Excellent news for anybody who hasn’t but had the chance to bathe cash on President Donald Trump’s personal corporations: Trump Media & Expertise Group goes to lift $2.5 billion to spend money on bitcoin, giving big-money buyers one other probability to purchase affect.
Asserting the funding, TMTG, the mum or dad firm of Fact Social, filed a report with the U.S. Securities and Alternate Fee, stating that it already has subscription agreements from about 50 institutional buyers.
However don’t anticipate the SEC, which Trump says is simply topic to his authority and isn’t an impartial regulator, to step in anytime quickly.
Why is TMTG, which is ostensibly a media firm, spending $2.5 billion on crypto? In response to Devin Nunes, chair of the President’s Intelligence Advisory Board, it’s as a result of bitcoin is “an apex instrument of economic freedom” and can defend TMTG from “harassment and discrimination by monetary establishments.”
TMTG isn’t the identical as Trump’s different personal crypto firm, World Liberty Monetary. That’s the one behind the spectacularly corrupt dinner, the place folks spent thousands and thousands on Trump’s dumb memecoin to get entry to the president. The dinner included crypto bro Justin Solar, who spent $40 million to attend as a result of he owed Trump for dropping an SEC lawsuit in opposition to him.
When the Monetary Occasions first reported on TMTG’s crypto deal, the corporate derided it as “pretend information,” however then formally introduced the deal the very subsequent day. Although the Monetary Occasions initially received the quantity of the funding mistaken, its reporting was in any other case spot on.
In the meantime, Trump stated that the USA will set up a bitcoin reserve, which means that Trump’s personal firm is making main strikes in the identical bitcoin market through which the administration needs to spend taxpayer {dollars}.
Trump is already deep into crypto corruption. Moreover dropping the SEC swimsuit in opposition to Solar, he additionally pardoned the crypto bros who ran BitMEX, a cryptocurrency alternate that served as an effective way to launder cash. For good measure, he additionally pardoned the corporate of BitMEX, which wasn’t actually a factor anybody thought a president may do.
However for anybody who would possibly really feel squeamish about entering into crypto, there are different methods to bribe the president.
Trevor Milton, founding father of Nikola, an organization that was speculated to make electrical semitrucks however as an alternative simply took folks’s cash, received a pardon after donating about $920,000 to a Trump-affiliated political motion committee in the course of the 2024 election.
And when Paul Walczak’s mom attended the $1 million-per-head dinner at Mar-a-Lago in April, Walczak received a pardon a number of weeks later. He had pleaded responsible to tax crimes after spending years withholding employment taxes from his workers, which he then used to reside a lavish way of life, together with shopping for a $2 million yacht.
Trump is overtly promoting entry to the presidency, and he’s not going to cease anytime quickly. His personal corporations perform not simply as a solution to get cash in his pocket, but in addition as a automobile to affect presidential coverage, simply by writing the largest test.
All of that is deeply corrupt, however since Congress has deserted oversight of Trump, it’s unstoppable.
