#crypto.com

Lisa Needham at Daily Kos:

Trump Media, the private crypto/social media/streaming network/finance company run by President Donald Trump and his family, just agreed to a new deal with Crypto.com to do a complicated scammy crypto thing.  It’s super cool that the president gets to (not) regulate crypto so he can line his own pockets.  Okay, you want to know how the crypto thing works? Fine. Here’s a decent explanation: “A (poorly operating) social-media company is raising money to go public via a backdoor route, asking investors to give it cash so it can then buy a mid-tier cryptocurrency that those investors could just buy on their own.” Experts have advised that this whole thing is probably a bubble, but what does that matter when you’re the president? Trump and his family will walk away just fine whenever this crashes out, ready to come up with some other scheme. 

Being able to cut multimillion- or multibillion-dollar private deals with the president of the United States is antithetical to democracy. It’s a vector for corruption, one where donors can purchase whatever Trump and his sons are currently pimping and, in doing so, get access to the presidency and favorable treatment.  And it’s certainly paying off. Trump has pardoned not just crypto bros but actual crypto exchanges and has entered into business partnerships with crypto bros who ponied up to buy millions of dollars of Trump’s dumb meme coin $TRUMP. You’d think Trump would be busy, what with running the country into the ground and all, but instead, he’s got a family business that’s as low-rent as ever. Where it used to be Trump Steaks, Trump University, Trump Vodka, and Trump Airlines—a whole series of failed grifts—these days he’s lending his name to all things crypto. 

Donald Trump and his adult sons Eric and Donald Jr. cannot quit their crypto grifting.

See Also:

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