President-elect Trump’s new cryptocurrency, “$TRUMP,” has rapidly increased in value, potentially making him one of the world’s richest individuals. The token, marketed through the Trump Organization affiliate CIC Digital LLC, launched at $10 and quickly reached $70, with the Trump Organization retaining 80% ownership. Despite disclaimers stating the token is non-political, concerns exist regarding ethical conflicts of interest given its connection to Trump’s presidency and the potential for leveraging his office for personal profit. The rapid increase in value and Trump’s prior pro-crypto campaign rhetoric raise significant questions about the propriety of this venture.
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Do Kwon, founder of Terraform Labs, has been extradited to the United States to face charges related to the $40 billion collapse of TerraUSD and Luna cryptocurrencies in 2022. The US alleges Kwon orchestrated a multi-billion dollar fraud, leading to significant investor losses and market turmoil. Following his arrest in Montenegro after fleeing South Korea, a protracted legal battle concluded with his extradition despite the lack of a formal extradition treaty. This marks the end of an 18-month legal process.
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A six-year ban on cryptocurrency mining, effective January 1, 2024, has been imposed in ten Russian regions due to the industry’s substantial energy consumption. This measure, potentially expanding to other regions during peak demand, reflects Russia’s ongoing struggle to regulate cryptocurrency despite its legalization in November 2023. While cross-border crypto payments remain permitted, the ban underscores the government’s efforts to balance energy needs with the evolving cryptocurrency landscape. Future adjustments to the ban are possible depending on energy demand fluctuations.
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John Q. Hosedrinker