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65+ Crypto Groups Urge Trump to Save Tornado Cash Co-Founder Storm

Michaela — Fri, 21 Nov 2025 09:34:00 +0000

More than 65 crypto and blockchain firms and advocacy groups have urged President Donald Trump to intervene as federal prosecutors reportedly prepare to retry Roman Storm, the co-founder and developer of Tornado Cash, raising fresh concerns over regulatory overreach and the treatment of blockchain innovators in the U.S. legal system.

In a November 20 letter, advocacy groups including the Solana Policy Institute, Blockchain Association, and DeFi Education Fund urged President Trump to address key crypto policy issues. They called for clearer tax guidance to prevent activity from moving offshore and asked the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to provide regulatory certainty for developers to build in the U.S.

Source: Solana Policy Institute

They also requested that the Department of Justice (DOJ) drop charges against Storm, emphasizing that good-faith software development should be protected rather than criminalized.

“As the President’s Working Group on Digital Asset Markets identified, there are other steps that can be taken by the Administration that deliver quick wins to complement legislative efforts,” the letter wrote. “We strongly support the Administration continuing to use a robust whole-of-government approach on crypto to achieve your objective of making America the crypto capital of the world,” the letter added.

Storm was found guilty in federal court of operating an unlicensed money‑transmitting business, one of the three felony charges he faced. The jury could not reach a verdict on the remaining charges of conspiracy to commit money laundering and conspiracy to violate sanctions.

The Tornado Cash co-founder, who was indicted in August 2023, pleaded not guilty and has maintained that he did not engage in criminal activity, insisting that “writing code is not a crime,” a stance echoed by many of his supporters. Storm’s case continues to draw attention from the crypto industry, with federal prosecutors reportedly preparing for a retrial on the unresolved charges.

The letter from over 65 crypto and blockchain organizations spotlights a broader call for clarity, fairness, and innovation-friendly policies in the U.S. as the industry grows. Advocates say the outcome of these efforts could shape the future of crypto regulation, developer protections, and how America positions itself in the global blockchain landscape, balancing enforcement with support for innovation and economic growth.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Senators Demand Probe Into WLFI Over Ties to North Korea and Russia

Michaela — Wed, 19 Nov 2025 07:29:34 +0000

U.S. Senators Elizabeth Warren and Jack Reed are calling on the Department of Justice (DOJ) and the Treasury Department to investigate World Liberty Financial (WLFI), a firm linked to the Trump family, over its alleged connections to illicit actors in North Korea and Russia.

According to a CNBC report, Senators Warren and Reed sent a letter on Tuesday to Attorney General Pamela Bondi and Treasury Secretary Scott Bessent, arguing that World Liberty Financial (WLFI) lacks sufficient safeguards to prevent bad actors from moving funds or exerting influence over its governance.

In their letter, the senators cited a September report from the nonprofit corporate watchdog Accountable.US, which claimed that WLFI had sold its $WLFI tokens to “various highly suspicious entities.”

The “suspicious entities” included traders with ties on the blockchain to a notorious North Korean hacking organization, a sanctioned Russian “ruble-backed sanctions evasion tool,” an Iranian crypto exchange, and Tornado Cash, a known money-laundering platform, the watchdog alleged.

CNBC shared that World Liberty Financial denied any wrongdoing, asserting that there is “no conflict of interest between World Liberty Financial, a private crypto company with zero political power, and the U.S. government.”

A spokesperson for World Liberty Financial told CNBC that the company conducted thorough anti-money laundering (AML) and know-your-customer (KYC) checks on every pre-sale purchaser of the $WLFI governance token, adhering to what they described as the highest industry standards. The spokesperson added that millions of dollars in potential purchases were declined from individuals who did not meet these compliance requirements.

Last month, a group of seven Democratic senators, including Warren and Reed, formally called on Bondi and the DOJ to provide more information about President Donald Trump’s pardon of Binance CEO Changpeng “CZ” Zhao, expressing concerns that the action could signal leniency toward unlawful conduct.

In a public letter, the senators argued that the pardon could be perceived as a warning to cryptocurrency leaders and other corporate figures that legal consequences may not apply. They requested clarification on how Zhao’s pardon might affect the DOJ’s and Attorney General Bondi’s ability to enforce the law. Their inquiry references reported ties between Zhao, Trump, and Binance, including allegations that Binance helped develop the code for WLFI’s stablecoin USD1, potentially generating a multi-million-dollar revenue stream for the Trump family.

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CZ’s Lawyer Blasts “False” Claims Linking Binance, Trump Pardon

Michaela — Mon, 17 Nov 2025 10:19:56 +0000

Teresa Goody Guillén, attorney for Binance founder Changpeng “CZ” Zhao, has rejected claims of corruption tied to President Donald Trump’s pardon of Zhao, describing media reports suggesting pay-to-play arrangements as inaccurate and based on misunderstandings of blockchain technology and crypto business practices.

In a recent interview on the Pomp Podcast, Guillén defended Binance founder Zhao’s pardon, arguing that he faced unusually harsh treatment compared to executives at traditional financial institutions who were charged with similar compliance violations. She emphasized that Zhao is the only CEO to have been prosecuted for these specific offenses, even though major banks have faced equal or more severe charges.

President Trump granted a pardon to Zhao in October, sparking intense scrutiny and criticism from lawmakers who allege that financial connections between the Trump family’s crypto ventures and Binance may have influenced the decision.

Critics argue that the timing and circumstances of the pardon raise concerns about potential conflicts of interest and the integrity of the clemency process. Trump, however, has denied any wrongdoing or knowledge of Zhao prior to granting the pardon, framing the decision as a routine exercise of presidential authority.

Guillén stated that Zhao received the pardon because his prosecution was unwarranted, noting that the case involved no fraud, no victims, and no prior criminal history. She attributed the legal action to what she described as the Biden administration’s “war on crypto,” suggesting that regulators singled out Binance and Zhao as high-profile examples.

Furthermore, Guillén rejected claims that Zhao’s pardon was connected to business interactions between Binance and World Liberty Financial (WLFI), a company linked to the Trump family. She compared the situation to a listing on Craigslist, arguing that just because WLFI launched its USD1 stablecoin on the Binance Smart Chain, it does not imply a personal relationship between the company and Binance’s CEO.

In a recent Fox News interview, Zhao denied any business connections between himself, Binance, and World Liberty Financial. He clarified that he had never met or communicated with President Trump before or after receiving the pardon, and that his only interaction with Eric Trump occurred at the Bitcoin Middle East and North Africa conference in Abu Dhabi, United Arab Emirates.

Zhao also stated that he was unaware of the timing or likelihood of the pardon, noting that his lawyers had submitted the request in April and he had no knowledge of its progress.

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Binance Founder Zhao Says He Was “Surprised” by Trump Pardon, Denies Ties

Michaela — Mon, 10 Nov 2025 09:51:13 +0000

Binance founder Changpeng Zhao, commonly known as CZ in crypto circles, said he was somewhat surprised to receive a pardon President Donald Trump and firmly denied claims that the pardon was linked to any business dealings or personal connections with Trump-affiliated companies, describing such allegations as “categorically false.”

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Key points:

Binance founder Changpeng Zhao said he was surprised by his pardon from President Trump and denied any business or personal ties to Trump or affiliated companies.
President Trump described Zhao’s case as politically motivated, while the pardon drew support from the crypto community and criticism from Democratic lawmakers.
Senators expressed concern the pardon could weaken accountability, citing potential links between Zhao, Binance, and the Trump family’s WLFI platform.

“There is no business relationship between me, Binance, and World Liberty Finance,” Zhao stated in an interview with Fox News. Earlier in the interview, Zhao emphasized that he had never met or spoken with President Trump before or after receiving his pardon in October. He added that his only encounter with Trump’s son, Eric Trump, occurred once at the Bitcoin Middle East and North Africa conference in Abu Dhabi, United Arab Emirates.

Zhao stated that he was unaware of the timing or likelihood of his pardon, noting that he believes his lawyers submitted the request in April and that he had no insight into the progress of the process.

At a press conference following Zhao’s pardon, President Trump said he does not personally know the Binance founder but was informed that the case against him was politically motivated, framing it as a form of persecution by the Biden administration.

Following the pardon, White House Press Secretary Karoline Leavitt stated that President Trump exercised his constitutional authority in granting Zhao a pardon, noting that Zhao had faced prosecution amid the Biden administration’s cryptocurrency enforcement efforts. Leavitt added that the decision marked “the end of the Biden Administration’s war on crypto.”

“I want to help America become the capital of crypto,” Zhao further stated in the interview. The pardon sparked a divided response, with members of the crypto community hailing it as a victory for the industry, while Democratic lawmakers criticized the move, alleging political corruption on the part of President Trump.

In an open letter, Senators Elizabeth Warren, Bernie Sanders, Jeffrey Merkley, Chris Van Hollen, Mazie Hirono, Richard Blumenthal, and Jack Reed argued that “the pardon communicates to cryptocurrency executives and other white collar corporate criminals that the law doesn’t matter.” The group is requesting clarification on how President Trump’s pardon of Zhao could impact Attorney General Pam Bondi and the Department of Justice’s ability to “hold criminals accountable.”

The senators’ concerns are fueled by reports suggesting potential links between Zhao, President Trump, and Binance. Last year, the Trump family launched the decentralized finance platform World Liberty Financial (WLFI), which has been reportedly associated with Binance’s operations. Some accounts indicate that Binance helped develop the code for WLFI’s stablecoin, USD1. Lawmakers argue that Zhao’s presidential pardon may have followed Binance’s alleged provision of a “revenue stream that could be worth tens of millions of dollars annually” to the Trump family.

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Warren Fires Back at CZ’s Defamation Threat, Cites DOJ Money Laundering Plea

Michaela — Mon, 03 Nov 2025 10:00:35 +0000

Senator Elizabeth Warren’s legal team has rejected Binance founder Changpeng “CZ” Zhao’s defamation threat, responding to his complaint over her recent social media post regarding his presidential pardon.

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Key points:

Senator Elizabeth Warren’s legal team rejected Changpeng “CZ” Zhao’s defamation threat, asserting her statement about his money laundering plea was factually accurate and based on public records.
Warren’s response cited a DOJ press release describing Zhao’s guilty plea and Binance’s $4 billion settlement over anti-money laundering violations under the Bank Secrecy Act.
The dispute, emerging after Donald Trump’s pardon of Zhao, spotlights growing political and regulatory tensions between U.S. lawmakers and major crypto industry leaders.

In a formal response dated November 2 and addressed to Zhao’s attorney, Teresa Goody Guillén, Senator Elizabeth Warren’s legal team stated that her comment describing Zhao as having “pleaded guilty to a criminal money laundering charge” was “accurate in all respects,” and therefore does not constitute defamation. “Senator Warren accurately represented publicly available and widely reported facts. The “charge” referenced in Senator Warren’s X post refers to the “charge” to which Mr. Zhao pled guilty and as to which President Trump had just pardoned him,” the response wrote.

Source: Punchbowl News

According to Senator Warren’s response, the charge to which Zhao pleaded guilty involved a violation of U.S. anti-money laundering laws, noting that this information is part of the public record and directly referenced in her post on X. Her legal team further maintained that any potential defamation claim would be baseless and unsupported by fact.

Warren’s attorneys cited a U.S. Department of Justice (DOJ) press release dated November 21, 2023, which described Zhao’s case as part of a $4 billion settlement related to violations of anti-money laundering laws.

Zhao entered a guilty plea in the U.S. District Court for the Western District of Washington, admitting to willfully failing to implement an effective anti-money laundering program, a criminal violation of the Bank Secrecy Act. The DOJ characterized Binance’s conduct as “anti-money laundering” violations, citing the Bank Secrecy Act as the primary federal statute governing such offenses.

The ongoing dispute between Senator Warren and Zhao arises from President Donald Trump’s October 22 pardon of the Binance founder. In her official response, Warren’s legal counsel referenced reported lobbying activities and alleged business ties between Binance and ventures linked to the Trump family.

The exchange between Warren and Zhao spotlights the ongoing friction between Washington lawmakers and the crypto industry’s most prominent figures. As digital assets continue to intersect with politics, regulation, and global finance, the outcome of such disputes such as Zhao’s defamation threat, may shape how accountability and influence are defined in the next era of crypto governance.

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Trump Pardons Binance Founder CZ, Declares “War on Crypto Is Over”

Michaela — Fri, 24 Oct 2025 01:57:19 +0000

President Donald Trump has granted a pardon to Binance founder Changpeng “CZ” Zhao following widespread lobbying efforts and public appeals asserting his innocence, signaling Trump’s apparent sympathy toward those arguments.

Key points:

President Donald Trump granted a full pardon to Binance founder Changpeng “CZ” Zhao, ending speculation and signaling a softer stance toward crypto.
The move follows Zhao’s four-month prison term and comes amid claims from his legal team that his conviction involved no fraud, victims, or money laundering.
The pardon is widely seen as a turning point in U.S. crypto policy, marking what Trump’s team calls “the end of the Biden Administration’s war on crypto.”

According to a report by The Wall Street Journal, sources revealed that President Trump signed the pardon on Wednesday. Speaking at a press conference the following day, Trump explained that his decision was influenced by strong public backing, noting that “a lot of people recommended” Zhao and that “people say he wasn’t guilty of anything.”

White House Press Secretary Karoline Leavitt announced Thursday that President Trump exercised his constitutional authority in granting a pardon to Zhao, who had been prosecuted under the Biden administration’s crackdown on cryptocurrency. Leavitt added that the move signaled “the end of the Biden Administration’s war on crypto.”

In 2024, the Binance founder completed a four-month prison sentence after pleading guilty to breaching U.S. anti-money laundering laws. The case, brought under President Joe Biden’s administration during a broader regulatory push against the crypto industry, also led to Zhao stepping down as Binance CEO and paying a $50 million personal fine. Binance, meanwhile, faced a $4.3 billion penalty as part of the settlement.

Trump’s decision to pardon Zhao follows recent speculation over whether the president would intervene in the case. However, sources indicated that his administration had initially approached the matter with caution, aware of potential scrutiny given Trump’s own ties to the cryptocurrency industry.

Teresa Goody Guillén, Zhao’s legal counsel, stated in a post on X that she believes President Trump’s decision to pardon Zhao was justified, noting that Zhao had faced only a single charge related to maintaining an ineffective compliance program. “NO fraud, NO victims, NO criminal history. NO money laundering,” Guillén wrote.

Facts Matter: @cz_binance was rightfully pardoned by @POTUS for a single charge of failure to have an effective compliance program. NO fraud, NO victims, NO criminal history. NO money laundering.

CZ is the first and only known first-time offender in U.S. history to receive a…
— Teresa Goody Guillén (@teresagoody) October 23, 2025

“CZ is the first and only known first-time offender in U.S. history to receive a prison sentence for this single, non-fraud-related charge,” Guillén added. “The judge found NO evidence that he knew of any illicit transactions and that it was reasonable for him to believe there were no illicit funds on the platform.”

Zhao’s pardon marks another high-profile moment in the evolving relationship between U.S. political power and the cryptocurrency industry, signaling that digital asset regulation, and accountability, will likely remain at the forefront of national debate as the sector continues to mature.

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Trump Confirms US Is in a Trade War With China — Bitcoin Feels the Sting

Michaela — Fri, 17 Oct 2025 10:13:55 +0000

President Donald Trump has officially declared that the United States is engaged in a trade war with China, following his recent threat to impose a 100% tariff on all Chinese imports.

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Key points:

President Trump confirmed the U.S. is in an active trade war with China after threatening a 100% tariff on all Chinese imports, calling tariffs vital to national security.
The announcement triggered a steep crypto market drop, with Bitcoin falling from around $121,560 to below $103,000 following Trump’s social media post.
Ongoing trade wars tensions have disrupted multiple sectors, including Bitcoin mining, where new tariff structures and regulatory pressures are driving up costs across Asia.

When asked by White House reporters whether the United States was preparing for a trade conflict with China, President Trump responded, “Well, we’re in one now.” He went on to emphasize that tariffs serve as a crucial safeguard for the nation, arguing that without them, the U.S. would have no defense, and describing the measures as vital to protecting America’s national security.

JUST IN: President Trump declares the United States is in a TRADE WAR with China

"We're in one now!"

"We have 100% tariffs."

"If we didn't have tariffs, we would have no defense. They've used tariffs on us."pic.twitter.com/o360DtdsaQ
— Eric Daugherty (@EricLDaugh) October 15, 2025

A social media post by President Trump last Friday appeared to trigger a sharp downturn in the crypto market, with Bitcoin plunging from around $121,560 to below $103,000 within hours. The drop followed Trump’s statement that he would implement a 100% tariff on China, responding to Beijing’s recent decision to tighten export controls on rare earth minerals crucial for semiconductor production.

Earlier this week, U.S. Treasury Secretary Scott Bessent condemned China’s trade practices during a press briefing on global trade relations, calling Beijing’s export restrictions “unacceptable.” Bessent asserted that the United States and its allies “will not be dictated to” by what he described as “a group of bureaucrats in Beijing.” “Make no mistake, this is China versus the world,” Bessent stated.

“Make no mistake, this is China versus the world,” Secretary Treasury Scott Bessent said during a news conference on global trade relations. He said Beijing’s export controls are “unacceptable” and that “we and our allies will neither be commanded nor controlled” by “a group of… pic.twitter.com/WghqNyW6NR
— CBS News (@CBSNews) October 15, 2025

Trade war tensions have rippled across multiple industries, including the cryptocurrency sector. In August, Bitcoin miners faced mounting costs and heightened regulatory pressure, with potential disputes involving U.S. Customs and Border Protection (CBP) posing substantial financial risks for domestic operators.

The ongoing U.S.-China trade friction has further complicated the tariff framework for Bitcoin mining hardware. At the time, the White House revised duty rates across several Asian nations, setting tariffs at 57.6% for equipment imported from China and 21.6% for machinery sourced from Indonesia, Malaysia, and Thailand.

As both nations double down on protectionist measures, economists warn that the escalating trade standoff could reshape global supply chains and redefine the balance of economic power. For now, markets remain volatile, and the world is watching to see which side blinks first.

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Trump Meme Coin Backers Seek $200M to Rescue Struggling Token Value

Michaela — Thu, 09 Oct 2025 12:29:13 +0000

Fight Fight Fight LLC, the startup behind President Donald Trump’s official meme coin, has launched efforts to raise at least $200 million to build a digital asset treasury aimed at repurchasing the token after its value plunged about 90% from its peak.

Key points:

Fight Fight Fight LLC, the startup behind Donald Trump’s official meme coin, is reportedly seeking to raise at least $200 million, with talks of up to $1 billion, to fund a digital asset treasury aimed at buying back the token after a sharp value decline.
The Trump token has fallen about 90% from its January peak, currently trading around $7.83, with 35% of its supply unlocked and a circulating market cap of $1.5 billion, according to Messari.
Despite controversies surrounding Trump’s involvement and the collapse of a planned Trump-branded wallet, investor interest persists in related ventures such as World Liberty Financial’s WLFI token, highlighting ongoing speculation around Trump-linked crypto projects.

According to a Bloomberg report citing sources familiar with the matter, the startup led by Trump ally Bill Zanker has set an ambitious fundraising goal that could reach up to $1 billion. However, the discussions are still in the early stages, and the plans may not ultimately come to fruition.

The effort to stabilize the Trump meme coin follows a sharp decline in its value, falling from a January high of $44 to $7.83 at the time of writing, according to CoinMarketCap data. The token has also slipped 8.73% over the past month, reflecting ongoing volatility in its market performance.

Data from Messari shows that roughly 35% of the Trump token’s total supply is unlocked and available for trading, representing a circulating market capitalization of about $1.5 billion. The remaining 65%, around 800 million tokens, remains locked under vesting schedules and is reportedly held by entities linked to Trump.

In May, President Trump attended a private dinner with major holders of the Trump meme coin. Among the guests was Tron founder Justin Sun, with attendees reportedly dining beneath “Fight Fight Fight” banners. The event drew sharp criticism from lawmakers, some of whom accused Trump of “selling access” to the presidency and called for his impeachment.

A few months later, Zanker’s proposed Trump-branded crypto wallet project fell through after internal disputes reportedly arose with another Trump-affiliated blockchain initiative, World Liberty Financial. Despite the setback, World Liberty Financial’s WLFI token has attracted attention from digital asset treasury firm ALT5 Sigma, signaling continued investor interest in Trump-linked crypto ventures.

The developments emphasize the growing intersection of politics, celebrity branding, and cryptocurrency, an evolving space where public image and digital assets increasingly intertwine. As new ventures emerge and alliances shift, the market’s response will likely determine whether Trump-linked tokens remain a speculative novelty or mature into a lasting sector within the digital economy.

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Trump and Starmer Memorandum Seal US-UK Pact on AI, Quantum Tech, and More

Michaela — Fri, 19 Sep 2025 10:14:50 +0000

U.S. President Donald Trump and U.K. Prime Minister Keir Starmer have signed a memorandum of understanding (MOU) during Trump’s state visit to London, outlining plans for joint development in artificial intelligence (AI), nuclear energy, telecommunications, and quantum computing, with applications spanning space exploration, defense, and advanced medical innovations.

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Key points:

Trump and Starmer sign a nonbinding MOU for joint development in AI, quantum computing, nuclear energy, and telecom, with applications in defense, space, and medicine.
The agreement establishes a Ministerial-Level Working Group to guide bilateral cooperation, set priorities, and oversee implementation of joint initiatives.
The partnership aims to accelerate AI research, strengthen nuclear security collaboration, and create a U.S.–UK benchmarking taskforce to drive innovation and industry certainty.

On Thursday, President Trump and Prime Minister Starmer signed the MOU, a nonbinding agreement that leaves existing treaties intact but sets out plans for collaborative research across multiple government departments and agencies in both nations to advance work on emerging technologies.

The agreement calls for the creation of a Ministerial-Level Working Group, designed to act as a strategic forum for shaping bilateral cooperation, establishing priorities, and monitoring the rollout of joint initiatives.

At a joint press briefing, President Trump emphasized the economic impact of the partnership, noting that the visit helped catalyze $350 billion in industrial deals. He emphasized that both nations are committed to making the UK a secure and dependable hub for top-tier AI hardware and software.

The agreement outlines plans to advance cutting-edge research and development, aiming to accelerate AI applications in scientific fields through initiatives such as automated laboratories and shared computing resources. It also emphasizes strengthened collaboration on nuclear security and non-proliferation programs, while establishing a U.S.–UK benchmarking task force to drive innovation and provide greater certainty for industry.

“Welcoming a longstanding partnership to deliver on their joint objectives to maintain and strengthen their strategic leadership in science and technology, leveraging shared values, complementary capabilities, and coordinated policy approaches to address global challenges,” the memorandum wrote.

The memorandum of understanding signals a long-term commitment by both nations to remain at the forefront of emerging technologies, fostering collaboration that could reshape global standards in these sectors. The move positions the U.S. and UK to influence international tech policies and accelerate commercial applications across multiple high-impact sectors.

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Trump Sues New York Times for $15B, Cites Damage to His Brand and Businesses

Michaela — Wed, 17 Sep 2025 10:46:41 +0000

President Donald Trump has filed a defamation and libel lawsuit against the major American newspaper, the New York Times, accusing the newspaper of spreading false claims about him, his family, and his business empire.

Key points:

President Trump has filed a $15 billion defamation and libel lawsuit against the New York Times, Penguin Random House, and several reporters, claiming false and damaging coverage of him, his family, and businesses.
The lawsuit cites multiple articles and the book Lucky Loser, alleging the reporting caused reputational harm and financial losses to Trump’s personal brand and media ventures.
This legal action is part of a broader strategy targeting media outlets; the New York Times has dismissed the case as meritless, defending journalists’ First Amendment rights.

President Trump announced his filing of the lawsuit on his social media platform Truth Social, calling the publication “one of the worst and most degenerate newspapers in the History of our Country”, further claiming that it has become “a virtual “mouthpiece” for the Radical Left Democrat Party.”

Source: Donald Trump

The lawsuit, filed on September 15 in a Florida court, targets the New York Times and publisher Penguin Random House, and also names reporters Susanne Craig, Russ Buettner, Peter Baker, and Michael S. Schmidt.

The filing references multiple articles and the book Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created the Illusion of Success, authored by Craig and Buettner, which Trump’s legal team characterized as “false, malicious, and defamatory.”

Furthermore, the lawsuit claims that the coverage inflicted significant “reputational injury” on Trump’s personal brand and business ventures, including his media company, resulting in alleged damages worth billions of dollars.

This lawsuit against the New York Times is part of a wider legal strategy by President Trump and his team targeting major media outlets. Previously, Trump filed suits against ABC News anchor George Stephanopoulos and Paramount’s 60 Minutes, both of which were settled for sums exceeding $15 million.

“The Book and Articles are part of a decades-long pattern by the New York Times of intentional and malicious defamation against President Trump. Defendants maliciously published the Book and the Articles knowing that these publications were filled with repugnant distortions and fabrications about President Trump,” the filing wrote. “Defendants simply ignored their breach of journalistic ethics because the Book and the Articles would further the goals of the New York Times and its backers in the Democrat Party,” the filing wrote.

A spokesperson for the New York Times responded on X, dismissing the lawsuit and stating that it “lacks merit.” “It lacks any legitimate legal claims and instead is an attempt to stifle and discourage independent reporting. The New York Times will not be deterred by intimidation tactics,” the spokesperson stated. “We will continue to pursue the facts without fear or favor and stand up for journalists’ First Amendment right to ask questions on behalf of the American people,” they added.

President Trump has filed a lawsuit against The New York Times. Read our statement and reporting on the suit below. pic.twitter.com/PZLRNBpexi
— NYTimes Communications (@NYTimesPR) September 16, 2025

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Putin Adviser Says US Using Stablecoins, Gold to Tackle $37T Federal Debt

Michaela — Tue, 09 Sep 2025 13:40:26 +0000

Anton Kobyakov, an adviser to Russian President Vladimir Putin, has accused the U.S. government of using cryptocurrency and gold to strategically devalue its federal debt amid declining confidence in the dollar.

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Key points:

Anton Kobyakov claims the U.S. is using stablecoins and gold to devalue its $35 trillion debt, moving portions of it into the “crypto cloud.”
Strategies under discussion include Senator Cynthia Lummis’ Bitcoin Act and stablecoin regulation, aimed at managing debt while maintaining the dollar’s global dominance.
Russia is developing a ruble-backed stablecoin to reduce reliance on U.S. dollar stablecoins, highlighting how governments are leveraging crypto in national economic strategies.

“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars. These two sectors are essentially alternatives to the traditional global currency system,” Kobyakov stated during a press briefing at the Eastern Economic Forum.

Putin’s advisor Kobyakov: The U.S. has devised a crypto scheme to erase its massive debt at the world’s expense.

“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars. These two sectors (crypto… pic.twitter.com/R4RDeYtaGg
— Russia Direct (@RussiaDirect_) September 8, 2025

Kobyakov compared the U.S. financial situation to the 1930s and 1970s, claiming that “the U.S. plans to solve its financial problems at the world’s expense.” He added that the government is now attempting this by moving everyone into the “crypto cloud,” suggesting that placing portions of federal debt into stablecoins would allow Washington to devalue it over time.

“Put simply: they have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it — and start from scratch. That’s the reality for those who are so enthusiastic about crypto,” Kobyakov stated.

Amid growing debates over digital assets and federal debt, one strategy gaining attention involves using cryptocurrency as a financial tool. Senator Cynthia Lummis’ Bitcoin Act proposes that the government acquire 1 million Bitcoin over five years and hold it for two decades, unless the tokens are used to reduce federal debt.

U.S. officials stress, however, that the main goal of stablecoins is to strengthen the U.S. dollar’s status as the world’s dominant currency. In July, President Donald Trump advanced U.S. crypto policy regarding stablecoins by signing the GENIUS Act into law, marking a notable step in digital asset regulation.

Russia, on the other hand, is developing a ruble-backed stablecoin aimed at reducing dependence on the U.S. dollar stablecoin Tether, following the blocking of wallets tied to an EU-sanctioned Russian crypto exchange.

The debate over stablecoins, gold, and Bitcoin emphasizes how governments are increasingly exploring digital assets to manage federal debt, maintain currency dominance, and influence global financial systems, signaling a new era where crypto is entwined with national economic strategy.

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Trump Family’s WLFI Stake Hits $5B Amid Token Unlock and Buyback Plan

Michaela — Tue, 02 Sep 2025 12:12:57 +0000

President Donald Trump and his family have seen their holdings in World Liberty Financial’s WLFI token surpass $5 billion following a major token unlock. The project has also proposed using all protocol fees to buy back and burn WLFI tokens, a move intended to reduce supply and potentially increase value for long-term holders.

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Key points:

Trump family’s WLFI holdings surpass $5B after a major token unlock, releasing nearly 25% of total supply for trading.
World Liberty Financial proposes using all protocol fees to buy back and burn WLFI tokens, aiming to reduce supply and benefit long-term holders.
Despite broad support for the buyback plan, some critics, including SwanDesk CEO Jacob King, warn of potential insider “pump-and-dump” activity.

On Monday, President Trump and his family made nearly 25% of the total 100 billion WLFI tokens available for public trading. Prior to the launch, early purchasers were unable to transact their tokens.

World Liberty had initially stated that the holdings of its founders, including President Trump and his sons Donald Jr., Barron, and Eric, would remain locked. Following Monday’s token release, the Trump family’s stake is now valued at roughly $5 billion based on the current WLFI price, according to The Wall Street Journal.

Data from CoinMarketCap shows that WLFI has seen more than $5 billion in trading volume over the past 24 hours. The token is currently valued at $0.25, reflecting an 11.7% increase during the same period.

WLFI Launches Buyback Proposal Amid Insider Concerns

Shortly after the WLFI token unlock, World Liberty Financial published a governance proposal to launch a token buyback and burn program. The plan would direct 100% of protocol fees from the platform’s liquidity positions on Ethereum, BNB Chain, and Solana to repurchase WLFI tokens from the market and permanently remove them from circulation.

“If this proposal is passed, WLFI will treat it as the foundation of an ongoing buyback and burn strategy. Over time, we will explore expanding the program to include additional sources of protocol revenue, with the goal of steadily increasing the scale of WLFI buybacks and burns as the ecosystem grows,” World Liberty Financial wrote in its proposal.

If approved, the program would raise the relative ownership stake of long-term holders and establish a direct connection between platform activity and token scarcity.

The majority of respondents supported the proposal, though some voiced concerns and expressed skepticism about the team behind the project.

Jacob King, CEO of SwanDesk, stated in a post on X that on-chain data indicates insiders are allegedly selling millions of WLFI tokens, describing the activity as a “blatant pump-and-dump scam.”

JUST IN: On-chain data shows insiders are already dumping millions of $WLFI tokens.

This is a blatant pump-and-dump scam launched today, and @EricTrump is shamelessly shilling it to his sheep. pic.twitter.com/MRxEUpsqEe
— Jacob King (@JacobKinge) September 1, 2025

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Trump Administration Explores GREAT Trust Plan to Transform Gaza

Michaela — Tue, 02 Sep 2025 12:11:28 +0000

The Trump administration has reportedly developed a postwar plan for Gaza, entitled the GREAT Trust, which would use digital tokens and tokenized land to relocate and rehouse residents under a potential U.S. trusteeship.

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Key points:

The GREAT Trust plan proposes using digital tokens and tokenized land to relocate and rehouse Gaza residents under a potential U.S. trusteeship.
It includes major projects like a special economic zone and links Gaza to the India-Middle East–Europe Economic Corridor (IMEC).
About two million residents could receive digital land tokens, with temporary housing and food subsidies, while blockchain tokenization enables fractional ownership.

A report from The Washington Post outlines a 38-page proposal, the Gaza Reconstitution, Economic Acceleration and Transformation Trust (GREAT Trust), which envisions the U.S. assuming trusteeship over Gaza for a period of at least ten years.

“The Gaza Reconstitution, Economic Acceleration and Transformation (GREAT) Trust will fundamentally transform Gaza (spatial design, economy, governance) and integrate it into the Abrahamic fabric and the broader IMEC initiative,” the alleged proposal states.

The alleged proposal also outlines what it describes as “10 Mega Projects,” including the creation of the Gaza-Arish-Sderot Special Economic Zone, which would feature free trade access to Europe, the Gulf Cooperation Council, and the United States.

The proposal also presents the “Gaza 2035 Regional Vision,” positioning Gaza as a key link in the India-Middle East–Europe Economic Corridor (IMEC) to the Mediterranean. It envisions the territory evolving into a hub for manufacturing, trade, data, and tourism, leveraging its strategic location, access to European, GCC, and Asian markets, abundant resources, and a youthful workforce. The plan emphasizes support from Israeli technology and investments from Gulf Cooperation Council countries to drive development.

Under the GREAT Trust proposal, roughly two million Gaza residents would be relocated, receiving a digital token representing their land. These tokens could be exchanged for housing in one of up to eight proposed “smart cities” or for relocation to other areas. The plan also includes subsidies for temporary housing and food for up to four years to support affected residents during the transition.

The Washington Post reported that the GREAT Trust proposal was developed by the team behind the U.S. and Israel-supported Gaza Humanitarian Foundation, an organization currently providing food aid in the territory. Financial planning for the proposal was carried out by a group that was affiliated with the Boston Consulting Group at the time.

Additionally, two sources familiar with the planning say that key elements of the proposal were designed to advance President Donald Trump’s vision for Gaza. However, it remains unclear whether the plan reflects Trump’s specific intentions or represents a concept currently under consideration.

The GREAT Trust proposal also introduces an “innovative funding model” that would establish a land trust and a blockchain-based registry to record property ownership and enable tokenization. By dividing Gaza’s land into digital tokens, the plan aims to facilitate fractional ownership and increase liquidity within the territory’s real estate market.

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Newsom Mocks Trump With Plan for ‘Trump Corruption Coin’ Meme Coin

Michaela — Mon, 01 Sep 2025 14:53:20 +0000

California Governor Gavin Newsom has announced plans to launch a meme coin named the “Trump Corruption Coin,” aimed at spotlighting the controversial and often criticized role of President Donald Trump in the cryptocurrency market.

Key points:

California Governor Gavin Newsom plans to launch the “Trump Corruption Coin” meme coin to satirize President Trump’s controversial crypto ventures and highlight their “absurdity.”
The project is part of Newsom’s broader efforts to raise awareness, having also parodied Trump’s branding with all-caps X posts and MAGA-style merchandise.
The initiative reflects the growing intersection of politics and digital finance, drawing attention to ethical concerns, transparency, and the influence of high-profile figures in cryptocurrency markets.

“We’re about to put a meme coin out, and you know what, Donald Trump? We’ll see how well your coin does versus our coin,” Newsom stated in an interview on the “Pivot” podcast. He confirmed to podcast co-host Kara Swisher that the meme coin would be called “Trump Corruption Coin,” describing President Trump as “one of the great grifters of our time.”

Newsom described the project as a way to spotlight the “absurdity” of Trump’s actions. In addition, Newsom has recently parodied Trump’s branding by replicating his all-caps X posts and releasing MAGA-style merchandise.

“I’m really worried about this country. I think we’ve crossed the red line. I think it is much more acute and profound than many people think, and I’m just trying to wake people up. That’s what this is all about. Wake up everybody,” Newsome stated.

President Trump has faced increased scrutiny over his crypto activities since his presidency, generating substantial profits from his holdings in World Liberty Financial, a decentralized finance (DeFi) company he founded with his sons, raising concerns about governance and ethical standards in the rapidly growing sector.

Shortly before his January 2025 inauguration, President Trump introduced the $TRUMP meme coin, the same token referenced by Governor Newsom in his podcast interview. In May 2025, Trump held a private dinner for leading investors in the coin, an event that drew widespread criticism, with some officials suggesting it amounted to “selling access” to the presidency.

In July, Trump Media and Technology Group (TMTG), the parent company of Truth Social, reported holdings of roughly $2 billion in Bitcoin and related digital assets. The disclosure revealed that nearly two-thirds of the company’s $3 billion in liquid assets are invested in Bitcoin and associated instruments, with an additional $300 million allocated to an options strategy centered on Bitcoin-linked securities.

The developments emphasize the growing intersection of politics and digital finance, with figures like Governor Newsom using initiatives such as the “Trump Corruption Coin” to critique and satirize high-profile crypto ventures, spotlighting concerns over transparency, regulatory oversight, and the influence of prominent leaders on emerging markets.

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Trump-Backed World Liberty Financial Set to Unlock 29B Tokens

Michaela — Mon, 01 Sep 2025 14:50:41 +0000

World Liberty Financial (WLFI), a decentralized finance (DeFi) platform supported by President Donald Trump and his family, is set to release 29 billion WLFI tokens at launch, almost a year after its initial governance token sale.

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Key points:

WLFI, a DeFi platform backed by Trump and his family, is set to release 29 billion tokens at launch, over a quarter of its total 100 billion supply.
20% of early presale allocations will become transferable via the project’s Lockbox system, while the remaining 80% will be governed by community voting.
Major exchanges including Binance, OKX, Gate, and MEXC will list WLFI, making it a key test of celebrity-backed crypto influence and market dynamics.

World Liberty Financial (WLFI) will soon officially begin trading on major exchanges, with CoinMarketCap data indicating an initial circulating supply of 29.7 billion tokens, over a quarter of its total 100 billion token allocation.

The WLFI token is set to launch on Monday, September 1, with 20% of early presale allocations becoming transferable via the project’s “Lockbox” claim system. Users have been able to move their WLFI tokens into a vesting lockbox to begin the unlock process since August 25.

The agreement notes that unlocking conditions are flexible and may be modified through future governance decisions or other applicable protocols. Consequently, tokenholders might experience new unlocking frameworks or adjustments to existing release schedules.

Additionally, the remaining 80% of WLFI tokens will be governed by the platform’s community, with future unlocking schedules determined through collective voting.

World Liberty Financial has a maximum supply of 100 billion tokens, with roughly 25% distributed during early presale rounds. Tokens reserved for the platform’s founders, team, and advisors remain locked.

Leading cryptocurrency exchanges, including Binance, OKX, Gate, and MEXC, have confirmed plans to list the WLFI token.

WLFI’s launch could serve as a key test case for how high-profile figures shape market dynamics in the decentralized finance space. Investor sentiment, trading activity, and adoption trends will likely be closely monitored in the coming weeks, providing insight into whether celebrity-backed projects can sustain long-term engagement and influence broader crypto market behavior.

Analysts and market participants will also be watching how WLFI’s governance model and token unlock strategies impact liquidity, community participation, and price stability, potentially setting a precedent for future celebrity-led or high-profile crypto initiatives.

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Trump’s Executive Order To Penalize Banks For Political or Religious Bias

Michaela — Tue, 05 Aug 2025 13:40:31 +0000

Summary: What is the goal of Trump’s proposed executive order on banking?

The draft executive order aims to prevent banks from cutting off customers based on their political or religious beliefs. It directs regulators to investigate whether banks have violated existing laws and penalize them if so. It also seeks to protect access to banking for crypto firms and conservative nonprofits.

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The White House has reportedly begun drafting an executive order that would prohibit banks from cutting ties with customers based on political or religious beliefs, as concerns about ideological bias in the financial system have gained traction among conservatives and crypto advocates.

A draft executive order viewed by The Wall Street Journal directs federal banking regulators to examine whether financial institutions have violated laws such as the Equal Credit Opportunity Act, antitrust provisions, or consumer protection regulations. Banks found in breach could face penalties, including fines, consent decrees, or other enforcement actions.

The draft executive order reportedly cites several politically charged cases, including a 2023 incident involving Bank of America. The bank was accused of closing the accounts of a Christian charity based in Uganda. At the time, Bank of America said the decision was based on the organization’s policy of not supporting small businesses operating abroad.

Furthermore, the draft order noted the involvement of certain financial institutions in federal probes related to the January 6 Capitol riots. It urged regulators to scrutinize and remove any internal policies that may have led to customer exclusions based on reputational risk or ideological beliefs.

On the crypto side, the draft order reportedly calls on the Small Business Administration (SBA) to review how banks handle loan guarantees, a move seen as critical for blockchain startups and conservative nonprofits that rely on reliable access to banking services.

Crypto firms have repeatedly flagged what they describe as backchannel pressure from regulators, claiming it has led banks to quietly distance themselves from the industry, especially after the collapse of several crypto-friendly institutions.

Changpeng Zhao, founder and CEO of crypto exchange Binance, commented on the executive order in a recent post on X. “It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto),” Zhao wrote.

It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto).

This opens banking for crypto internationally. https://t.co/yv5nm3fq7X
— CZ BNB (@cz_binance) August 5, 2025

In December, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, widely referred to in the crypto community as “crypto mom,” voiced concern over federal efforts to restrict the crypto industry’s access to banking services, especially around custody. Peirce specifically called out “Operation Choke Point 2.0,” warning that such actions could undermine innovation and transparency in the digital asset space.

Operation Choke Point 2.0 refers to alleged efforts by U.S. regulators to discourage banks from servicing crypto firms by increasing scrutiny and regulatory pressure. Though not an official program, the term is used within the industry to describe a perceived pattern of informal guidance and enforcement tactics aimed at cutting off crypto companies from the traditional financial system.

As regulatory pressure builds, the new executive order adds fresh uncertainty around crypto’s access to banking. With policy still in flux, the industry faces a critical turning point in its U.S. future.

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Will Crypto Titans Run Washington? Trump’s Win Fuels Speculation

Gushiken Yona — Wed, 06 Nov 2024 17:48:57 +0000

The crypto world is abuzz with speculation. Donald Trump’s return to the White House raises a tantalizing question: will crypto industry titans soon hold the reins of power in Washington? His victory, coupled with a Republican-controlled Senate, has ignited hopes of a regulatory landscape transformed by those who understand the intricacies of digital assets.

Trump’s campaign rhetoric resonated with the crypto community. He promised to dismantle what he called the “persecution” of the industry, championing low-cost energy for Bitcoin miners and envisioning the U.S. as the global Bitcoin superpower. These pronouncements, combined with his general anti-establishment stance, fueled expectations of a significant shift in regulatory approach.

The change in Senate control further bolsters this prospect. With Senator Tim Scott, a known crypto advocate, poised to chair the Senate Banking Committee, the legislative path for crypto-friendly policies appears smoother. Scott has previously voiced his commitment to fostering innovation in the space, promising to create “a wide pathway for Bitcoin to be successful here at home.”

However, the true game-changer lies in Trump’s power to appoint thousands of individuals to government positions. This vast network of influence extends far beyond the legislative branch, reaching the heart of regulatory agencies. And here’s where the speculation about “crypto titans” comes into play.

Howard Lutnick, a key figure in Trump’s transition team and CEO of Cantor Fitzgerald, has emerged as a central figure in this narrative. His firm’s management of Tether’s treasury reserves, coupled with his public assurances of the stablecoin’s backing, positions him as a potential bridge between the crypto industry and the incoming administration. Lutnick’s influence could be instrumental in shaping appointments to crucial regulatory bodies like the Treasury Department, FinCEN, and the Office of the Comptroller of the Currency.

The prospect of crypto industry veterans occupying these positions has sparked both excitement and apprehension. Supporters envision a regulatory framework crafted by those who understand blockchain technology’s nuances and digital assets’ potential. They anticipate a move away from heavy-handed regulation towards a more balanced approach that fosters innovation while mitigating risks.

Conversely, critics raise concerns about potential conflicts of interest. They question whether individuals with deep ties to the crypto industry can objectively regulate a space in which they have a vested interest. The potential for regulatory capture, where agencies become unduly influenced by the industries they are supposed to oversee, is a legitimate concern.

As the transition unfolds, the crypto community watches intently. Will Trump’s appointments truly usher in an era of “crypto titans” running Washington? Or will the reality fall short of the heightened expectations? The answers will shape the future of crypto in the United States, determining whether it becomes a haven for innovation or a battleground for competing interests.

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Trump Can’t Have It All: WLFI Token Takes a Tumble!

Gairika Mitra — Sat, 19 Oct 2024 16:41:27 +0000

Well, well, well! It looks like Donald Trump’s latest venture into the wild world of cryptocurrency, the WLFI token, has hit a bit of a snag — like a bad hair day in a windstorm! The launch aimed to rake in a whopping $300 million by selling 20 billion WLFI tokens. So far, they’ve managed to sell a mere 788 million tokens, bringing in just about $11.8 million — yep, that’s less than 4% of the goal. Talk about a financial flop!

According to blockchain data from Etherscan, around 9,050 unique wallet addresses currently hold WLFI. That’s only about 9% of the 100,000 wallets they had planned to lure in. It seems like a lot of folks decided to sit this one out — perhaps they were too busy looking for that golden hair of Trump’s?

The grand sale kicked off on Tuesday with Trump giving it a shout-out in a promotional video on X. But, surprise, surprise! The site couldn’t handle the pressure and kept crashing like a bad reality TV show!

WLFI a Token for the Elite: Where Trump Gets the Big Slice, and You Get the Crumbs

Now, here’s the kicker: WLFI is a Regulation D token offering, which means only the wealthy elite can jump on this train. If your net worth isn’t over $1 million, sorry, buddy — you’re left watching from the sidelines while the rich kids play. Retail investors, who usually spice things up, have been left in the dust.

World Liberty Financial is pitching WLFI as a governance token, letting holders vote on the platform’s future. But here’s the catch — there’s no actual platform up and running yet, so good luck voting on… well, nothing! It’s like having a vote for “best non-existent sandwich.” The team did file for approval with the crypto lending platform Aave, but we all know how slow those approvals can be!

After facing a harsh reality check, the WLFI team had to make some changes. They’ve now cut the percentage of tokens available to the public from 63% to just 35%. And, guess what? Now they say those shiny tokens might not be transferable for an indefinite period, despite earlier promises of a 12-month waiting period. What a plot twist!

And let’s not forget — Trump is still set to receive a whopping 22.5 billion WLFI tokens, more than what’s available for the rest of us! All that, along with hefty fees for his star power. Sounds like he’s got the best seat in the house!

So, while Trump may have the bling and the branding, it seems WLFI is stuck in a bit of a crypto conundrum. Who knew that the “Art of the Deal” could sometimes mean “Oops, we didn’t see that coming!”? Keep your wallets close, folks; this token ride may be more of a roller coaster than a smooth cruise!

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World Liberty Financial Token Sale Scheduled Amid Ongoing Controversies

Gairika Mitra — Mon, 14 Oct 2024 14:13:58 +0000

The highly anticipated token sale for World Liberty Financial (WLFI) is set to go live on Tuesday morning, October 15.

Former Republican U.S. president made the announcement on X.

.@WorldLibertyFi Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
— Donald J. Trump (@realDonaldTrump) October 12, 2024

This initiative aims to reshape the financial landscape, and prospective buyers are encouraged to join the exclusive X Spaces session on October 14 at 8 a.m. EST. This is to gain insights into this groundbreaking venture, as per Trump.

Over the years, Trump has evolved from being a critic of cryptocurrency to becoming a strong advocate. “We are embracing the future with crypto and leaving the slow and outdated big banks behind,” he declared in a video message on X in September.

Trump has consistently voiced his criticisms of banks and financial institutions. In August, he took to his social media platform, Truth Social, to express his opposition to traditional banking systems. Subsequently, he launched a dedicated Telegram channel, World Liberty Financial, aimed at supporting cryptocurrency and reportedly designed to bolster the value of U.S. dollar-pegged stablecoins.

World Liberty Financial: A Controversial Launch Amid Security Concerns and Centralization Criticism

During the launch of the DeFi platform, the X Spaces livestream unveiled that World Liberty Financial will serve as a comprehensive banking platform, enabling users to borrow, lend, and invest in cryptocurrency.

During the stream, the company introduced its token, WLFI. The founding team, including the Trumps, holds 20% of the tokens, while 17% is allocated for user rewards. The remaining 63% will be made available for public purchase. Notably, there will be no pre-sales or early buy-ins, and the token will adhere to SEC Regulation D, which allows fundraising without prior registration.

In closing his remarks during the platform launch, Trump underscored the importance of adopting cryptocurrency. “Crypto is one of those things we have to do. Whether we like it or not, we have to do it,” he stated.

Since its launch, World Liberty Financial has encountered numerous controversies, facing challenges related to scams and cyber threats. Notably, the X accounts of Lara Trump, Donald Trump’s daughter-in-law, and Tiffany Trump, his daughter, were compromised, raising significant security concerns about the venture.

Trump’s venture has received a lot of flak on social media as well. A well-followed X account with the handle @4HumanUnity noted that despite claims of supporting decentralized finance, insiders control up to 70% of the governance tokens, contradicting the concept of decentralization. The project’s website is registered anonymously through a service linked to Russian cybercriminals, heightening suspicions about its legitimacy. Furthermore, the code bears alarming similarities to Dough Finance, an Ethereum-based lending platform that was hacked for $2.1 million, and several team members were involved in that breach.

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The Irony of Financial Freedom for the Elite: Trump’s Crypto Venture Excludes the Average Joe

Gairika Mitra — Sun, 06 Oct 2024 13:22:32 +0000

Howdy, howdy all you lovely people. We are back with yet another series full of fun and frolic! We promise this one is really gonna get you on the floor screaming LOL!

As you might have guessed already, we are delving deep into the Trump family again.

In a twist of irony that could only be scripted in today’s financial landscape, World Liberty Financial—the DeFi platform has rolled out its whitelist for accredited investors. It left the average American out in the cold.

The company’s mission to bring “financial freedom to everyone” rings hollow when it comes with a hefty price tag. A net worth of at least $1 million or an annual income of $200,000. It seems the only “freedom” the average American is getting is the freedom to watch from the sidelines. The wealthy on the other hand, can cash in on the crypto craze.

1/6 The World Liberty Financial whitelists are now OPEN. Backed by Donald J. Trump, we will onboard the next wave of users into the future of finance. Join the movement here: https://t.co/YLcCq49uac
— WLFI (@worldlibertyfi) September 30, 2024

Crypto for the Few: Trump’s DeFi Platform Leaves Everyday Americans in the Dust

While Trump promises to “make America great again” with crypto, it feels more like “make America rich again” for those already in the financial elite. Why you ask? Well, consider the fact that the platform’s commitment to including everyday Americans in the future is nice. However, it raises the question: how long will the average Joe have to wait for their turn at the crypto party?

In an era where digital assets are meant to democratize finance, Trump’s approach underscores a glaring contradiction. It clearly indicates that financial innovation is becoming yet another playground for the wealthy. As World Liberty Financial navigates regulatory hurdles, the average guy is left holding the bag. He wishes he could get in on the action without needing to jump through financial hoops.

As the Elite Play with Digital Gold, Average Joes Navigate the Scams

Adding insult to injury, the platform has already faced issues with scams and security breaches, with Trump’s own family members falling victim to hackers. It’s a harsh reality check: in the fancy world of high finance, while the rich are busy throwing money around like confetti, the everyday American is tiptoeing through the minefield of scams and cyber threats. It’s like they are clutching their wallet like it’s a prized possession.

Sure, World Liberty Financial says it plans to let all Americans in eventually, but by the time they roll out the red carpet for average Joes, we might just need a time machine to make it back to when we cared. Who knows? By then, the only thing we might want to invest in is a nice hammock to lounge in while the wealthy party on their crypto yachts!

Before you go, we are sure you know that this is a light-hearted article and is meant for entertainment purposes only! Please don’t get so serious after reading this and you might wanna think twice before making investment decisions basis what we wrote!

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Crypto Voters May Influence US Politics – Study

Gairika Mitra — Thu, 03 Oct 2024 12:21:58 +0000

Cryptocurrency is no longer just a digital asset. It’s rapidly becoming a political force reshaping how Americans engage with the democratic process.

Per a recent ConsenSys report, pro-crypto policies have the potential to significantly influence voter behavior. It can also capture the attention of the growing crypto electorate.

The study reveals that crypto voters are emerging as a growing constituency with the potential to influence elections. However, it also says that these voters are pushing beyond election results to transform how governance is discussed in the United States. They have their ideals rooted in blockchain technology — such as decentralization, privacy, and financial freedom.

Key Findings of the Report

Voter Influence: Voters are 13 points more likely to consider voting outside their party. This is if a candidate supports pro-crypto policies (40% likely vs. 27% unlikely). Nearly half (49%) say it’s crucial for their candidate to back such.
Partisan Trust: There is no clear partisan advantage on crypto issues. 35% of voters trusting Republicans and 32% trust Democrats on setting crypto policies.
Trump’s Appeal: A majority of voters (56%) support Donald Trump’s pro-crypto stance, and one-third are more likely to vote for him because of it. Additionally, 41% are inclined to support down-ballot candidates who align with his views.
Harris’s Stance: Over half of voters (54%) want Kamala Harris to take a clear position on crypto. While many appreciate her opposition to restrictive SEC rules (55%), 53% say her stance won’t significantly affect their vote.

People perceive the U.S. as a global leader in crypto. However, a lack of clear regulation is leaving voters uncertain about who should be in charge.

Regulatory Confusion: Voters are split on who should regulate crypto, with the SEC and Treasury being the most preferred authorities.
Government Support: 44% believe the government is doing too little to support the crypto industry. More than half feel the same about its regulatory efforts.
Confidence Boosters: Key drivers to increase confidence in crypto include better consumer protections, more information access, simplified user experiences, clearer regulations, and enhanced transparency.

The crypto community is an emerging voter base that no political party currently dominates.

Crypto Demographics: Crypto owners tend to be younger, male, wealthier, well-educated, and multicultural, making them a high-propensity voting group.
Ownership and Growth: Currently, 19% of U.S. voters own crypto, with Bitcoin being the most popular asset (13%). One-third are likely to invest in crypto within the next year.
Investment Barriers: Concerns over risk (35%), lack of funds (29%), complexity (22%), and volatility (21%) are major barriers to further investment.
Education Gap: A lack of understanding is a significant issue, with only 17% of voters having a high knowledge of crypto, while over half report little to no understanding.

Blockchain and Crypto Voters Take Center Stage in the 2024 Presidential Campaign

Both Donald Trump and Kamala Harris have talked about blockchain and crypto at length. Trump has embraced crypto, incorporating it into his campaign, with a focus on making the U.S. a leader in the space.

He even accepted donations in Bitcoin and other cryptocurrencies and promoted crypto-friendly policies, such as supporting Bitcoin mining and opposing Central Bank Digital Currencies (CBDCs).

He has also launched his own crypto project, World Liberty Financial, aiming to attract more crypto-focused voters, particularly among younger demographics.

Meanwhile, in a recent address, Harris stated she will recommit this nation to global leadership in the industries that will shape the 21st century. “We will invest heavily in biomanufacturing, and aerospace, maintain our edge in AI and quantum computing, and harness the potential of blockchain and other emerging technologies,” she said.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November! Tickets are available now at shibacon.shib.io.

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Trump’s Crypto Venture: More Questions Than Answers

Gairika Mitra — Wed, 18 Sep 2024 15:57:41 +0000

Former U.S. President and current Republican presidential candidate Donald Trump’s latest foray into the world of cryptocurrency has left many in the industry disappointed. The unveiling of his decentralized lending platform, World Liberty Financial, was light on details and heavy on hype.

As a result, many are wondering if Trump’s crypto venture is a genuine attempt to revolutionize finance or just a clever publicity stunt.

Despite the two-hour live Spaces forum on the social media platform X, Trump and his team failed to provide any concrete information about how the platform would work. Entrepreneur Wayne Vaughan (@WayneVaughan) expressed his displeasure, calling the opportunity “a wasted one,” and noting that the listener count fell from 150,000 to 47,000.

We’re over two hours into this Trump crypto call and they haven’t yet spoken about what the platform does. The listener count has dropped from 150,000 to 47,000. What a wasted opportunity!
— Wayne Vaughan (@WayneVaughan) September 17, 2024

According to Fox Business, most people started dropping when Trump handed over the call to his sons and other speakers at around 8.45 p.m. EST.

However, the livestream finally put to rest the speculation that Barron Trump, the 18-year-old son of Donald Trump and a crypto enthusiast, was teaming up with Martin Shkreli (aka “Pharma Bro”) to launch a meme coin.

Shkreli recently got out of prison after serving nearly five of a seven-year sentence for securities fraud. He had been saying that his token was the “real” Trump family crypto token. He added that he was working with Barron on the project.

The only concrete detail that emerged from the discussion was the plan to introduce a non-transferable “governance” token. This token would allow accredited investors to buy through the platform’s official Telegram account. However, this move has raised more questions than answers.

Some investors expressed their disappointment over the fact that only accredited investors could access the token. Famous crypto YouTuber Wendy O (@CryptoWendyO) expressed her frustration over this move.

It’s not for retail so defeats the message he wants to push

Retail is not poor and stupid
— Wendy O (@CryptoWendyO) September 17, 2024

The Shib Daily previously reported that the World Liberty Financial will function as a banking platform. It will let users lend, borrow, and invest in crypto.

However, despite all these attempts it seems that Trump’s crypto venture has left many wondering if this is a genuine attempt to democratize finance or just a clever way to cash in on the crypto craze.

With so few details available, it’s difficult to say. One thing is certain, however: the crypto community will be watching closely to see if World Liberty Financial can deliver on its promises. Until then, skepticism remains the order of the day.

The post Trump’s Crypto Venture: More Questions Than Answers first appeared on The Shib Daily.

Crypto Hits $1 Billion Milestone in 2024 U.S. Election Spending

Gairika Mitra — Tue, 17 Sep 2024 15:02:14 +0000

The cryptocurrency industry’s involvement in the 2024 U.S. election has reportedly surpassed $1 billion. This includes political donations, crypto betting, PolitiFi tokens, and Republican presidential candidate Donald Trump’s NFT sales.

The crypto industry contributed over $190 million in political donations alone, according to a study by blockchain analytics firm Breadcrumbs. This amount far exceeds previous election cycles, with $98 million donated in 2022 and $15 million in 2020.

Source: Breadcrumbs

Crypto betting has been a significant factor behind this. More than $1 billion is said to have been wagered on the 2024 presidential election using the decentralized betting platform Polymarket, which is built on the Polygon blockchain.

PolitiFi tokens, a category of meme coins tied to political figures, have a market cap exceeding $400 million. Despite their volatility and association with scams, these tokens remain popular. Former President Donald Trump NFT’s have also generated substantial revenue, with sales totaling $9 million.

As mentioned, political donations contributed $190 million, followed by Polymarket Betting with $1.1 billion. Politifi Tokens were at $5 billion (market cap), followed by Trump’s NFTs worth $20 million (sales generated). Entrepreneurs Marc Andreessen and Ben Horowitz of Andreessen-Horowitz also each donated $24.9 million to PACs and candidates.

Even the Winklevoss brothers donated a combined $10.1 million, with significant contributions to both pro-Trump and other PACs. Ripple Labs officials shelled out $3.1 million, with co-founder Chris Larsen reportedly contributing $2.5 million primarily to Democrats. Other notable donors include Jesse Powell, who gave $1 million to Trump’s campaign, and Phil Potter, who donated $1.656 million.

Besides these, crypto companies have also made record donations. Coinbase contributed $50.5 million, while Ripple gave $49 million. Other companies like Jump Crypto, Paradigm, and Circle added significant amounts as well.

In addition, Pro-crypto PACs (Political Action Committees) have also raised over $170 million. The Fairshake Super PAC gave $161 million, particularly in support of candidates who favor cryptocurrency innovation. The Defend American Jobs PAC and Protect Progress PAC raised millions, supporting pro-crypto Republicans and Democrats, respectively.

So far, Donald Trump’s campaign has received over $4 million in cryptocurrency donations, with the Trump 47 Committee being the main recipient. An additional $25 million was reportedly raised at the 2024 Bitcoin Conference, bringing Republican presidential candidate’s total crypto donations to $29 million.

PolitiFi tokens linked to Trump are said to have a market cap of $12 billion as of this writing. Trump’s NFT sales alone have surpassed $20 million. Future releases are expected.

Furthermore, Polymarket, a decentralized betting platform, has seen $1.1 billion in crypto bets related to the 2024 presidential election. This includes wagers on the election winner, popular vote, and various other election-related outcomes.

Blockchain analyst James Delmore shared his insights on LinkedIn, noting that the influx of funds underscores the crypto industry’s recognition of the crucial role U.S. government policy plays in shaping its future.

The post Crypto Hits $1 Billion Milestone in 2024 U.S. Election Spending first appeared on The Shib Daily.

Trump Debuts World Liberty Financial, Touts Crypto as Key to America’s Future

Gairika Mitra — Tue, 17 Sep 2024 13:26:18 +0000

Republican presidential candidate Donald Trump officially launched his crypto venture World Liberty Financial on Monday.

In an X Spaces conversation with crypto influencer Farokh Sarmad, Trump expressed enthusiasm about the official launch. “We’re going to make our country greater than ever before, and you’re going to love your crypto,” he said.

During his fireside conversation, Trump talked about previous his lack of interest in cryptocurrencies, when wasn’t too familiar with them yet. He narrated how that stance changed as time passed, and credited his children for “opening his eyes.”

Join me live from Mar-A-Lago at 8:00PM Eastern, tonight on X Spaces. Set a reminder and be sure to tune in! https://t.co/MXTu3hxVFP
— Donald J. Trump (@realDonaldTrump) September 16, 2024

Trump’s sons, Eric and Donald Trump Jr., property developer Steve Witkoff, and the latter’s sons Alex and Zach Witkoff, also joined the conversation.

As far as the crypto venture’s mission is concerned, it aims to drive mass adoption of stablecoins and decentralized finance. “We believe that DeFi is the future, and we’re committed to making it accessible and secure for everyone,” said WLFI in an X post.

World Liberty Financial also emphasized its support for U.S.-pegged stablecoins, aiming for them to remain the world’s dominant settlement layer for the next 100 years. It also wants to see the U.S. dollar continue to lead globally.

Crypto Banking Platform and WLFI Token

The X Spaces livestream also revealed that World Liberty Financial will function as a banking platform where users can borrow, lend, and invest in crypto.

The company introduced its token, WLFI ,during the streaming. The founding team, including the Trumps, holds 20% of the tokens, another 17% is reserved for user rewards, while the remaining 63% is available for public purchase. There will be no pre-sales or early buy-ins, and the token will comply with SEC Regulation D, allowing fundraising without prior registration.

In closing his statement in the video, Trump emphasized the necessity of embracing cryptocurrency. “Crypto is one of those things we have to do. Whether we like it or not, we have to do it,” he stated.

World Liberty Financial has faced a lot of controversies since its launch, plagued by scams and cyber threats. Notably, the X accounts of Lara Trump, Donald Trump’s daughter-in-law, and Tiffany Trump, his daughter, were hacked, raising security concerns around the venture.

The post Trump Debuts World Liberty Financial, Touts Crypto as Key to America’s Future first appeared on The Shib Daily.

Trump’s $2M NFT Launch: America First Collection Brings Humor and Spectacle to Digital Trading Cards

Gairika Mitra — Sat, 31 Aug 2024 15:23:56 +0000

Take a deep breath and hang on, folks! Former President Donald Trump has once again entered the digital fray—this time with a new series of digital trading cards!

He took to his social media platform “Truth Social” with great fanfare and revealed TRUMP DIGITAL TRADING CARDS, Series 4: The America First Collection consists of 47,000 tokens, each priced at $99. Wait, wait, there’s more – within hours of the launch, the collection had raked in over $2 million, leaving critics and supporters alike wondering whether they were witnessing the birth of a new digital empire or just the latest chapter in Trump’s reality-show-like saga.

Facilitated by Trump Media & Technology Group (TMTG), the collection offers a visual feast of Trump in various themed settings—imagine the former president crossing the Delaware, standing at the foot of Mount Rushmore, or perhaps, arm-wrestling an eagle. The cards are a curious blend of history, patriotism, and, of course, a healthy dose of self-aggrandizement.

His move left the internet abuzz too with analysts TylerD (@Tyler_Did_It) pointing out that despite the splashy launch, Trump has only sold 4.7% of the total possible supply of 360,000 NFTs. “There has been no secondary action as cards aren’t tradeable until Jan 31, 2025,” TylerD noted, hinting that the real action might be yet to come—or not.

What about others you think? Well, we got you covered! Other crypto enthusiasts took to social media to express their skepticism and amusement. John Savage (@johnsavage_eth) cheekily asked on X, “Are people really buying these? Or are we just buying into the meme?” This left his comment section filling up with a mix of bewilderment and laughter, with one user joking, “Next up: Trump-themed Monopoly—because why just play the game when you can own it?”

Hang on, there is more! The humor doesn’t stop there. People speculated on what owning 47 tokens—and earning a dinner with Trump—might actually entail. “Do you think Mar-a-Lago serves Big Macs on a gold platter? Because that’s the kind of high-level dining experience I’m expecting!” quipped another user.

Well, you folks, it’s not just Trump, seems like other celebrities and public figures are also leveraging blockchain tech!. You might have heard of Snoop Dogg to Shaquille O’Neal, dive into the world of NFTs!

Trump surely knows how to add more flavor as he recently announced the launch of his family cryptocurrency platform, “The Defiant Ones,” signaling his intent to take on the traditional financial systems he so often criticizes.

Perhaps he wanted to keep things interesting, since he also launched his official Telegram channel, “Official Trump DeFi,” while Donald Trump Jr. teased a major shake-up in the crypto world, hinting at something “HUGE” on the horizon.

Now, it’s up to you whether you see it as genius marketing or just another chapter in the Trump show! And as the saying goes, in Trump’s world, there’s no such thing as bad publicity—especially when it’s worth $99 a pop.

Disclaimer: This article is for entertainment purposes only. Please don’t base your life choices on the opinions of billionaires or politicians.

The post Trump’s $2M NFT Launch: America First Collection Brings Humor and Spectacle to Digital Trading Cards first appeared on The Shib Daily.

Vitalik Buterin Warns Against Blindly Supporting Pro-Crypto Politicians, Emphasizes Broader Political Awareness

Gairika Mitra — Fri, 19 Jul 2024 14:28:18 +0000

Vitalik Buterin, co-creator of Ethereum, warned against voting for candidates who express their fondness for crypto in the upcoming U.S. presidential elections. He mentioned that politics is far more complicated than the winner of the next election, and it affects a lot of other levers.

In his blog, Buterin revealed that blockchain was not the ideology behind building and creating crypto. In fact, he said what created crypto originally was the cypherpunk movement – a loosely organized group of people who spoke about cryptography and protecting individual freedoms in the digital age.

He then alluded to Satoshi Nakamoto, the pseudonymous pioneering developer of Bitcoin who noted, “You will not find a solution to political problems in cryptography. Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.”

Buterin noted that freedom is important and decentralized networks are good at protecting freedom. He made a mention of money, calling it an important sphere where such networks can be applied.

“If you care about freedom, you might want the government to respect your freedom to have the kind of family you want. If you care about building more efficient and equitable economies, you might want to look at the implications of that in housing. And so on,” he said in his blog post.

In terms of a pro-crypto politician’s stance, he revealed that if a politician has talked about the freedom to trade coins but not about the above topics, then the “underlying thought process that causes them to support the freedom to trade coins is very different from mine (and possibly yours).”

Buterin also expressed his optimism for internationalism and said that he judges politicians on the basis of how much they care about the outside world, highlighting incidents where visa accessibility has been a major cause of concern for several nationals. “The crypto industry is uniquely international, and so immigration law is crypto law. Which politicians, and which countries, recognize this?” he said.

To drive his point home, he said anyone claiming to be crypto-friendly now doesn’t guarantee they will remain so in the next five years. He asked readers to find out what this person’s stance was five years ago.

The Shib Daily reported that Trump had been an outspoken critic of the crypto space previously.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019

Trump’s post on X on July 12, 2019

“If you see a ‘pro-crypto’ politician today, it’s worth it to explore their underlying values and see which side they will prioritize if a conflict does arise,” he added.

If a politician is pro-crypto, Buterin says that it must be understood if they are in it for the right reasons.

“Do they have a vision of how technology, politics and the economy should go in the 21st century that aligns with yours? Do they have a good positive vision, that goes beyond near-term concerns like ‘smash the bad other tribe’? If they do, then great: you should support them, and make clear that that’s why you are supporting them. If not, then either stay out entirely or find better forces to align with,” he concluded.

People have mostly supported Buterin’s blog post. Jake Chervinsky, chief legal officer of Variant, a crypto venture capital firm, commented, “You make some solid points here. Too many people will read the headline as ‘vote Biden!’ and miss the rest.

“That said, overall, much of this seems too clever by half. The good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.”

You make some solid points here. Too many people will read the headline as "vote Biden!" and miss the rest.

That said, overall, much of this seems too clever by half. Good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.
— Jake Chervinsky (@jchervinsky) July 17, 2024

Tesla CEO Elon Musk, venture capitalist Peter Thiel, and prominent crypto figures such as Tyler and Cameron Winklevoss have been supporting Trump in his campaigns. The crypto players believe that Trump’s administration might help in offering a favorable regulatory environment as compared to others. Some of the economic policies of Trump such as tax reforms and deregulation are seen as beneficial to the crypto space.

Notably, the Trump administration has always adopted a pro-tech stance, helping crypto players build robust strategic alliances, navigate regulatory challenges, and obtain favorable treatment from the government.

The post Vitalik Buterin Warns Against Blindly Supporting Pro-Crypto Politicians, Emphasizes Broader Political Awareness first appeared on The Shib Daily.

Teflon Gary: Crypto Bros’ Public Enemy #1 (and Your Secret Weapon?)

Contributor — Sat, 29 Jun 2024 14:17:02 +0000

Is Gary Gensler the crypto Grim Reaper or just a misunderstood teddy bear? Crypto Twitter is ablaze with pitchforks and laser eyes, but is all the hate warranted?

Your favorite crypto bros are throwing a Twitter tantrum over SEC Chair Gary “Teflon” Gensler. They say he’s the villain blocking crypto’s moon mission. But hold on, degens… are we sure these bros aren’t just salty about their rug-pulled scams and impending jail time?

Degens of the world, the crypto bros that you so admire despise the man with a passion. They want us to believe Gensler is the singular blocker standing between crypto and its grand ambitions. Never mind that some of those crypto bros you hero-worshipped are now cooling their heels in the slammer. Many are waiting to be ushered in, with nightmares of what Teflon Gary can do to them recurring regularly.

Crypto bros paint Gensler as the devil incarnate, but is he really the problem? Or is he just the adult in the room, trying to protect your hard-earned Bitcoin from those “heroes” you worshipped who turned out to be criminals?

Let’s be real, degens. Your beloved crypto bros are masters of hypocrisy. They preach decentralization while scamming you out of your life savings. They cry “regulation is killing innovation” while building castles on quicksand.

They want you to believe that if Gary disappears tomorrow, crypto will magically become the financial silver bullet to the world’s problems. But here’s the kicker: Gary isn’t going anywhere. Just like his boss, President Joe Biden, who seems in no mood to bow out despite his disastrous debate performance against Donald Trump.

Gary Gensler defaming #Crypto and making the whole industry out to be full of criminals.

pic.twitter.com/H6pXIhHLnI
— 2EZ Crypto (@2ezCrypto) June 26, 2024

The crypto bros have vilified Gensler with a regularity that only their scams can beat. They’ve ridiculed his attempts to police the wild west they’ve created and protect people’s money by setting down some rules. Rules that, by the way, have been safeguarding the stock and money markets for decades. They’ve taken him to court, trumpeted some victories, and painted Gensler and the SEC as outdated relics in the magical financial chimera they’re crafting.

But, but… Gary’s Teflon coating is proving to be better than the armor of a main battle tank! Far from thinking of giving up – like everyone seems to be telling his adamantine boss Biden – Gary is actually tightening the screws on the crypto bros. Never mind the ridicule, never mind the preaching, never mind the utopia they are conjuring up, Teflon Gary is here to stay. The crypto bros seem to be running out of options while Chair Gensler seems to be inventing new ones every day.

Gensler’s strength is that he’s advocating for your money. The crypto brothers claim to do the same, but their track record isn’t exactly inspiring confidence. Now everyone is waiting for Trump to swoop in and sweep out Gensler. But Trump has his work cut out for him because Joe Biden isn’t ready to keel over just yet.

As this saga unfolds, whether Gensler’s Teflon coating will wear off or not, your money is getting safer! So, grab your popcorn and enjoy the show, because in this wild world of crypto, the drama never ends.

Disclaimer: We’re not here shilling for Gary Gensler—our bags are always packed with consumer protection! And rest assured, no crypto bros were harmed in the making of this edition—just their moon-sized egos got rekt.

The post Teflon Gary: Crypto Bros’ Public Enemy #1 (and Your Secret Weapon?) first appeared on The Shib Daily.

Crypto Politics: Biden Vetoes HJ 109 While Trump Embraces Cryptocurrency Donations

Gushiken Yona — Mon, 03 Jun 2024 23:11:54 +0000

President Joe Biden, in a dramatic turn of events that underscores the deepening intersection of cryptocurrency and U.S. politics, vetoed House Joint Resolution 109 (HJ 109) last Friday–a move that has reignited fierce debate over the regulation of digital assets. Meanwhile, former President Donald Trump has taken a contrasting approach by embracing cryptocurrency donations for his 2024 presidential campaign, marking a historic first for a major party candidate.

This contrast in political strategies underscores the increasing importance of cryptocurrencies in the American political and financial arenas, setting the stage for a contentious and pivotal election year.

The Fallout from Biden’s Veto

The President’s decision to uphold SAB 121 has been met with intense backlash from the crypto community. Critics argue that this guideline presents considerable challenges for financial institutions looking to collaborate with crypto companies. By treating crypto assets as liabilities, SAB 121 complicates the financial operations of banks, potentially hindering innovation and growth within the burgeoning crypto sector.

Opponents of Biden’s veto contend that this move undermines the SEC’s authority over accounting practices and could potentially weaken its broader regulatory powers. The bipartisan support for the resolution in both the House and Senate underscores the widespread concern about SAB 121 among lawmakers.

In defense of his decision, President Biden emphasized the importance of the SEC’s ability to maintain its regulatory framework. “Overturning the SEC’s guidelines would unduly restrict the commission’s ability to establish necessary guardrails and address emerging issues,” Biden stated. He reaffirmed his administration’s commitment to collaborating with Congress to develop a balanced regulatory framework that safeguards consumers while promoting innovation in the digital asset space.

Biden’s veto has reignited a crucial debate over the regulation of digital assets in the United States. Both supporters and critics of SAB 121 claim to be advocating for the best approach to protect consumers and investors while fostering innovation. This ongoing debate is pivotal as the U.S. continues to navigate its position in the rapidly evolving global digital asset market.

Trump’s Pro-Crypto Campaign Strategy

In stark contrast to Biden’s cautious approach, Donald Trump’s 2024 presidential campaign has taken a bold step by fully embracing cryptocurrencies. On May 21, 2024, Trump’s campaign announced its acceptance of cryptocurrency donations, positioning him as the first major party candidate to do so. This strategic move aims to harness support from a tech-savvy demographic that is increasingly engaged in digital assets.

Trump’s campaign has launched a website to facilitate crypto contributions via the Coinbase exchange, accepting various crypto assets through Coinbase Wallet and MetaMask. This initiative is part of a broader strategy to build a “crypto army,” leveraging the growing influence of the crypto community in political and financial arenas.

The decision to accept crypto donations is seen as a tactical effort to bridge the fundraising gap with Biden, following Trump’s successful fundraising efforts in April. It also sets up a competitive dynamic with other candidates, such as independent Robert F. Kennedy Jr., who is also accepting crypto contributions.

The post Crypto Politics: Biden Vetoes HJ 109 While Trump Embraces Cryptocurrency Donations first appeared on The Shib Daily.

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