{"id":303423,"date":"2025-09-22T12:00:52","date_gmt":"2025-09-22T11:00:52","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=303423"},"modified":"2025-09-20T08:29:56","modified_gmt":"2025-09-20T07:29:56","slug":"trumps-calamitous-crypto-corruption","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2025\/09\/trumps-calamitous-crypto-corruption\/","title":{"rendered":"Trump\u2019s Calamitous Crypto Corruption"},"content":{"rendered":"
\"\"<\/a>

Trump Plans to Designate Cryptocurrency as a National Priority.\u00a0 Bloomberg 16 Jan 2025<\/p><\/div>\n

It\u2019s enriching him and his family but endangering you, me, and the entire economy.<\/em><\/p><\/blockquote>\n

16 Sep 2025\u00a0<\/em>–\u00a0In the midst of the Trump regime\u2019s shameful attempt to attack any and all organizations and institutions that oppose it, we must not and will not back down from holding Trump accountable for his corruption and lawlessness.<\/p>\n

Yesterday, The<\/em> New York Times <\/em>\u2014 which Trump just sued for $15 billion for allegedly defaming him \u2014 reported<\/a> that Steve Witkoff, Trump\u2019s envoy to the Middle East, apparently made a multibillion-dollar deal with Sheikh Tahnoon bin Zayed Al Nahyan, a member of the ultrarich ruling family of the United Arab Emirates who controls $1.5 trillion of the Emiratis\u2019 sovereign wealth.<\/p>\n

In return for Sheikh Tahnoon\u2019s investment firm depositing $2 billion into World Liberty Financial, a cryptocurrency start-up founded by the Witkoffs and Trumps, the White House agreed to give the UAE \u2014 in particular, a sprawling technology firm controlled by Sheikh Tahnoon \u2014 access<\/a> to hundreds of thousands of the world\u2019s most advanced and scarce computer chips, despite national security concerns that the chips could be shared with China.<\/p>\n

This is just the tip of the iceberg of Trump\u2019s crypto corruption.<\/p>\n

To understand the full extent of it, you need to go back to four days before early voting started in 2024<\/a>. That\u2019s when Trump and his sons launched the crypto firm, World Liberty Financial.<\/p>\n

As soon as Trump won, money started pouring in<\/a>.<\/p>\n

Then, just days before returning to office<\/a>, Trump launched a separate crypto scheme, selling TRUMP and MELANIA memecoins. Memecoins are a type of cryptocurrency based on an image or online joke.<\/p>\n

Within his first six weeks in office, Trump called for a \u201cCrypto Strategic Reserve\u201d\u2014 a government backed stockpile of crypto assets, sort of like our oil reserve, but completely pointless. That announcement made crypto prices soar<\/a>.<\/p>\n

So far, the Trump family has made about $3 billion<\/a> from crypto \u2014 with many purchases by foreign buyers<\/a>. <\/strong>Forbes<\/strong><\/em> now estimates that over half<\/a> of Trump\u2019s entire net worth is crypto-based.<\/strong><\/p>\n

With Trump acting as both the president of the United States and as his own crypto brand ambassador, it\u2019s hard to tell which job he\u2019s doing at any given moment.<\/p>\n

One U.S. company said it explicitly purchased $2 million<\/a> of Trump\u2019s meme coins to influence trade policy.<\/p>\n

The corruption goes further.<\/p>\n

Trump\u2019s pro-crypto SEC chair, Paul Atkins, is heavily invested in crypto himself<\/a>. He\u2019s been lifting financial guardrails<\/a> in ways that will make it easier for crypto firms (like the Trumps\u2019) to spread into new markets, and going easy on crypto fraud. <\/strong><\/p>\n

Chinese billionaire Justin Sun had been charged with crypto-related fraud<\/a> before Trump was elected. After Trump\u2019s election, Sun invested more than $115 million into various Trump crypto products. What happened next? Trump\u2019s SEC suddenly stopped prosecuting<\/a> Sun.<\/p>\n

Trump\u2019s SEC also abandoned a lawsuit against Binance<\/a>, a crypto exchange that had previously pled guilty to money laundering<\/a>.<\/p>\n

This happened just days after Binance started listing a Trump cryptocurrency on its marketplace.<\/a><\/p>\n

The corruption goes even further.<\/p>\n

Trump\u2019s Justice Department even scrapped the National Cryptocurrency Enforcement Team<\/a>, giving a green-light to all kinds of crypto crime, even though Americans lost $9.3 billion<\/a> in crypto scams in 2024.<\/p>\n

The crypto industry spent big on House and Senate races, on both Republicans and Democrats. Why? So the Senate would pass<\/a> the so-called GENIUS Act \u2014 a regulatory bill that the crypto industry lobbied for.<\/a> Eighteen Democrats<\/a> joined with nearly all Republicans to vote yes.<\/p>\n

The bill gives a stamp of legitimacy to so-called \u201cstablecoins,\u201d a type of currency that Trump\u2019s World Liberty Financial makes and sells.<\/p>\n

Stablecoins claim to be more stable because they\u2019re supposedly tied to the value of other assets that are held as collateral \u2014 like the dollar or Treasury securities<\/a>. But we already saw one collapse<\/a> just a couple years ago, wiping out some investors\u2019 life savings<\/a>.<\/p>\n

While the bill appropriately bans members of Congress and their families from profiting off stablecoins, it places no such restrictions on the president.<\/a><\/p>\n

The most dangerous part of the GENIUS Act is how it allows crypto to reach into mainstream financial systems.<\/p>\n

All this corruption is bad enough. Worse, it could tank the economy.<\/strong><\/p>\n

The GENIUS Act opens the door to institutions investing more heavily in crypto<\/a>. It would even let banks and big corporations, like Walmart, Amazon<\/a>, or Facebook<\/a>, launch their own digital currencies \u2014 potentially thousands of them<\/a> \u2014 all with little oversight.<\/p>\n

Trump has also opened the door<\/a> to letting retirement plan administrators invest 401(k) funds in crypto. That could put your savings at risk even if you never buy any cryptocurrencies.<\/p>\n

As we saw during the 2008 financial meltdown<\/a>, the more the economy becomes entwined with volatile and speculative investments, like crypto, the greater the risk to all of us. The failure of risky bets can have a domino effect.<\/p>\n

If a single cryptocurrency began to tank \u2014 as crypto has done in the past \u2014 investors would likely rush<\/a> to sell off crypto to get their real money back. This could lead to massive bank runs.<\/p>\n

Treasury Secretary Scott Bessent has predicted that under the GENIUS Act, crypto firms could end up holding more than $2 trillion in U.S. treasury bills<\/a> as collateral. If they had to suddenly liquidate those assets to cover a bank run, the value of U.S. securities could plummet<\/a>, triggering a global financial crisis.<\/a><\/p>\n

Crypto has shown no redeeming social value and it poses huge dangers to our economy. Yet Trump is enabling it to worm into the economy because he\u2019s taken huge crypto payoffs that have made him and his family billions of dollars. <\/strong><\/p>\n

What can you do?<\/p>\n

For starters, please share this video to help spread the truth.<\/p>\n

\n