Trump's cryptocurrency ends a political career with conflicts of interest | Donald Trump

The 220 winners of a cryptocurrency competition were informed on Monday that they should look for an e -mail with “the most exclusive invitation in the world”. In some cases, millions of dollars had won the price of participating in a private gala with Donald Trump in his own Washington DC Golf Club as a reward for immense amounts of money.

Access to the president in an exchange for investments in his crypto underfang was Trump's most recent conflict of interest in a political career that is filled with the words of one of his most repeated keywords “many such cases”. Real Estate Holdings, a media company, Merchandising deals, fraud and finally the gift from Qatar, an aircraft of 400 million US dollars, are only a few of the countless entanglements that state ethics wax dogs have been warned for a decade.

Trump's excursion to the cryptocurrency is a unique combination and escalation of these conflicts. It is about using his presidency for personal profit, may open to foreign influence and work in an industry in which he has an immense power for deregulation. It marries Trump's unscrupulous business tendencies with an industry that is for fraud, fraud and lack of transparency. It can also become the most lucrative business in which he has ever been involved.

Auction of influence

Trump's postponement of cryptocurrency to the industry operator last year was already a concern of the supporters of ethics and transparency that feared that he could potentially go through with chosen crypto-friendly legislation that would benefit his personal financial interests. The auction of direct access to the president through a crypto system increased fears in terms of political corruption and attempts to buy influence, especially in view of the opaque nature of competition. The names of the winners are still unknown.

In the rules of the Trump -Dinner competition it was found that the top 220 buyers of $ Trump, which were listed on a public ranking on the website of the coin, would receive an invitation to dine with the president. The top 20 in the ranking would receive even more personal access via VIP reception with Trump. The ranking only gave the username and crypto letter pocket codes of the participants, no other identifying information. The winners were also able to write down any name that they selected on the invitation, according to the frequently asked questions from the website, which are added to another level of uncertainty, who will actually participate.

One of the main facilities of Democrats and Ethics groups that deal with competition is that foreign actors can influence Trump by investing in their cryptocurrency. Several analyzes of the $ Trump ranking have already found that a large percentage of the top buyers used foreign crypto exchanges that prohibit the US users on their platforms, which indicates that the winners may be foreign residents.

The Top $ Trump buyer's wallet on the ranking list, which has more than $ 18 million The value of the coin was associated with the crypto entrepreneur Justin Sun, based in Hong Kong. In 2023, the Securities and Exchange Commission (SEC) accused the sun due to fraud and other securities injuries in connection with the trade in cryptocurrencies. However, since Trump took office, the SEC has this investigation. SUN also invested tens of million dollars in the other crypto companies of the Trump family last year and is a consultant in the world Liberty Financial Company that control Trump's sons.

The $ Trump coin has also attracted foreign investors beyond the competition. On Monday, a small technology company named GD Culture Group, which has a Chinese subsidiary and has a TikTok e commerce business, announced that it received $ 300 million for the purchase of coins from $ Trump. The purchase would correspond to Trump how he decides how to deal with Tikok's potential ban or forced sale in the United States.

The Trump family company is no longer real estate

The Trump family's entry into cryptocurrency is a relatively recent development, but the Trumps have thrown themselves into the industry since the beginning of last year. Trump became a strong crypto investor during the presidential election campaign and was the first candidate to accept crypto donations and promised the USA at a Bitcoin conference in July in the “Krypto capital of the planet”. Later this year, Trump announced the creation of the World Liberty Financial Crypto Venture – a company that has collected around 550 million US dollars and which the Trump family controls.

Trump's reach into the crypto world was deepened after his election victory when he was involved in the creation of so-called memecoins, which fluctuated wildly through speculative trade. The cryptocurrency of $ Trump and a melania coin of $ Melania started in mid-January before his inauguration. The value of $ Trump initially rose to around 75 US dollars per coin before it collapsed to achieve slow value after Trump announced that the top buyers of the coin would win an exclusive dinner with him.

Since then, crypto companies that are connected to Trump have expanded to create a different cryptocurrency called USD1, a vague “Trump reward points” program and a stock market fund or ETF. This week, Eric Trump also announced that a Bitcoin mining company would go public.

Trump's personal commitment to each of these projects is involved, and the companies that control the various aspects of the family crypto empire of the family are set up like the nesting dolls. He does not have the company that made the $ Trump Memecoin, for example. Instead, the Trump organization has a company called CIC Digital LLC, which together with another company called Fight Fight LLC and wins profits from the trade in the trade. These two LLCs also hold around 80% of the coin reserves, a share that is worth more than $ 2 billion on paper at the current market value.

The burgeoning crypto empire of the Trump family is a remarkable turn when Trump Bitcoin described and said it should be heavily regulated in 2021. Since then there have been enormous developments in the cryptocurrency world, but in this case it could be the most important thing that Trump now benefits from it.

Setbacks to Trump of the deregulated crypto

While the Trump family has built up its crypto business, the Trump government also urged the deregulation of the industry and appointed a Pro crypto director of the Sec. In April, the Ministry of Justice concluded its cryptocurrency department for investigations to align themselves with a Pro crypto Executive Ordinance from Trump.

These movements in the direction of deregulation occur, while the crypto industry is still fuller, and only a few years after Sam Bankman, the fraudulent management of the FTX cryptocurrency exchange, led to one of the largest financial scandals in modern history. The potential loosening of the rules and the support of the crypto industry have an impact that goes beyond corruption concerns and financial effects. Bitcoin mining facilities that have been expanded in the USA also cause problems with energy supply, environmental problems and problems with noise pollution, all of which are regulated by agencies that Trump can influence.

Democratic legislators and even some Republicans have pushed back against Trump's conflicts of interest, and some Trump allies suggested that dinner were one step too far. The Senator of Connecticut, Richard Blumenthal, has formalized these concerns in the past week by announcing an ethics examination of the President's crypto operations.

“President Trump's financial involvement to the $ Trump coin and the attempted use of the White House to organize competitions to support the value of $ Trump, provides an unprecedented pay-to-play scheme for access to the presidency to the highest bidder,” wrote Blumenthal in a letter last week.

Trump's crypto company also derived a pioneering law to regulate some forms of cryptocurrency, called Genius Act, that previously had non -partisan support. The Senate Democrats, together with three Republicans, voted on a procedural application that would have made it possible for the bill to proceed in its current form, and argued that he needed more protection to prevent the kind of conflicts that Trump emerged.

“It was shocking to see how Donald Trump moves at an exciting speed to use his position as president in order to harvest billions of dollars personally and for his family,” said Senator of Massachusetts, Elizabeth Warren, against the law last week. “The greatest corruption scandal in modern history is currently and nobody pays attention to it.”