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๐จ Trump, Crypto & Corruption? A $2.9B Digital Storm ๐ช๏ธ๐ฐ
In one of the most controversial crypto stories yet, President Donald Trump has plunged headfirst into the blockchain world โ and watchdogs are sounding the alarm. ๐จ
On May 22nd, Trump personally hosted an exclusive dinner ๐ฅ at his Virginia golf club for the top 220 holders of his new memecoin $Trump โ a novelty token with no real-world value. The top 25 buyers even got a private reception. Total spent to attend? A jaw-dropping $148 million. ๐ณ
๐ผ Behind the Blockchain
Trump's family venture, World Liberty Financial (WLF), has exploded onto the scene. Launched last fall and already worth $2.9 billion, it recently secured a $2 billion deal with an Abu Dhabi fund investing in Binance, the crypto giant that pleaded guilty to U.S. charges in 2023. ๐
One major investor? Justin Sun, a controversial crypto billionaire who bought $20M in $Trump tokens, attended the gala, and is reportedly in settlement talks with the SEC โ which recently paused investigations into several crypto firms under Trumpโs watch. ๐ต๏ธโโ๏ธ๐ผ
โ๏ธ Ethics in Question
Critics say Trump is selling access to himself and using his office to enrich his family. The End Crypto Corruption Act, led by Democrats like Jeff Merkley and Chuck Schumer, aims to stop public officials from profiting off crypto ventures. ๐งพ
Former ethics officials and even some Republicans are calling it unprecedented:
โThis is a roadmap for corruption,โ warned one former White House ethics adviser. ๐งญ
๐ Global Money, National Risk
Analyses show most top buyers of $Trump are based outside the U.S. ๐ โ raising fears about foreign influence, money laundering, and national security risks, especially as WLFโs stablecoin USD1 is used in international deals. ๐ธ๐จ๐ณ๐ฆ๐ช