Friday, the pieces of the trumpy cryptocurrencies – the cryptocurrency pieces $ Trump and $ Melania – had a combined market value of about $ 6 billion.
A few days before taking an official oath, Trump announced on his social media platform the creation of the Trump $ Trump play, featuring the image of Trump from the assassination attempt in July and Declared: “Join the Trump community. It’s a story in the making!
The Melania $ piece quickly followed.
Despite no details on the value, the use or risks of the medal medal, Trump supporters, players and those who wish to suck in Trump bought it – sending the price of the room in the stratosphere. On paper, the Trump family is now richer by several billion dollars.
Trump once denounced the crypto, but as the cryptography industry has paid tens of millions of dollars in 2024 campaigns, he changed his mind. Not only did he see the political power of the cryptographic industry, he saw the opportunity to earn a pile of money.
He then promised to make the United States the “cryptographic capital of the planet”.
In September, the Trump family launched World Liberty Financial, which they sold as a platform to facilitate loan and loans in digital currencies. (Trump receives a reduction in WLFI sales, the cryptocurrency associated with the platform.)
Now that he has taken office, Trump plans to make billions of his presidency by implementing policies that promote crypto.
The truth about crypto
Cryptocurrencies do not serve any useful purpose other than the Purchase of other cryptographic assets,, money laundering,, extortion And scams. As economist Paul Krugman said, their market value is based only on “Techobabble and Libertarian Derp”.
They also use huge amounts of energy.
And if they infiltrate Wall Street, they could destabilize the entire financial system.
Cryptographic industry has a doubtful reputation. Sam Bankman Fried, founder of FTX, one of the largest cryptography scholarships in the world, was sentenced last year to 25 years in prison for fraud. Changpeng Zhao, founder of a rival exchange, spent four months locked up for money laundering.
But the richest people in America with enormous power – the oligarchy, including Trump – supports cryptocurrencies. Not only can they make a fortune, but the crypto advances their long -term objective to move the financial controls of a democratically elected and in their hands system.
Trump II and Crypto
Now that he is president, Trump actively promotes crypto – reversing Biden’s attempts to prevent the cryptography industry from infiltrating Wall Street.
Biden’s tight rules have made prohibitive so that banks have digital assets on behalf of customers and have prevented them from developing their own cryptographic products, such as stablecoins (tokens fixed to the dollar or other assets).
The Federal Deposit Insurance Corporation (FDIC), a guard dog, stopped dozens of these projects on the grounds that he did not know how digital assets should be processed in regulatory documents.
With Trump, however, banks and cryptographic industry are now growing in the same direction and face it with little resistance. New and extremely profitable forms of risk taking – for a small group of people capable of taking such risks and capable (like the Trump family) to take advantage of their own cryptographic products.
Trump sets up friendly crypto people in the main federal agencies, stimulating his prospects. In December, he chose Washington Paul Atkins lawyer, a known crypto booster, to chair the Securities and Exchange Commission, the main American financial regulator.
Last week, the Securities and Exchange Commission modified its directives so that financial institutions no longer have to take into account, on their own balance, for cryptographic assets held on behalf of customers. Dry Back accounting adviceThis had dissuaded the banks from getting involved in the crypto.
Trump hit the venture capital investor and the David Sacks digital currency enthusiast to supervise administrative policies on crypto (and artificial intelligence).
Then, last Thursday, Trump published an executive decree committing the Trump administration to “protect and promote” the cryptography industry:
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as in the international direction of our country. It is therefore the policy of my administration to support the growth and use responsible for digital assets. »»
The order gives its power of administration to establish a stock of national cryptocurrency – a reserve of digital documents that the crypto industry spent months lobbyingThe new administration because it legitimizes the crypto more and adds the demand.
The order of Trump also prohibits the creation of a “digital currency of the central bank” supervised by the government. And the order promises “open access and open to banking services” for the Crypto (responding to complaints of crypto companies that the banks refused them).
Indeed, Trump writes the rules of a commercial enterprise which he and his family benefit personally. This could earn them hundreds of billions of dollars.
If you are indignant by this, very well. You are probably indignant by a large number of things that Trump has done since January 20.
The larger image
The real meaning of so blatant profits from the highest office in the country is what it reveals – not only about Trump but throughout the oligarchic company for which it is moving. It is likely to contribute to a vast wave of public alarm and disgust.
Just as Elon Musk demonstrates how enormous wealth can create a huge personal political power, Trump shows how personal political power can create enormous wealth.
Musk has flowed a quarter of a billion dollars to elect Trump and was rewarded by a key point as director of the so-called Ministry of Government efficiency, or DOGE (MastiffHimself a crypto token, benefited from the vocal support of Musk) – creating large conflicts of interest on the myriad of Crypto and Musk companies (X, SpaceX and Tesla, which are regulated by federal agencies and also main government entrepreneurs).
This dynamic – a great power creating an enormous richness and enormous wealth creating great power – is at the heart of the oligarchic takeover of America. And both are based on the corruption of democracy.
Any rich person, a company or a foreign chief wishing to arouse favor with Trump now has particularly easy means – just buy $ Trump and $ Melania Cryptocation Embesons.
Corruption will worsen because neither Trump nor Musk have limits. None of the oligarchs around them, like David Sacks, that Trump has chosen to supervise the policies of his administration on crypto and artificial intelligence.
Like Musk, Sacks serves as a “special government employee”, which does not require a confirmation of the Senate or complete financial disclosure, and allows bags to maintain its commercial interests while influencing politics. Expect more conflicts of interest.
While the crypto and the bank are starting to merge, bank deposits will become more vulnerable to movements on the cryptography market and banks more vulnerable to races. This is what happened in Silvergate and Signature, two banks focused on the crypto which collapsed in 2023. The two were broken by a fall in the prices of cryptocurrencies which started at the end of 2021, then reverberations of the collapse of FTX.
The greatest beneficiaries of all of this are the highest rolls – the oligarchs that have been pushing crypto for years. And now Trump is on it and will personally gain billions, as are those who seek to arouse his favor by buying his room.
The end of the game
The American public does not respect flagrant self-feeding. We do not want civil servants to benefit personally by decisions which are supposed to be made in the interest of the public.
You may think, “But Trump has been taking advantage of his family members for years for years. And they left.
Certainly, but what is happening now is much larger and much more visible. This implies an entire industry (crypto) and remarkable members of the American oligarchy who invest there, including the president and the officials around him.
And it is intrinsically risky. For oligarchs, the rise in digital finance offers great money opportunities. But for the rest of us, it increases the risk of another financial crisis.
Unrelated greed combined with an undressed power is an explosive combination. When the collapse arrives, it will be necessary with Trump, Musk and the Oligarchy.
