On May 16, PANews reported that The Economist recently published an article stating that the cryptocurrency industry has become deeply involved in American politics, with several cabinet officials and members of the Trump family holding significant digital assets. The $TRUMP token has been used for fundraising and lobbying. Companies like Fr8Tech are purchasing tokens in exchange for opportunities to interact with the president. The article criticizes the industry for straying from its original decentralized purpose and becoming a tool for rent-seeking, calling it the 'ultimate swamp asset.' In contrast, regions like the EU and Singapore are advancing regulatory clarity while avoiding conflicts of interest.
Note: 'Ultimate swamp asset' is a critical expression used to describe assets that appear to be high-tech or financial innovations but have actually become hotbeds for rent-seeking, regulatory arbitrage, and gray market transactions.
