crypto has accomplished prior to now — buyers would likely rush to dump crypto to get their actual a reimbursement. This might result in huge financial institution runs.
Treasury Secretary Scott Bessent has predicted that beneath the GENIUS Act, crypto corporations might find yourself holding more than $2 trillion in U.S. treasury bills as collateral. In the event that they needed to all of the sudden liquidate these belongings to cowl a financial institution run, the value of U.S. securities could plummet, triggering a global financial crisis.
Crypto has proven no redeeming social worth and it poses enormous risks to our economic system. But Trump is enabling it to worm into the economic system as a result of he’s taken enormous crypto payoffs which have made him and his household billions of {dollars}.
What are you able to do?
For starters, please share this video to assist unfold the reality.
