ProPublica
@ProPublica@newsie.social  ·  activity timestamp 15 hours ago
ProPublica
@ProPublica@newsie.social  ·  activity timestamp 15 hours ago
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Galaxy Digital is also in the crypto lending business, currently offering yields of around 8% with their Galaxy One lending product. To lead the division, they’ve just brought on Zac Prince, a name some readers may recognize from the FTX trial days. He’s the former CEO of BlockFi, a crypto lender that offered similar yields during the early 2020s crypto bubble, before going bankrupt after the FTX collapse. He’s also the one who testified during the FTX trial that “the majority of balance sheets that we received from cryptocurrency firms were unaudited”, and that BlockFi “always relied on the information that we were given by counterparties as being truthful and accurate” [FTX8]. A creditors’ committee in that bankruptcy later issued a report describing Prince as largely responsible for his company’s failure, outlining how he repeatedly overruled concerns about BlockFi’s overexposure to FTX. In August 2021, a little over a year before FTX’s collapse, Prince told his company’s risk management team they needed to “get comfortable [with Alameda] being a three arrows size borrower” [I33]. (In June 2022, Three Arrows Capital blew up, helping to kick off the cascading collapse in the crypto world [W3IGG].)
Galaxy Digital is also in the crypto lending business, currently offering yields of around 8% with their Galaxy One lending product. To lead the division, they’ve just brought on Zac Prince, a name some readers may recognize from the FTX trial days. He’s the former CEO of BlockFi, a crypto lender that offered similar yields during the early 2020s crypto bubble, before going bankrupt after the FTX collapse. He’s also the one who testified during the FTX trial that “the majority of balance sheets that we received from cryptocurrency firms were unaudited”, and that BlockFi “always relied on the information that we were given by counterparties as being truthful and accurate” [FTX8]. A creditors’ committee in that bankruptcy later issued a report describing Prince as largely responsible for his company’s failure, outlining how he repeatedly overruled concerns about BlockFi’s overexposure to FTX. In August 2021, a little over a year before FTX’s collapse, Prince told his company’s risk management team they needed to “get comfortable [with Alameda] being a three arrows size borrower” [I33]. (In June 2022, Three Arrows Capital blew up, helping to kick off the cascading collapse in the crypto world [W3IGG].)
Galaxy Digital is also in the crypto lending business, currently offering yields of around 8% with their Galaxy One lending product. To lead the division, they’ve just brought on Zac Prince, a name some readers may recognize from the FTX trial days. He’s the former CEO of BlockFi, a crypto lender that offered similar yields during the early 2020s crypto bubble, before going bankrupt after the FTX collapse. He’s also the one who testified during the FTX trial that “the majority of balance sheets that we received from cryptocurrency firms were unaudited”, and that BlockFi “always relied on the information that we were given by counterparties as being truthful and accurate” [FTX8]. A creditors’ committee in that bankruptcy later issued a report describing Prince as largely responsible for his company’s failure, outlining how he repeatedly overruled concerns about BlockFi’s overexposure to FTX. In August 2021, a little over a year before FTX’s collapse, Prince told his company’s risk management team they needed to “get comfortable [with Alameda] being a three arrows size borrower” [I33]. (In June 2022, Three Arrows Capital blew up, helping to kick off the cascading collapse in the crypto world [W3IGG].)
Crypto lending is having a renaissance, even after (primarily institutional) lending was a major factor in the 2022 meltdown. Although many firms had to limit or discontinue their borrowing and lending programs in the US as regulators tried to mop up the disaster and prevent a future one, Trump’s deregulatory spree has emboldened crypto firms to relaunch these products [I74, 76]. Both Coinbase and Crypto.com have announced partnerships with the Morpho defi lending protocol, advertising yields of more than 10% to their customers.43 On the borrowing side, customers are allowed to borrow up to $1 million against bitcoin collateral. According to blockchain analysis, Coinbase customers have altogether borrowed over $1 billion since the product’s January launch.44 One major issue with crypto lending is that it introduces systemic leverage that can amplify market crashes. Borrowers often borrow against, say, bitcoin in order to buy more bitcoin. This creates a feedback loop of risk: when bitcoin prices fall, borrowers simultaneously lose value on their original collateral and on their newly acquired bitcoin, rapidly pushing them toward overleveraged positions. When numerous borrowers are forced to liquidate at once, the resulting sell pressure can create a snowball effect that drives prices down further and becomes very difficult to stop. The Coinbase/Morpho partnership has also drawn some scrutiny from crypto media outlets over its opacity, with Decrypt writing, “it’s unclear wheth
Crypto lending is having a renaissance, even after (primarily institutional) lending was a major factor in the 2022 meltdown. Although many firms had to limit or discontinue their borrowing and lending programs in the US as regulators tried to mop up the disaster and prevent a future one, Trump’s deregulatory spree has emboldened crypto firms to relaunch these products [I74, 76]. Both Coinbase and Crypto.com have announced partnerships with the Morpho defi lending protocol, advertising yields of more than 10% to their customers.43 On the borrowing side, customers are allowed to borrow up to $1 million against bitcoin collateral. According to blockchain analysis, Coinbase customers have altogether borrowed over $1 billion since the product’s January launch.44 One major issue with crypto lending is that it introduces systemic leverage that can amplify market crashes. Borrowers often borrow against, say, bitcoin in order to buy more bitcoin. This creates a feedback loop of risk: when bitcoin prices fall, borrowers simultaneously lose value on their original collateral and on their newly acquired bitcoin, rapidly pushing them toward overleveraged positions. When numerous borrowers are forced to liquidate at once, the resulting sell pressure can create a snowball effect that drives prices down further and becomes very difficult to stop. The Coinbase/Morpho partnership has also drawn some scrutiny from crypto media outlets over its opacity, with Decrypt writing, “it’s unclear wheth
Crypto lending is having a renaissance, even after (primarily institutional) lending was a major factor in the 2022 meltdown. Although many firms had to limit or discontinue their borrowing and lending programs in the US as regulators tried to mop up the disaster and prevent a future one, Trump’s deregulatory spree has emboldened crypto firms to relaunch these products [I74, 76]. Both Coinbase and Crypto.com have announced partnerships with the Morpho defi lending protocol, advertising yields of more than 10% to their customers.43 On the borrowing side, customers are allowed to borrow up to $1 million against bitcoin collateral. According to blockchain analysis, Coinbase customers have altogether borrowed over $1 billion since the product’s January launch.44 One major issue with crypto lending is that it introduces systemic leverage that can amplify market crashes. Borrowers often borrow against, say, bitcoin in order to buy more bitcoin. This creates a feedback loop of risk: when bitcoin prices fall, borrowers simultaneously lose value on their original collateral and on their newly acquired bitcoin, rapidly pushing them toward overleveraged positions. When numerous borrowers are forced to liquidate at once, the resulting sell pressure can create a snowball effect that drives prices down further and becomes very difficult to stop. The Coinbase/Morpho partnership has also drawn some scrutiny from crypto media outlets over its opacity, with Decrypt writing, “it’s unclear wheth
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Opponents have framed the update in dire terms. Bitcoin developer Luke Dashjr — a longtime critic of bitcoin “spam” [I20, 46] and maintainer of the alternative Knots node software — has claimed that bitcoin “will cease to exist when Core30 changes it into a CSAM file sharing platform” and that “Bitcoin doesn’t survive if v30 gets widespread adoption.”4041 Dashjr has reportedly discussed creating a trusted group of censors with the authority to alter illicit data recorded on chain —a controversial proposal in an ecosystem that prides itself on being trustless, uncensorable, and immutable. “Right now the only options would be Bitcoin dies or we have to trust someone,” Dashjr wrote in leaked messages published by The Rage.42
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Bitcoiners have been embroiled in a battle surrounding an impending update to Bitcoin Core, the reference implementation for bitcoin nodes, which will increase the amount of data that can be included in bitcoin transactions beyond simple payment information. Supporters argue this provides a better method for storing arbitrary data on the bitcoin chain than existing approaches like the controversial Ordinals [I46] or Runes [I56] projects, while reducing the resource burden on node operators. Opponents contend that bitcoin developers should discourage such activity, and have raised concerns about network spam and potential legal liability for node operators, since each bitcoin node must download all transaction data. Some worry that bad actors could upload illicit data, like copyrighted content or child sexual abuse material, to the chain, creating legal problems for anyone running a node. Supporters have pushed back on these concerns, noting that node operators can “prune” (discard) the added data after validation, and that illicit content already exists on the bitcoin chain but hasn’t resulted in legal issues.39
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
The Bank Policy Institute responded to the campaign, writing “A misleading ‘banks vs. crypto’ narrative and references to ‘bailouts’ — deeply ironic given that a Coinbase partner (Circle) was the largest beneficiary of the Silicon Valley Bank rescue — make it harder to achieve consensus on policies that both encourage competition and address financial stability risks.” They continue: “Bank-like stablecoins without full regulatory protections put the financial system at risk. They are less regulated cousins of the money market mutual funds that required a bailout in 2008 and again in 2020. If the crypto industry wants ‘no more bailouts,’ they should support guardrails against the true bailout risk in this debate: pseudo-banks operating without adequate safeguards.”28
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
In elections and political influence Coinbase has launched a campaign to lobby for passage of a crypto market structure bill and against the recent pressure from financial regulators, consumer advocacy groups, and banking organizations to revisit the GENIUS Act [I91]. One ad reads, “Big banks are coming for your crypto rewards. Don’t give them up. America voted pro-crypto. It’s time for the Senate to act.”26 They link to a website called nomorebailouts.org, where Coinbase and various other supporting crypto firms claim, “Big banks want another bailout. Do you really want to pay for it?” They don’t actually provide any detail as to how this amounts to lobbying for bailouts, nor do they mention the widespread concern that GENIUS and market structure legislation would result in bailouts for the crypto industry [I86]. Nevertheless, they encourage people to send form letters to their Senators which claim that “big banks are asking Congress to reverse law by bailing them out, not because they want to protect consumers, but because they want to stifle competition”. Jason Mikula of Fintech Business Weekly opined, “The effort may also serve as a not so subtle reminder to lawmakers that crypto-aligned PACs have more than $200 million on hand to spend in the 2026 midterm elections.”27
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
Tweet by RadioShack: “hi now that we finally got your attention, wanna dm us? we’ve got some double AA batteries for your vibrator you pussy 😭😭🤣🤣” Quoted tweet from Coffeezilla (@coffeebreak_YT): “the store I used to buy double AA batteries at is trying to start internet beef while running a crypto scam. 2022 is WILD fr.” Although the token started at a whopping 3.5¢, it’s down 99.8% to $0.00007. The decentralized exchange has been taken offline. The edgelord tweets have all been deleted, and RadioShack’s most recent tweet is a bland reminder to stock up on batteries for autumn.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
In the same vein, entrepreneur Tai Lopez — who in 2022 tried to sell $200,000+ NFTs that would grant buyers the priceless honor of having his phone number or the privilege of joining Lopez to watch a 2-hour movie of his choice [W3IGG] — is now in hot water after allegedly defrauding investors out of more than $112 million in a Ponzi scheme. He, business partner Alex Mehr, and COO Maya Burkenroad acquired distressed retailers including RadioShack, Pier 1 Imports, and Dress Barn, promising they would turn them into successful e-commerce brands. According to the SEC, they seriously misrepresented the companies to investors, claiming “cash flow is strong”. In reality, the businesses never became profitable, and the group used investments from others, loans, and transfers from other companies to pay interest and dividends. The agency also alleges that Lopez and Mehr took $16.1 million of the money for themselves. The group had tried to take RadioShack in a crypto direction as the last of the previous crypto hype cycle dwindled in 2022, launching a $RADIO token their own decentralized exchange, and attempting to attract the crypto faithful with an edgy (read: profane) new social media strategy that was mostly just baffling and cringy.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
The SEC also paused trading of the Hong Kong-based QMMM Holdings, a digital ad firm that announced a crypto treasury pivot in early September. The stock soared by more than 2,000%, and the SEC announced on September 26 that they would pause trading for two weeks “because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM.16 It appears some actors are attempting to import the shady practices commonplace in poorly regulated crypto markets into more regulated stock exchanges. And it’s somewhat understandable why they’d try it, given communications from the Trump administration and from regulators that have insinuated that anything crypto-related is off-limits from any kind of enforcement.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
SEC Despite being almost completely neutered by the Trump administration, even today’s SEC can’t turn a blind eye to some business that’s simply too shady. The SEC and the Financial Industry Regulatory Authority (FINRA) have reportedly contacted some of the more than 200 companies that have found new life as crypto treasury companies this year. Many of these companies made a dramatic pivot to crypto (such as Justin Sun’s Tron treasury company, which previously sold theme park merchandise [I86]), and in some cases their stock prices moved substantially as they unveiled their new plans. The SEC and FINRA have noted, however, that in some of these cases, trading activity and stock prices spiked in the days prior to the announcement, leading the agencies to write to the firms to underscore that selectively disclosing material non-public information violates Regulation Fair Disclosure. Such communications often signal the beginning of an investigation or insider trading enforcement action, though it’s not clear if they do in this case.15
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
A group of Senators have written a letter to the CFTC expressing concern that the agency is “overrid[ing] state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts.’” The letter asks why the CFTC has not been enforcing its mandate to prohibit event contracts that involve gaming, and seeks further information from the agency on how they perceive such contracts to interact with state and tribal gambling laws.13 The explosion in events contracts has been largely celebrated by the crypto industry, with numerous crypto firms expressing interest in or already offering such products. For this reason, it’s interesting to note that the letter’s signatories are among the industry’s allies in Congress: Cortez-Masto (D-NV), Curtis (R-UT), Gallego (D-AZ), Slotkin (D-NY), Schiff (D-CA), and Padilla (D-CA). The five Democratic signatories are among the eighteen Democrats who voted for the GENIUS Act; Curtis also voted for it, along with all but three of his fellow Republicans [I86].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Another bizarre fly in the market structure ointment is that one of the top lobbyists behind the bill, Justin Slaughter, is married to an FTC Commissioner who President Trump tried to fire in March. Rebecca Slaughter has been fighting her dismissal, and the Supreme Court agreed to take up her case last month. The outcome of that case, which will determine Trump’s ability to fire heads of independent agencies like the FTC or crypto regulators like the SEC and CFTC, could dramatically affect support for the market structure bill. An anonymous source quoted by Decrypt said, “I think it’s ironic that one of the Trump admin’s more monarchical acts six months ago is going to potentially blow up one of their major legislative projects.”12
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
In Congress The AFL-CIO, the largest federation of US unions, has slammed proposed crypto market structure legislation in a letter to the Senate Banking Committee. They write, “As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial system without sufficient oversight or meaningful safeguards.” They urge Senators to oppose the proposed bill, citing concerns that it will poorly regulate assets that may be incorporated into pension funds, and that it would increase financial instability. “This legislation provides the perfect environment for the next financial crisis to germinate,” they write.11 Whether anyone’s actually read the letter is unclear, as the government enters its second week of shutdown. With many congressional staff furloughed and legislative business largely stalled, the shutdown has thrown a wrench in the crypto industry’s hopes to get market structure legislation expeditiously passed into law. The industry had been pushing for quick passage before midterm campaigning begins and before a potentially less crypto-friendly Congress could make their preferred rules more challenging to implement [I84, 85].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
In the White House After rumors that the Trump administration was considering new candidates to replace Brian Quintenz as their nominee for CFTC chair [I93], the White House has withdrawn his nomination. Politico remarked on the “stunning turn of events for a nominee who once appeared to be a lock for confirmation”, writing that the incident was an “illustration of the new balance of power in Trump’s Washington” as the Winklevoss twins pressured President Trump to rescind his nomination.5 Quintenz has alleged that the Winklevosses might have “misled” Trump, publishing text messages with the brothers that he said he believed “make it clear what they were after from me, and what I refused to promise.” [I92] An anonymous source quoted by crypto outlet DL News, who they described as “familiar with discussions surrounding the CFTC nomination process”, stated, “They completely nuked him. They made a phone call. They were like, ‘This is not going to fly with us.’ And it was a very short trip from there to [Quintenz’s nomination] being killed.”6 The Winklevosses are not the only ones happy to see Quintenz out of the running, though. Dina Titus (D-NV), the co-chair of the Congressional Gaming Caucus who had called for an investigation into possible ethics violations by Quintenz pertaining to prediction markets [I90], responded to the news of the withdrawn nomination by writing, “Good. The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”7
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
If realized, this would be the Trump-related second treasury firm with serious conflicts of interest in its management. ALT5 Sigma, a Nasdaq-listed company that pivoted to a WLFI treasury company, added several of World Liberty Financial’s executives to its board. A similar structure, where the treasury company shares leadership with the company that issues the token held in treasury, would suffer from similar issues: executives responsible for managing the treasury company would also stand to benefit from decisions that inflate the token’s value or promote its use, rather than from prudent management. This conflict was so blatant that the Nasdaq forced Eric Trump’s removal from the planned board of ALT5 Sigma, though other World Liberty executives were still allowed to take leadership and board positions [I92]. A $TRUMP treasury company would certainly benefit President Trump, whose businesses control 80% of the $TRUMP token supply and will require a liquid market to sell those holdings. If the same individuals are involved in both the token-issuing entity and the treasury company, they would effectively be negotiating with themselves — able to set whatever price they wish for the tokens the treasury purchases.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
The company behind Donald Trump’s memecoin is reportedly seeking to raise $200 million to $1 billion for a $TRUMP treasury company.3 Bill Zanker and others involved with the memecoin side of Trump’s crypto businesses appear to hope this will revive the struggling token, which has fallen roughly 90% from its peak shortly after launch. Whether this plan proves more successful than his previous Trump-related venture remains to be seen — Zanker’s plan to launch a Trump memecoin-branded wallet was hastily abandoned after the Trump sons disavowed any involvement.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Speaking alongside Donald Trump Jr. at a conference in Singapore, World Liberty Financial co-founder and ALT5 Sigma chairman Zach Witkoff pitched allowing retail investors to invest in the Trump family’s real estate portfolio using crypto tokens. “What if I told you that you could, you know, go on an exchange and buy one token of Trump Tower Dubai?” he asked. He presented the idea as a boon to everyday people, stating that he, Donald Trump Jr., and everyone else involved with World Liberty believed real estate deals are unfairly “saved for an elite few to be able to invest in”. He failed to highlight that providing the President with a huge new pool of unsophisticated investors for his various real estate projects would likely benefit him far more than it would them.2
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 days ago
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
Trump business interests Hot on the heels of New York Times reporting about questionable timing in deals involving the Trump family’s World Liberty Financial and Emirati firm MGX [I93], The Washington Post has published related reporting focused on MGX’s upcoming 15% stake in the TikTok deal brokered by the Trump administration. Senator Warren (D-MA), who had already demanded an ethics investigation into the World Liberty and MGX deals, has stated that the “shady Abu Dhabi firm” had “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm. The American people deserve to know if the President has struck another backdoor deal for this billionaire takeover of TikTok.” A White House official has said that MGX’s investment profiting the Trump family crypto project had no bearing on the MGX deals, so... case closed, I guess? Some have raised separate concerns about the TikTok deal, wondering if it’s a scheme to benefit the Trump allies who will take ownership of the firm. Vice President Vance’s recent statement that the firm was valued at only around $14 billion — a fraction of the $100 billion that one analyst previously estimated for the app — has led some to speculate that the company was intentionally undervalued to allow new investors to profit from an artificially large increase in value. Senator Wyden also commented on the arrangement, stating that “By steering TikTok to allies like Larry Ellison and a fund backed by the United
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