Sickening #kleptocracy #plutocracy
#Trump’s #crypto-frenzied #inauguration weekend makes first family billions of dollars richer
The family’s meme coins launched over the weekend showed how Trump plans to take advantage of looser #regulations.
Ahead of the inauguration, members of the admin rubbed elbows w/industry leaders at the Crypto Ball.
“The reign of terror against crypto is over,” David Sacks, a #VC & the new White House #AI & crypto czar, told the crowd.
The same night of the party, the incoming president launched $TRUMP, a #MemeCoin built on the #Solana platform. Its market cap over the weekend climbed past $14 billion. Like with other meme coins, there’s no underlying product. #Trump told his followers in a social media post, “It’s time to celebrate everything we stand for: WINNING!”
The website for $TRUMP says 80% of the coins are held by the #TrumpOrganization & affiliates.
#Trump wasn’t done after one token.
On Sunday came the introduction of $MELANIA…. The #MemeCoin quickly spiked more than 40%, surpassing $2 billion in value. Both the Trump & Melania coins have dropped significantly from their highs.
Then there’s #WorldLibertyFinancial, a decentralized finance project endorsed by the Trump family, which hiked its token price from 1.5 cents to 5 cents & released an additional 5 billion tokens for sale.
The project, initially launched in September, has raised more than $300 million in total sales so far, acc/to #blockchain firm Arkham Intelligence.
The #Trump family gets 75% of #WorldLibertyFinancial’s #crypto coin revenue, acc/to the project’s founding document. On-chain data shows millions of dollars worth of token transfers to #Coinbase’s institutional custody provider.
In the period of 48hrs, the #Trump family’s net worth surged by billions, based on holdings of its just-launched #DigitalAssets, underscoring the #unregulated nature of #cryptocurrencies & Trump’s ability to use his fame, power & partnership w/the industry to enrich himself, his family & his allies at the flip of a switch.
…#Crypto industry leaders & investors emerged as some of Trump’s biggest supporters in the campaign in an effort to #influence future #policies & to ease #regulations….
…There was plenty of skepticism from those in & around the industry.
“Trump needs to fire his #crypto advisors, from top to bottom & replace with people who know what they are doing,” posted Gabor Gurbacs, founder of digital asset firm #Pointsville…. “The #memecoins cost the #US, the presidency & his family a lot of credibility & the consequences haven’t even started.”
#MarkCuban, the #billionaire fmr #tech entrepreneur & part owner of the Dallas Mavericks, commented on the apparent #lawlessness of it all.
“Hello every #scam targeted at everyone & anyone who has no clue about #crypto,” he wrote.
But at the pre-inauguration party, #Trump’s new coin wasn’t much of a topic. Rather, the chatter centered on the broader implications of Trump’s #policies, which promised to dismantle years of #regulatory gridlock in the #Biden admin.
…#Crypto firms made substantial contributions to Trump’s inaugural fund, signaling their enthusiasm. #Ripple donated $5M in digital tokens, while #Coinbase, #Kraken, & #Circle each gave $1M. Online broker #Robinhood contributed $2M.
#Coinbase & #Kraken have both been battling the #SEC in court. #Robinhood received a #WellsNotice in May related to its #US #crypto business, which is typically one of the final steps before the SEC issues formal charges. #Ripple has been in a years-long legal fight with SEC & outgoing Chairman #GaryGensler.
#broligarchy #oligarchy #kleptocracy #plutocracy #law #regulations
…There was a hefty dose of lawmaker support at the party, all from the #Republican side of the aisle. #House Speaker #MikeJohnson was there, along w/Senators #MarshaBlackburn, #TedCruz & #CynthiaLummis. Fmr House members French Hill & Patrick McHenry arrived to show their support.
#Cleanspark CEO #ZachBradford, who has been meeting w/ #Trump in private roundtables to discuss #bitcoin mining, said he spoke w/ #HowardLutnick, Trump’s pick to be Secy of #Commerce, at the event.
“We talked about #bitcoin mining & how bitcoin, but also bitcoin mining, can be a central point of commerce,” Bradford told CNBC.
Bradford said he emphasized to Lutnick the potential for #BitcoinMining to be a significant economic driver.
#broligarchy #oligarchy #kleptocracy #plutocracy #law #regulations #US #Trump #felon47
#ScottBessent, likely the next #Treasury Secy, [attended]…
#KohHarada, COO of #Aleo, a privacy-focused #blockchain, said Bessent was “pretty coy about things, but the fact that he was even there was very interesting.”
Aleo, which has raised >$200M from investors including #SoftBank & #AndreessenHorowitz, chose to establish in the #US while many rivals launched from #offshore jurisdictions like the #CaymanIslands as a shield from #regulations.
Also in attendance…was #MicroStrategy founder #MichaelSaylor, wearing his trademark orange bow tie, a nod to #bitcoin…, #Ripple CEO #BradGarlinghouse & top execs at #Coinbase, including global #policy head #FaryarShirzad….
The #Winklevoss twins chatted w/Chris Dixon of #AndreessenHorowitz & his colleague, Sriram Krishnan, who left his role…at the firm to join #DavidSacks’ task force. #BoHines, #Trump’s choice to lead the Presidential Council of Advisers for #DigitalAssets, was also present.…
While Snoop Dogg performed in the main ballroom, #VC Katie Haun was engrossed in conversation w/ #GalaxyDigital’s Mike Novogratz. Other musical guests Rick Ross & Soulja Boy, who was charged by the #SEC in 2023 for illegally promoting a #crypto token w/o disclosing he was paid, kept the larger crowd entertained.
#law #regulations #USpol #Trump #felon47 #corruption #broligarchy #oligarchy #kleptocracy #plutocracy
Guests were issued wristbands based on #status. Black wristbands signified general admission & gold allowed entry to a VIP balcony. White bands granted the most exclusive perks. General admission cost $2,500, & some sponsors paid $1M for access to the greenroom on the ground floor tucked behind the stage in the main ballroom.
#law #crypto #regulations #USpol #Trump #felon47 #corruption #broligarchy #oligarchy #kleptocracy #plutocracy
The RICH people kissing up to other rich people. FUCK SNOOP He is now dead to me like all the other Nazis that hang with Trump.
@LaNaehForaday so sad about Snoop. I don’t despise him as much as the politicians because they are literally changing &/or breaking US laws to enrich themselves. Snoop is just an entertainer. Sure he’s in it for the money & taking it from dirty scumbag racists, but still, he’s not actively rigging the system, just lending whatever clout he may carry.
Snoop is metaphorically blowing Trump. Snoop is dead to me now. And so is every single other person that is MAGA. There is no turning back now. If you are a REPUBLICAN, in my mind YOU ARE A NAZI. If you didnt vote for the BLACK LADY for WHATEVER REASON--------YOU ARE DEAD TO ME.
Fuck this
Im not ever going to compromise my dignity by giving a pass to fucking NAZIS.
Tightly guarded by security, #DonaldTrumpJr donned custom #MAGA buttons on his shirt as he swiftly made his way into the innermost chamber of the VIP section, a room barricaded by a rotating bouncer and only allowing in certain guests. Along w/ #DavidSacks, & #House Speaker #MikeJohnson, he could be seen conversing w/ #FredThiel, CEO of mining company #MARAHoldings.
#law #crypto #regulations #USpol #Trump #felon47 #corruption #broligarchy #oligarchy #kleptocracy #plutocracy
#FredThiel shared details of a #blockchain initiative his company had launched earlier that day w/ #MikeJohnson, an effort designed to symbolize the intersection of #crypto & #US #politics.
“We minted a block on the blockchain with a portrait of President Trump, created entirely from transactions,” Thiel said.
…#TracyHoyosLópez, a former California #prosecutor & one of the people credited w/ turning #Trump pro-#bitcoin, was also at the event.
