Crypto is the grift that keeps on giving for the Trump family

American workers may have trouble with the highest rate of corporate layoffs Since the height of the COVVI-19 pandemic, but a lucky group is better than ever: the Trump family.

The children of President Donald Trump and the widen family members added More than $ 5 billion at their net value In a single day, thanks to a new cryptocurrency published by the family’s latest crypto project, World Liberty Financial. WLF investors voted last month to allow Trumps and a handful of key investors to withdraw their assets in cryptography early, locating a good profit for some connected.

Others were not so lucky. WLF’s cryptocurrency fell Over 50% since MondayHaving many regular investors with heavy losses.

Eric Trump doubled on Thursday with the IPO of another family crypto company, this time named American Bitcoin Corp. It was not a coincidence that the public launch of the new company came the same day that his father welcomed the greatest crypto and the Boosters of the Silicon Valley AI for a Private dinner at the White House.

The cheeky mixture by Trump of personal profit and public influence represents an unprecedented level of corruption of the state. Not only do multiple crypto operations of the Trump family offer foreign nationals an easy way to Buy access to the White HouseThey reveal a president willing to direct American politics so as to enrich his family and close friends. The result is a rotten government which does not even pretend to serve the public interest.

Related | Trump’s media company boasts another fun way to bribe the president

In July, Trump signed the GeniusA historical cryptocurrency bill which, according to criticism, would stimulate an industry in which the first family was already deeply established. The Republicans were quick to reject these ethical concerns as so much “Trump disturbance syndrome”, but on Tuesday, even the host of Fox Business Stuart Varney has given up trying to defend Trump’s blatant self-tract.

“What is equivalent is – is crypto -friendly legislation from the President of the United States, which is in turn taking advantage of the cryptographic phase – personally, his family,” said Varney. The journalist of Fox Business Lauren Simonetti accepted, describing Trump’s benefit on the act of genius as a “conflict of interest”.

But Trump’s corruption does not stop with the cryptography investors removed. His play is hosted by Binance, an exchange of crypto that was done – until recently – accusations of accusation of Illegal rear work with the United Arab Emirates and other foreign actors. The founder of Binance CZ Zhao is also Seeking a forgiveness to Trump After pleading guilty of having violated federal laws on money laundering.

The Crypto Millat Justin Sun also saw charges of civil fraud against suspending him after Invest $ 75 million in the personal cryptocoin of the Trump family. The sun was one of the guests at dinner Trump organized in May For its greatest investors even.

All of this corruption is too much for some childcare dogs, even those who once had the president’s back. Legal experts from the American Conservative Institute warn that Trump transactions with Binance are a Clear violation of the emoluments clausewhich prohibits federal officials from using their office for private profit.

Now the Trump family plans to wade on the foaming AI market, and it’s easy to see why. IA expenses now fully explain 2% of the US economytied with what railways contributed to national GDP between the years 1820 and 1860. This growth was fueled by an amazing $ 400 billion In Big Tech Investment this year only, and Trump wants these Silicon Valley scions to know that he is happy to help – in exchange for his cup.

Related | Melania Trump now makes the impression as if it were her job

Technological leaders, including Bill Gates from Microsoft, Mark Zuckerberg from Meta and Sam Altman from Openai Trump prodigious with praise During Thursday dinner. Altman in particular has been acclaimed on Trump to “be a pro-company president and pro-innovation” which is “set[ting] We are useful for a long period of direction in the world. »»

When Altman says “we”, he does not mean that America narrows the middle class or even the United States as a nation. He means himself and the ultra-rich technological titans that have already channeled millions of dollars in Trump’s chests through Donations of inauguration funds And the commitments to invest in the plans of the President’s pets. In return, Trump is more than ready to let the Silicon valley move forward with the development of AI without any significant guarantee or federal regulations.

The leaders of the technology already feel the favor of Trump by the actions – or the inactions – of the president of the Federal Commerce Commission Andrew Ferguson. In May, Ferguson told legislators that the FTC would not regulate the AI ​​before Once the problems have emergedEffectively giving AI companies a free vision with the kind authorization of the White House. Ferguson also adopted a practical approach to the regulation of cryptocurrencies, in particular by undermining the regulations caused by his predecessor, Lina Khan.

“The pro-regulation side … is bad,” said Ferguson, characterizing all efforts to brake the AI ​​of Big Tech and crypto adventurism as potentially “hostile to the United States”.

Without the regulators left to call his crypto and his self-eating in AI, nothing hinders Trump and his family members who rattle billions of flying consumers and all with exchanges of shady crypto like Binance.

The trumps will almost certainly leave the white house much richer than when they entered it. The same goes for the Americans they have torn off.