‘I have never seen such open corruption': Trump's crypto deals and loosening of rules shock observers

‘I have never seen such open corruption’: Trump’s crypto deals and loosening of rules shock observers | Trump administration | The Guardian

After courtship with crypto industry, president now profits immensely from a sector he once said ‘seems like a scam’

theguardian.com

TL;DR

Donald Trump teamed up with crypto mogul Justin Sun to launch the $Trump memecoin, hosting a $100K-watch–flaunting dinner on May 22 and a White House tour for top buyers that helped raise about $148 million—much of it from anonymous or foreign investors. Critics, including Harvard’s Steven Levitsky and former prosecutors, decry it as textbook self-dealing and “the Mount Everest of corruption,” arguing that a sitting president should never auction access for personal gain.

Sun had already plowed $75 million into Trump’s World Liberty Financial venture (60 percent owned by Trump and his sons) and has seen SEC fraud cases against his firms paused under the new Trump administration’s pro-crypto, deregulation spree. Congressional Democrats have launched probes and an “end crypto corruption” bill, warning that slashing oversight could invite more fraud, money laundering and national-security risks.