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Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
Cory Doctorow and 1 other boosted
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
⚯ Michel de Cryptadamus ⚯
⚯ Michel de Cryptadamus ⚯
@cryptadamist@universeodon.com  ·  activity timestamp 2 weeks ago
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
Days earlier, the American Innovation Project, an “educational nonprofit” launched in August with backing from the Solana Policy Institute, Paradigm, Kraken, Coinbase, Andreessen Horowitz, DCG, Uniswap, and the Cedar Innovation Foundation pro-crypto dark money group [I91] hosted a private dinner with members of the House Ways and Means Committee and various other pro-crypto Congresspeople to discuss crypto tax policy. As a 501(c)(3), the AIP is prohibited from making a “substantial part of its activities ... attempting to influence legislation”.43 But while many of the AIP’s same backers have directly lobbied President Trump, and the Solana Policy Institute, Paradigm, and Kraken have spent a combined $5.25 million on lobbying around crypto tax issues since 2024,44 the AIP insists that the dinner was purely educational.41
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
In elections and political influence As the market structure bill plods along, the crypto industry is already eyeing its next punchlist item: tax policy. The Solana Policy Institute penned a letter to President Trump on November 20 urging him to “promote tax clarity for the digital asset economy and American people”, including by creating a de minimis exemption for crypto transactions below $600, making blockchain development eligible for the research and development tax credit, and delaying rules that would require digital asset transactions be reported to the IRS and FinCEN in the same way as cash. The letter also included other requests that the president could achieve with the “stroke of a pen”41 — that is, without needing to go through Congress — including creating defi “safe harbors and sandboxes”, pressuring the SEC and CFTC to create exemptions for crypto, directing FinCEN to carve out non-custodial crypto projects from the Bank Secrecy Act,e and pushing the Justice Department to dismiss the two remaining charges against Tornado Cash developer Roman Storm [I90]. The letter was signed by 62 crypto groups, including Paradigm, various Solana entities, Uniswap, and others.42
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Since Zhao’s pardon, Binance has ramped up its support for the Trump family’s USD1 stablecoin. The exchange announced a set of new no-fee trading pairs for USD1, meaning that people can now exchange their bitcoin, ether, or various other tokens for USD1 without paying fees for the privilege. Binance has also announced it will convert all assets backing its BUSD stablecoin into USD1. According to BUSD’s latest attestation, that’s more than $55 million that will be converted to USD138 — generating millions of dollars in interest for World Liberty between now and the end of Trump’s term if they maintain those USD1 holdings for that duration.c As for Zhao’s role at Binance, Trump’s pardon doesn’t nullify the stipulation in Binance’s plea agreement that Zhao be prohibited from “any present or future involvement in operating or managing [Binance]”.39d But since Zhao’s release from prison, it’s been clear he remains closely involved with Binance’s operations. Now his influence is even harder to dispute, as his partner in life, parenthood, and business, Yi He, has been named co‑CEO of the exchange.40 She is also the co-founder and namesake of Zhao’s family office, YZi Labs.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
The report concludes, “[T]he information we do have clearly demonstrates that foreign actors and corporate interests are buying access to and favors from the President and members of his Administration by investing in his family’s cryptocurrency ventures and making large, and plainly politically motivated donations.”37 House Judiciary Committee Ranking Member Jamie Raskin (D-MD) issued a statement alongside the report: “Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year. ... America has never seen corruption on this scale take place inside the White House.”
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Democrats on the House Judiciary Committee have published a 27-page staff report titled “Trump, Crypto, and a New Age of Corruption”. According to the report, Trump has amassed billions of dollars from crypto ventures “from the Oval Office by steering investment to his family firm, shielding his investors from federal fraud and securities investigations and prosecutions, bilking his political base, and degrading the federal agencies ordinarily responsible for investigating bribery and tracking known bad actors online.” Among other things, the report cites Trump’s pardon of Changpeng Zhao, which it links to Zhao’s and Binance’s help in promoting Trump’s World Liberty Financial project [I95]; political donations to Trump from companies who later saw cases and investigations from the SEC and DOJ dropped [QPQ]; and the tangled mess of apparent quid pro quo surrounding MGX, Binance, the Trump family’s USD1 stablecoin, and the Emirati AI chips deal [I93, 94].
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
Tweet by TrumpMeme: TrumpMeme $1,000,000 in $TRUMP Coin Rewards! Join the waitlist. Roll the dice. Make huge deals. Build your empire! The Official Trump Mobile Game Is COMING SOON! Go To http://TrumpBillionairesClub.com NOW! Don’t Miss Out! An illustration of a very young-looking Trump with his arm raised to the sides is superimposed over a Monopoly-like gameboard, with the text above: “Trump Billionaires Club.com / 1 million dollars in $TRUMP rewards”
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
The Trump-themed crypto mobile game rumored in April to be under development by $TRUMP memecoin creator Bill Zanker [Empire] is now slated for a December release with the name Trump Billionaires Club. In April, a Zanker spokesperson denied the project was similar to Monopoly Go!, a microtransaction-infested mobile version of Monopoly,36 but the recent announcement by the $TRUMP memecoin social media account nevertheless shows a real estate-themed game played on a Monopoly-style gameboard.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Then, on August 29, Alt5 Sigma employees received a letter from the law firm Thompson Hine warning that “litigation, regulatory investigations and other proceedings are reasonably anticipated” and that they had established a special committee to independently scrutinize Alt5’s financial records. It’s not clear if this was related to the Rwandan criminal case or some other matter. On September 4, Alt5 told employees it had suspended CEO Peter Tassiopoulos and its chief revenue officer pending the outcome of the Thompson Hine investigation, though an October SEC filing claims Tassiopoulos wasn’t suspended until October 16.33 In a November 21 SEC filing, Alt5 Sigma disclosed that Tassiopoulos’ replacement, the company’s CFO Jonathan Hugh, had been removed as both acting CEO and CFO “without cause”. The same filing also announced that the Chief Operating Officer had also been removed, and that a board member had decided to resign, with the latter citing “personal reasons”.34 On December 15, Tassiopoulos formally resigned as CEO and from the board.35
Then, on August 29, Alt5 Sigma employees received a letter from the law firm Thompson Hine warning that “litigation, regulatory investigations and other proceedings are reasonably anticipated” and that they had established a special committee to independently scrutinize Alt5’s financial records. It’s not clear if this was related to the Rwandan criminal case or some other matter. On September 4, Alt5 told employees it had suspended CEO Peter Tassiopoulos and its chief revenue officer pending the outcome of the Thompson Hine investigation, though an October SEC filing claims Tassiopoulos wasn’t suspended until October 16.33 In a November 21 SEC filing, Alt5 Sigma disclosed that Tassiopoulos’ replacement, the company’s CFO Jonathan Hugh, had been removed as both acting CEO and CFO “without cause”. The same filing also announced that the Chief Operating Officer had also been removed, and that a board member had decided to resign, with the latter citing “personal reasons”.34 On December 15, Tassiopoulos formally resigned as CEO and from the board.35
Then, on August 29, Alt5 Sigma employees received a letter from the law firm Thompson Hine warning that “litigation, regulatory investigations and other proceedings are reasonably anticipated” and that they had established a special committee to independently scrutinize Alt5’s financial records. It’s not clear if this was related to the Rwandan criminal case or some other matter. On September 4, Alt5 told employees it had suspended CEO Peter Tassiopoulos and its chief revenue officer pending the outcome of the Thompson Hine investigation, though an October SEC filing claims Tassiopoulos wasn’t suspended until October 16.33 In a November 21 SEC filing, Alt5 Sigma disclosed that Tassiopoulos’ replacement, the company’s CFO Jonathan Hugh, had been removed as both acting CEO and CFO “without cause”. The same filing also announced that the Chief Operating Officer had also been removed, and that a board member had decided to resign, with the latter citing “personal reasons”.34 On December 15, Tassiopoulos formally resigned as CEO and from the board.35
Trump business interests Alt5 Sigma, the WLFI treasury company established by Eric Trump and several other World Liberty Financial executives, seems to be in crisis. In August, World Liberty Financial announced that it would create a WLFI treasury company using the Nasdaq-listed fintech firm, Alt5 Sigma [I90]. Eric Trump and fellow World Liberty executives Zach Witkoff and Zak Folkman were slated to join Alt5 Sigma’s board, although the Nasdaq later prohibited Eric Trump from joining the board due to the blatant conflict of interest, relegating him to “board observer” [I92]. According to an SEC filing,31 on August 27 — only two weeks after Eric Trump, Donald Trump Jr., Witkoff, and Folkman rang the Nasdaq opening bell to celebrate the deal — the Alt5 board learned that the company and its former president and CEO André Beauchesne had been found criminally liable for money laundering in Rwanda in May and ordered to surrender $3.5 million. The filing claims that the existence of the Rwandan court decision “and other matters” had not previously been disclosed to the board, and were unknown at the time of the World Liberty Financial deal. Two former employees said that World Liberty had been provided with details of the Rwandan court proceedings, though a World Liberty Financial spokesperson refutes this.32
Trump business interests Alt5 Sigma, the WLFI treasury company established by Eric Trump and several other World Liberty Financial executives, seems to be in crisis. In August, World Liberty Financial announced that it would create a WLFI treasury company using the Nasdaq-listed fintech firm, Alt5 Sigma [I90]. Eric Trump and fellow World Liberty executives Zach Witkoff and Zak Folkman were slated to join Alt5 Sigma’s board, although the Nasdaq later prohibited Eric Trump from joining the board due to the blatant conflict of interest, relegating him to “board observer” [I92]. According to an SEC filing,31 on August 27 — only two weeks after Eric Trump, Donald Trump Jr., Witkoff, and Folkman rang the Nasdaq opening bell to celebrate the deal — the Alt5 board learned that the company and its former president and CEO André Beauchesne had been found criminally liable for money laundering in Rwanda in May and ordered to surrender $3.5 million. The filing claims that the existence of the Rwandan court decision “and other matters” had not previously been disclosed to the board, and were unknown at the time of the World Liberty Financial deal. Two former employees said that World Liberty had been provided with details of the Rwandan court proceedings, though a World Liberty Financial spokesperson refutes this.32
Trump business interests Alt5 Sigma, the WLFI treasury company established by Eric Trump and several other World Liberty Financial executives, seems to be in crisis. In August, World Liberty Financial announced that it would create a WLFI treasury company using the Nasdaq-listed fintech firm, Alt5 Sigma [I90]. Eric Trump and fellow World Liberty executives Zach Witkoff and Zak Folkman were slated to join Alt5 Sigma’s board, although the Nasdaq later prohibited Eric Trump from joining the board due to the blatant conflict of interest, relegating him to “board observer” [I92]. According to an SEC filing,31 on August 27 — only two weeks after Eric Trump, Donald Trump Jr., Witkoff, and Folkman rang the Nasdaq opening bell to celebrate the deal — the Alt5 board learned that the company and its former president and CEO André Beauchesne had been found criminally liable for money laundering in Rwanda in May and ordered to surrender $3.5 million. The filing claims that the existence of the Rwandan court decision “and other matters” had not previously been disclosed to the board, and were unknown at the time of the World Liberty Financial deal. Two former employees said that World Liberty had been provided with details of the Rwandan court proceedings, though a World Liberty Financial spokesperson refutes this.32
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
The next day, a group of 192 consumer protection, financial reform, environmental protection, and advocacy groups, as well as some labor unions, signed a letter urging senators to “oppose any Senate cryptocurrency legislation that fails to meaningfully address the crypto industry’s many systemic failures and harms,” adding that “The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry”. The signatories include financial reform groups Americans for Financial Reform and Better Markets; consumer advocacy groups Public Citizen, the Center for Economic Justice, and the National Consumers League; advocacy groups Accountable.US, Demand Progress, Democracy for America, Our Revolution, and many local Indivisible groups; environmental groups Greenpeace, the Climate and Community Institute, and a long list of regional, state, and local environmental groups; and labor unions AFT and the Communications Workers of America.30
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
Kalshi quickly filed for an emergency stay pending appeal, writing that they face “a threat of imminent criminal enforcement by Nevada authorities.”23 The Nevada Gaming Control Board has opposed this, arguing that “Kalshi cannot claim irreparable injury when all of its harms are self-inflicted. That is especially true because this Court and the CFTC warned Kalshi of the risks of expanding its business, and Kalshi went ahead and did it anyway. ... Kalshi has refused to make any good-faith effort to even attempt to comply with Nevada law. In contrast to Crypto.com and Robinhood, which entered into agreements with State Defendants to prevent enforcement, Kalshi flatly refused every option that State Defendants suggested, refused to propose any alternatives, and demanded that State Defendants stand down while it continues to aggressively expand its business.”24 Judge Gordon has not yet made a decision on the stay.
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
It’s not all good news for prediction markets, though, as they face multiple cease-and-desist orders and lawsuits from state gaming regulators. A federal court in Nevada issued a devastating ruling late last month that event contracts based on the outcomes of sports games are not swaps that would fall under the Commodity Exchange Act, and dissolving a preliminary injunction protecting Kalshi from civil or criminal action by the Nevada Gaming Control Board. Prediction markets have been relying on the swaps argument, maintaining that the CFTC’s oversight preempts the authority of state gambling commissions. Judge Andrew Gordon, in his ruling, rejected this, and added: “Licensed gaming companies have invested millions of dollars to comply with state regulations only to supposedly find out that they could have just become CFTC-registered exchanges to offer sports gambling nationwide for anyone over the age of 18 without complying with Nevada’s gaming regulatory regime or paying taxes in this state.”22
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
The Kalshi prediction market, which has been operating in the US since its 2021 launch, has inked a partnership with CNN and CNBC because everything is gambling now. Much as you can no longer watch a hockey game without seeing a gambling advertisement every 13 seconds21, Kalshi prices will now appear beside news stories — inviting readers both to view them as probabilities, and encouraging them to place their own wagers. While there has been some research validating prediction markets’ accuracy in forecasting, most of this occurred prior to the explosion in uncapped betting, when bettors were limited to wagering small amounts in tightly-constrained academic experiments. Now, with so much money on the line and so much public attention on these markets, I suspect additional factors could influence their accuracy — from bettors attempting to arbitrage between different platforms, to people attempting to manipulate the perceived “odds” of an event to their advantage. The deal is probably a win-win for both Kalshi and the news groups: Kalshi gets the imprimatur of journalistic legitimacy, while CNN — fresh off layoffs — will enjoy an infusion of cash. The specific pricetag isn’t public, but Kalshi’s recent $1 billion raise suggests the platform isn’t exactly cash‑starved.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.