Not content material to con folks with a vaporware smartphone or get traders concerned in a complicated scammy crypto thing or begin a shady fintech company, the Trump family has an incredible new thought: Let the Trump family geniuses—none of whom have ever held an precise job that wasn’t because of Daddy—open a bank.
And even higher, let Trump’s regulators oversee it—or, nicely, not oversee it.
However look ahead to the cherry on prime … White Home envoy Steve Witkoff will run the financial institution! That’s a recipe for achievement, proper?
Effectively, most likely for the Trump and Witkoff households, however perhaps not a lot for precise customers. Below President Donald Trump, monetary laws have fallen by the wayside, typically in the service of lining the pockets of himself, his family, his donors, and his cronies.
In February 2025, the Securities and Alternate Fee gave the Trump family’s shady crypto efforts an enormous enhance, saying that meme cash usually are not securities, so it cannot regulate Trump’s dumb meme cash like $TRUMP or $MELANIA.
That’s fairly useful for Trump, as these nugatory issues have nonetheless given his family and enterprise cronies tons of of tens of millions in charges. It’s additionally a useful approach to hand Trump a couple of additional million bucks, as evinced by his bribe-tastic crypto dinner.
Certain, the meme cash are mainly nugatory, however fake-investing in them can repay handsomely.
Simply ask Justin Solar, who pumped $40 million into $TRUMP to attend that dinner. In return, Trump dropped the SEC’s fraud lawsuit towards Solar. Isn’t it good when pals may also help one another out?
Did I point out that the similar firm that ran the dinner, World Liberty Monetary, goes to open the financial institution?
One in every of World Liberty’s rationales for being allowed to do that is that the Workplace of the Comptroller of the Forex—the federal regulator reviewing its software—already gave 5 different crypto corporations conditional approval.
Certain, however these crypto corporations usually are not run by the president’s family …
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However no sweat, as Jonathan Gould, the head of the OCC, has declined the request of Democratic Sen. Elizabeth Warren of Massachusetts to delay reviewing World Liberty’s constitution software till Trump and his family divest. Certain, no additional scrutiny wanted there!
Do we actually even want securities or banking laws if the whole lot is only a car for Trump family grifts that may’t be stopped?
Effectively, sure, as a result of Trump wants the SEC to exist with the intention to punish anyone who shorts his inventory. No, actually. When a hedge fund shorted Trump Media—a wonderfully authorized factor to do—the firm—which is owned by the Trump family—requested the SEC—which is run by a Trump appointee—to analyze the hedge fund.
However how dare you suggest that all of that is corrupt?
Right here’s White Home press secretary Karoline Leavitt getting very sensitive about being requested if it’s problematic that the Trump family’s financial institution that will likely be overseen by Trump regulators: “The media’s continued makes an attempt to manufacture conflicts of curiosity are irresponsible and reinforce the public’s mistrust in what they learn.”
Ma’am, Trump issued an government order final February declaring that he would make federal companies, together with the SEC, “really accountable to the American folks.”
After all, in line with Trump, being really accountable implies that all companies are topic to “presidential supervision and management of the whole government department.”
Let’s not child ourselves: This financial institution will likely be nothing however a state-sanctioned, barely regulated grift—a car to drive income immediately into the pockets of Trump and his family.
However don’t you dare name {that a} battle of curiosity.
