Former President Donald Trump took a huge step into the world of cryptocurrency this month. He further positioned himself with a $2 billion investment in Binance with profits from a deal he made with Abu Dhabi’s financial fund MGX, which is geared up by the United Arab Emirates. Aside from the moral implications of such a partnership, this collusion is particularly alarming given Trump’s track record as a businessman and his continued sway in politics today.
Steve Witkoff is Trump’s special envoy to the Middle East. As equally important, he’s co-founder of WLF—providing his strong, vested interest in this venture. Witkoff, along with Trump’s oldest sons, Eric and Don Jr., and Witkoff’s son Zach, has been instrumental in promoting WLF across the Middle East and beyond.
All of these developments fall squarely within Trump’s deregulatory agenda. This agenda has mostly only helped the richest and most influential members of the crypto industry, like Elon Musk. Under Trump, and even more under the current administration, this deregulatory push enabled Musk’s crypto assets to flourish. This recent advancement has left retail investors fearful of what it might mean.
In a bid for transparency, Trump’s family recently hired a lawyer as an ethics adviser to navigate the complexities of his business dealings. Critics argue that hiring an adviser does little to mitigate the potential conflicts of interest arising from Trump’s financial endeavors.
In March, Trump kicked off the year with what he dubbed the first-ever “crypto summit.” This event cemented his place in the volatile but fast growing world of cryptocurrency. He announced his new presidential memecoin, $Trump, only days before taking office. Since then, it’s turned into a financial windfall for him.
The president’s ability to profit from his own memecoin is seen by many as a clear violation of the ethical standards expected from elected officials. According to legal expert Paul Rosenzweig, Trump benefiting from his new presidential memecoin presents an obvious conflict. Unsurprisingly, it’s a textbook example of what the framers intended to avoid.
…this opens up a whole new field for probably very corrupt dealings on behalf of Trump,” said Jon Cryer. Richard Blumenthal voiced his concerns, stating, “With his pay-for-access dinner, Trump put presidential access and influence on the auction block.” He elaborated on this sentiment by adding, “The scope and scale of Trump’s corruption is staggering – I’ll continue to demand answers.”
Additionally, both dinners have been hosted by high-profile, well connected great white shark memecoin buyers like Justin Sun. Through these campaign marvels, he’s raised nearly $148 million. Advocates say that these practices erode the distinction between public service and private self-dealing.
Senator Elizabeth Warren has weighed in on the situation, declaring, “Donald Trump has turned the presidency into a crypto cash machine.” Warning bells By widely criticizing the regulatory environment, she drew applause. As per her, it allows large technical corporations such as Musk’s X to operate private funds structures without vital protections.
His financial machinations have not escaped the attention of the strivers in the political coal mine. Sen. Jeff Merkley Trump’s crypto schemes, which Trump has called the “Mount Everest of corruption.” He called for tough regulation so that this would never happen again. He even called for an end to “Trump-style crypto corruption.” This new measure would stop all elected federal officials, including the president, vice president, and members of Congress alike from profiting off of crypto’s dark arts.
Charlie Dent echoed this sentiment, asserting that “nobody should be allowed to use their public positions while in office to enrich themselves.” At the same time, he talked about the difference in limits that exist for members of Congress versus what is required for the president.
Richard Briffault quickly noted the blatant conflict of interest that Congress members cannot engage in the same memecoin investments as the president. He continued, the rules seem to be different for them. He further remarked on the unprecedented nature of Trump’s actions, saying, “I don’t think there’s been anything like this in American history.”
Steven Levitsky did not hold back in his criticism either: “I have never seen such open corruption in any modern government anywhere.” Political pundits and public figures alike are coming to the consensus that Trump’s crypto transactions present serious ethical violations. This emerging agreement demands closer scrutiny of his decisions.
While these fights play out, the administration’s deregulatory onslaught presses on, advancing interests that warmly greet crypto actors. Whether intentionally or not, these policies would aid Trump’s big campaign contributors and increase his financial ascendance. In doing so, they create immense dangers for everyday investors who don’t have the time, money, or expertise to figure out this new confusing maze.