Thoughts tagged "crypto"

Short thoughts, notes, links, and musings by . RSS

House Oversight Democrats have published a Web3 is Going Great-style “Trump Family Digital Grift” counter.

This goes with their recent staff report, “Professionalized Corruption: How Donald Trump is abusing power and accepting digital kickbacks from foreign and criminal interests to cash in on the presidency like never before”.

The report cites some of my writing on Trump’s USD1 stablecoin.

Trump Family Digital Grift Profits $2,255,399,364.28 Total Trump Family Digital Grift Wealth $8,712,974,364.28 Trump Family Digital Grift Profits from Foreign Interests $437,004,026.96 While Americans struggle to buy groceries and pay rent, Donald Trump is making his family richer through digital grift schemes— collecting profits through digital wallets and granting pardons to the highest bidders. While Trump and his family are using the White House to make billions, we are tracking every cent. As of January 2026, our Committee’s analysis shows that these schemes have contributed to an estimated $2.25 billion in realized profits for Trump from foreign payments, corrupt oligarchs, and others. This total rises to as much as $9.7 billion when the value of Trump’s digital assets is factored in, with as much as $436 million coming from foreign interests. President Trump should be serving the American people—not his own pockets.

The full CBS interview with Trump about the pardon of Binance's Changpeng Zhao is shocking. "Why did you pardon him?" "I have no idea who he is. I was told that he was a victim ... They sent him to jail and they really set him up. That's my opinion. I was told about it."

NORAH O'DONNELL: Looked at this, the government at the time said that C.Z. had caused "significant harm to U.S. national security", essentially by allowing terrorist groups like Hamas to move millions of dollars around. Why did you pardon him? PRESIDENT DONALD TRUMP: Okay, are you ready? I don't know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt. And what I wanna do is see crypto, 'cause if we don't do it it's gonna go to China, it's gonna go to-- this is no different to me than AI. My sons are involved in crypto much more than I-- me. I-- I know very little about it, other than one thing. It's a huge industry. And if we're not gonna be the head of it, China, Japan, or someplace else is. So I am behind it 100%. This man was, in my opinion, from what I was told, this is, you know, a four-month sentence. But this man was treated really badly by the Biden administration. And he was given a jail term. He's highly respected. He's a very successful guy. They sent him to jail and they really set him up. That's my opinion. I was told about it. I said, "Eh, it may look bad if I do it. I have to do the right thing." I don't know the man at all. I don't think I ever met him. Maybe I did. Or, you know, somebody shook my hand or something. But I don't think I ever met him. I have no idea who he is. I was told that he was a victim, just like I was and just like many other people, of a vicious, horrible group of people in the Biden administration.

"I know nothing about it because I'm too busy." He talks about how his sons are in the crypto industry, and how his son and wife published bestselling books. "I'm proud of them for doing that. I'm focused on this."

NORAH O'DONNELL: The government had accused him of "significant harm to U.S. national security"-- PRESIDENT DONALD TRUMP: That's the Biden government. NORAH O'DONNELL: Okay. Allowing U.S. terrorist groups to, you know, essentially move millions of dollars around. He pled guilty to anti-money laundering laws. That was in 2023. Then in 2025 his crypto exchange, Binance, helped facilitate a $2 billion purchase of World Liberty Financial's stablecoin. And then you pardoned C.Z. How do you address the appearance of pay for play? PRESIDENT DONALD TRUMP: Well, here's the thing, I know nothing about it because I'm too busy doing the other-- NORAH O'DONNELL: But he got a pardon-- PRESIDENT DONALD TRUMP: I can only tell you that-- NORAH O'DONNELL: He got a pardon-- PRESIDENT DONALD TRUMP: Norah, I can only tell you this. My sons are into it. I'm glad they are, because it's probably a great industry, crypto. I think it's good. You know, they're running a business, they're not in government. And they're good-- my one son is a number one bestseller now. My wife just had a number one bestseller. I'm proud of them for doing that. I'm focused on this. I know nothing about the guy, other than I hear he was a victim of weaponization by government. When you say the government, you're talking about the Biden government.

"[You're] not concerned about the appearance of corruption with this?"

"I'd rather not have you ask the question."

NORAH O'DONNELL: So not concerned about the appearance of corruption with this? PRESIDENT DONALD TRUMP: I can't say, because-- I can't say-- I'm not concerned. I don't-- I'd rather not have you ask the question. But I let you ask it. You just came to me and you said, "Can I ask another question?" And I said, yeah. This is the question-- NORAH O'DONNELL: And you answered-- PRESIDENT DONALD TRUMP: I don't mind. Did I let you do it? I coulda walked away. I didn't have to answer this question. I'm proud to answer the question. You know why? We've taken crypto-- NORAH O'DONNELL: But just generally speak-- PRESIDENT DONALD TRUMP: Excuse me. We're number one in crypto in the whole world. Other people wanna be. They're fighting like hell to be. But we're number one in crypto because I'm the president. Biden wanted to also, at the very end, you know, he totally switched his thing.
“Read the full transcript of Norah O'Donnell's interview with President Trump here.”
Norah O'Donnell in CBS News.

he saw Mamdani talking about housing and thought: but what about crypto?

Headline: New York mayor candidate Cuomo pledges crypto innovation with new role

my guess is this is more of a hail mary attempt to get blockchain/AI money and influence behind him. we haven't seen much crypto industry spending in races below the federal level, but i also wouldn't put it past them to get involved here at the last minute

The Trumps' World Liberty Financial project has frozen WLFI tokens in wallet addresses belonging to Justin Sun that contain ~$100 million (on paper) in unlocked WLFI. Sun is a major backer of the project, which the Trumps say they founded to stop "debanking".

The freeze apparently came after Sun transferred around ~$9M of his holdings to Binance.

The World Liberty team has been desperately trying to prevent the WLFI price from sinking, including by burning tokens to boost the price. They may be concerned that whales like Sun could further depress the token price by cashing out.

Sun is claiming he was merely testing exchange deposits (?) and not buying or selling. He seems to be responding to suggestions that he was the one tanking the token price, though it's not clear if this blame is coming from WLF directly.

Tweet by Justin Sun: Our address only conducted a few generic exchange deposit tests, with very low amounts, and then created address dispersion, without involving any buying or selling, which could not possibly have any impact on the market. (Autotranslated from Chinese by Twitter)

Prior to this, Justin Sun's HTX exchange was running a "high-yield event", offering people 20% APY if they deposited their WLFI tokens on his exchange.

Sun has in the past snapped at people questioning his high-yield products, admonishing them to "stop asking me questions like 'where does the yield come from'" and claiming it's fully subsidized by the company. As I wrote then:

Speaking of Justin Sun, remember last issue when I wrote about the Terra fraud: “Side note: If someone promises you a risk-free 20% annual yield if you just let them hold on to your dollars for you, the risk that you never see those dollars again is in fact very high”? Well, an hour after retweeting with the 👀 emoji a Reuters bulletin about the SEC enforcement “freeze” (a headline which did not make mention of the carve-out for cases, like Sun’s, alleging fraud), Sun fired off one of the most spectacular tweets I’ve seen out of the industry in a while: H.E. Justin Sun @justinsuntron USDD 2.0 is about to launch with a 20% APY, fully subsidized by @trondao. All interest will be sent in advance to a transparent address. There’s no other reason—it’s simply because we have plenty of money. So, stop asking me questions like “where does the yield come from.” (Tweet, archive) Stop asking questions! Why can’t you understand that we just have so much money that we want you to send us your money so that we can give you our money!