A new report details how President Trump has allegedly transformed the presidency into a personal money-making venture, enriching himself and his family through cryptocurrency schemes. These schemes are intertwined with foreign governments, corporate allies, and criminal actors, allowing Trump to amass billions while dismantling anti-corruption safeguards. The report further documents how the administration has halted investigations into crypto firms that have financially supported the President and his ventures, and also reveals pardons and the rollback of sanctions for individuals connected to his financial dealings. The report emphasizes the urgent need for congressional reforms to address the severe weaknesses in existing laws that enable such alleged corruption.
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During Donald Trump’s second term, crypto assets significantly impacted his family’s wealth. The value of the Trump-branded memecoin has decreased by about a quarter since August, while Eric Trump’s investment in a Bitcoin mining venture lost nearly half its peak value. Furthermore, shares of Trump’s social media company, which recently began accumulating Bitcoin, are currently trading near an all-time low. This illustrates the inherent volatility of digital currencies and their impact on the Trump family’s financial holdings.
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The Trump family’s foray into cryptocurrency has resulted in a significant wealth decline of approximately one billion dollars in just a few months. This drop is attributed to losses in meme coins, Bitcoin mining ventures, and Trump Media & Technology Group (TMTG) investments, including a dramatic fall in the value of their holdings in the World Liberty Financial token. Despite these losses, the family’s overall crypto investments, especially since the president’s return to office, have significantly boosted their wealth. Furthermore, the broader downturn in the crypto market has also impacted the Trump family’s wealth, with significant drops in the value of TMTG shares and investments in the CRO token.
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Donald Trump’s pardon of cryptocurrency firm Binance founder Changpeng Zhao, who had pleaded guilty to money-laundering, has sparked controversy due to Zhao’s financial ties to the Trump family’s crypto venture, World Liberty Financial. The pardon occurred months after Binance partnered with World Liberty Financial in a $2 billion deal, prompting former U.S. Pardon Attorney Elizabeth Oyer to call the pardon “corruption” on 60 Minutes, citing unprecedented influence of money. Experts like Harvard’s Lawrence Lessig suggest the currency selection was intended to benefit Trump, noting Zhao’s potential control over World Liberty Financial’s success, while the White House defends the pardon as an exercise of Trump’s constitutional authority.
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The Trump family is expanding its business ventures with the launch of “Truth Predict,” a prediction market platform on the Truth Social platform. This platform will allow users to bet on the outcomes of various events, in partnership with the cryptocurrency trading platform Crypto.com. Simultaneously, the Trump family’s involvement in the cryptocurrency market has generated significant wealth, with the Trump Organization’s income increasing dramatically, largely due to the Trump-backed cryptocurrency venture. Despite ethical concerns and criticisms regarding potential conflicts of interest, some Republican figures have expressed acceptance of these business dealings.
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Congressman Ro Khanna of Silicon Valley plans to introduce a bill that would prohibit elected officials from trading stocks and cryptocurrencies. This proposed legislation comes in response to growing concerns over potential conflicts of interest and public distrust of politicians’ financial activities. Khanna is seeking bipartisan support for the bill, acknowledging that this issue has generated controversy across the political spectrum. More details on the situation can be found in the NBC Bay Area video report.
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In a move that has sent ripples through the crypto world, President Trump has pardoned Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance, after he served time for failing to prevent criminal activity on the platform. The pardon, announced by the White House, follows a request from Zhao, a prominent figure in the industry, and comes as Trump has shown a hands-off approach to crypto regulation and a support for the industry. This is consistent with Trump’s pattern of clemency for allies and a perceived overreach by the current administration, which had pursued Zhao for violating the Bank Secrecy Act. The pardon has potentially significant implications for Binance’s operations and appears to be connected to the Trump family’s financial interests in the crypto space.
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New court filings allege that the creators of the $MELANIA cryptocurrency, launched by Melania Trump, orchestrated a pump-and-dump scheme. The coin’s value surged to $13.73 shortly after its January release before plummeting to mere cents, mirroring the trajectory of Donald Trump’s $TRUMP coin. Investors accuse executives of the Meteora exchange platform of manipulating the market by indirectly purchasing large quantities of the coin and then reselling them for profit. This case has been added to existing legal proceedings, while the Trump family has reportedly earned significant profits from various cryptocurrency ventures.
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Former Binance CEO Changpeng Zhao, who pleaded guilty to money laundering charges, has been pardoned by President Trump. The White House justified the pardon by citing the Biden administration’s alleged “war on cryptocurrency” and lack of fraud victims in Zhao’s case. Senator Elizabeth Warren criticized the pardon, labeling it as “corruption” due to Zhao’s prior guilty plea and alleged support for Trump’s crypto ventures. Zhao’s pardon followed his November 2023 guilty plea and the company’s $4.3 billion settlement with the Department of Justice, where he was sentenced to only four months in jail.
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Cryptocurrency investors have filed a lawsuit alleging that the creators of the Melania coin, along with cofounders of Meteora and Kelsier Labs, engaged in a pump-and-dump scheme. The complaint accuses Benjamin Chow and Hayden Davis of using a “repeatable six-step ‘playbook'” to fraudulently inflate the value of the meme coin and others before selling them off, resulting in significant investor losses. The plaintiffs claim that Melania Trump’s name and likeness were used as “window dressing” to mislead investors into believing the venture was legitimate, despite the coin’s drastic devaluation since its launch. The case is expected to clarify token launch expectations and disclosures in the US, according to the plaintiffs’ attorney.
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John Q. Hosedrinker