Be part of Sarah Jones and Jason Easley at 11 AM for a Substack Stay chat the place we focus on what to do about Trump and reply your questions.
When Trump climbed into mattress with the cryptocurrency trade, it was a match that ethics consultants warned was an ideal storm. A president who has practically three dozen prison convictions for fraud now had a mechanism that may be a favourite of fraudsters for earning profits 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 price just a few cents, nevertheless it exploded in worth upon restricted launch and drove Trump’s internet price 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 is no such thing as a technique to know who’s shopping for the coin, which leaves the door vast open for billionaires, Russian oligarchs, and Saudi princes to secretly buy $TRUMP and immediately enrich the president so as to curry favor.
Final month, Trump’s staff 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 p.c and its market worth soared to $2.7 billion. In simply two days following the announcement of the dinner, Trump and his allies made practically $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 attempting to place a cease to it with The MEME Act.
What’s the MEME Act, and what would it not do? Learn beneath to seek out out.
