Trump's Crypto Corruption Scheme Goes into Overdrive

Trump is selling access and lining his own pockets.

It never gets enough attention, but Donald Trump is the most corrupt person to ever occupy the Oval Office—yes, even more corrupt than Richard Nixon. Trump and his entire family have always used public service as a means to enrich themselves.

Over the years, I have grown somewhat numb to Trump’s shameless avarice. This is how he was before the White House, so why would anyone expect him to change? But even I was shocked by the brazenness of Trump’s latest get-rich(er)scheme.

As the New York Times reported:

In an astonishing escalation of the Trump family’s efforts to profit from crypto, a website promoting $TRUMP, the president’s so-called memecoin, announced on Wednesday that the coin’s largest buyers would be invited to meet him. The effort was, in effect, an offer of access to the White House in exchange for an investment in one of Mr. Trump’s crypto ventures.

“Have Dinner with President Trump and the $TRUMP Community!” the invitation said. “Let the President know how many $TRUMP coins YOU own!”

The invitation came with this somewhat unbelievable graphic.

This event is just the latest in the Trump Administration’s foray into cryptocurrency, which has raised substantial legal and ethical concerns.

Why This Dinner Is So Sketchy

This event is wholly corrupt—it is an opportunity for people to buy access to the President of the United States without any regulation, oversight, or transparency. It’s bribery pure and simple.

After the invitation made the rounds of social media, the memecoin’s price surged more than 60%. This means that “investors” were rushing to buy enough coins to qualify for the dinner, hoping for an opportunity to bend the President’s ear for a pardon, a project, or a favor of some sort.

Trump is the most transactional person on the planet, and the transaction here is very clear—money for access. This surge in activity is enriching him in two ways. First, Trump makes money on the sale of every single $TRUMP coin. Second, Trump owns a substantial portion of the coins, so a run-up in price inflates his net worth and gives him (and his family and friends) the opportunity to sell some coins at a massive profit.

Why Is This Worse Than Normal Fundraising?

Everyone is rightly cynical about politics and politicians these days. I can see people looking at this dinner and wondering why this is different from a dinner with Trump’s top campaign donors—something politicians of both parties do all the time.

Look, our campaign finance system is far from perfect. There is too much money in politics and too many loopholes to exploit. The people in charge of enforcing the rules do not have enough power, but at least that system comes with some oversight and transparency. Most importantly, politicians cannot use political donations to enrich themselves. They cannot spend donations on cars, clothes, or homes.

What’s happening here is just semi-legalized bribery. These investors are putting money directly into Trump’s pocket.

I promise you that no reputable lawyer would ever allow a President to engage in such brazen conduct. Trump can only do this because he controls the Department of Justice and FBI and has immunity from the Supreme Court.

Trump’s Crypto Schemes

We all laughed when Trump started selling NFTs (digital trading cards) during his presidential campaign. I am pretty sure we played this video on Pod Save America and had a good laugh at Trump’s expense.

But the Trump family’s foray into cryptocurrency has led to some of the most blatant corruption to date.

In 2023, the SEC charged Justin Sun, a prominent crypto investor, with fraud, market manipulation, and other crimes. Sun then invested $75 million into Trump’s various crypto ventures and made sure that everyone, including President Trump,knew about it. Lo and behold, the SEC dropped their charges against Sun after Trump took office.

Binance is a crypto exchange that pleaded guilty during the Biden Administration to facilitating money laundering, including funds sent to terrorist groups like ISIS. Earlier this month, the Wall Street Journal reported:

Executives from cryptocurrency exchange Binance met with Treasury Department officials last month and discussed loosening U.S. government oversight on the company, while it was also exploring a business deal with a Trump family crypto venture, according to people familiar with the talks.

The Binance executives asked Treasury officials in Washington to remove a U.S. monitor that oversees the exchange’s compliance with anti-money-laundering laws, some of the people said. The move would mark a first step toward returning the company, which in 2023 pleaded guilty to violating those laws, to the U.S. market.

Binance has also been in talks to list a new dollar-pegged cryptocurrency from World Liberty Financial, a crypto venture backed by President Trump’s family, other people familiar with the discussions said. Listing the token, known as a stablecoin, could catapult it into a huge market and potentially bring in billions in profit for the family.

The level of corruption is unprecedented in American history. We need to make sure that everyone knows about it. When people voted for change, this isn’t the change they wanted.