Be a part of Sarah Jones and Jason Easley at 11 AM for a Substack Dwell chat the place we focus on what to do about Trump and reply your questions.
When Trump climbed into mattress with the cryptocurrency business, it was a match that ethics consultants warned was an ideal storm. A president who has almost three dozen legal convictions for fraud now had a mechanism that may be a favourite of fraudsters for making a living and the platforms of the White Home and the presidency to use, which is strictly what has occurred.
Sen. Chris Murphy’s workplace supplied a timeline of Trump’s meme coin corruption:
On January 17th, three days earlier than the inauguration, President Donald Trump launched $TRUMP, a meme coin or digital asset with no inherent worth. The coin was initially solely value just a few cents, however it exploded in worth upon restricted launch and drove Trump’s web value briefly north of $50 billion. Every time the coin is launched and traded, Trump makes cash from buying and selling charges, and he and his household have made greater than $100 million from these charges. There isn’t a strategy to know who’s shopping for the coin, which leaves the door large open for billionaires, Russian oligarchs, and Saudi princes to secretly buy $TRUMP and immediately enrich the president with the intention to curry favor.
Final month, Trump’s crew introduced the highest 220 meme coin holders can be invited for an unique dinner with the president and the highest 25 coin holders would get a “Particular VIP Tour” of the White Home. After that message went up, the value of $TRUMP jumped greater than 50 % and its market worth soared to $2.7 billion. In simply two days following the announcement of the dinner, Trump and his allies made almost $900,000 in buying and selling charges alone.
This can be a brazen abuse of energy and place for self-enrichment, and Sen. Chris Murphy is making an attempt to place a cease to it with The MEME Act.
What’s the MEME Act, and what wouldn’t it do? Learn under to search out out.
