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Trump's controversial meme coin 'contest' proves predictably profitable for the president
“This isn’t Trump just being Trump,” a Democratic senator said. “The Trump coin scam is the most brazenly corrupt thing a president has ever done.”
https://bsky.app/profile/juanmunoz.bsky.social/post/3lnvh3rgjmc2x
Link to tweet
https://www.msnbc.com/rachel-maddow-show/maddowblog/trumps-controversial-meme-coin-contest-proves-predictably-profitable-p-rcna203293
That said, if there are still officials looking for a burgeoning controversy surrounding a president and the potential for possible bribes, do I have a story for them. NBC News reported:
In case anyone needs a refresher as to how we arrived at this point, the trouble began in earnest in January. With just three days remaining before his presidential inauguration, Trump found time to launch one last post-election grift: Without explanation or defense, the Republican and his family started selling a cryptocurrency token.
While the president’s many merchandising opportunities have been difficult to keep up with, this endeavor was arguably the most outrageous — partly because of the rather obvious conflict of interest related to the Securities and Exchange Commission and partly because of the brazenness of Trump’s profiteering.
The Campaign Legal Center’s Adav Noti explained soon after, “It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office. It is beyond unprecedented.”
What was to stop a foreign government, eager to bribe the American president, from quietly dumping money into Trump’s crypto project, effectively making direct payments to the president without public disclosure? Nothing.,,,,,
Soon after, not surprisingly, the gambit proved quite profitable. In addition to the aforementioned NBC News’ report, a Washington Post analysis found that buyers have poured “tens of millions of dollars” into Trump’s meme coin “since his team advertised Wednesday that top purchasers could join Trump for an ‘intimate private dinner’ next month.”
Note, we’re not talking about campaign fundraising or political action committees. Rather, this is a private venture, launched by the president for his own personal benefit, which allows anonymous people to give Trump undisclosed money for a chance at buying presidential access.
Democratic Sen. Chris Murphy of Connecticut said of the scheme, “This isn’t Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done. Not close.”
The New Republic’s Michael Tomasky came to the same conclusion: “This doesn’t create the ‘appearance’ of corruption or set up the ‘potential’ for conflict of interest. It is corruption. ... Patently, and historically. Chris Murphy is right: This is the most corrupt thing any president has ever done, by a mile.”
President Donald Trump and his allies have raked in nearly $900,000 in trading fees over the past two days from the president’s $TRUMP cryptocurrency token, according to Chainalysis, a blockchain data company. The surge came after a Wednesday announcement in which the top 220 holders of the token were promised dinner with the president.
In case anyone needs a refresher as to how we arrived at this point, the trouble began in earnest in January. With just three days remaining before his presidential inauguration, Trump found time to launch one last post-election grift: Without explanation or defense, the Republican and his family started selling a cryptocurrency token.
While the president’s many merchandising opportunities have been difficult to keep up with, this endeavor was arguably the most outrageous — partly because of the rather obvious conflict of interest related to the Securities and Exchange Commission and partly because of the brazenness of Trump’s profiteering.
The Campaign Legal Center’s Adav Noti explained soon after, “It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office. It is beyond unprecedented.”
What was to stop a foreign government, eager to bribe the American president, from quietly dumping money into Trump’s crypto project, effectively making direct payments to the president without public disclosure? Nothing.,,,,,
Soon after, not surprisingly, the gambit proved quite profitable. In addition to the aforementioned NBC News’ report, a Washington Post analysis found that buyers have poured “tens of millions of dollars” into Trump’s meme coin “since his team advertised Wednesday that top purchasers could join Trump for an ‘intimate private dinner’ next month.”
Note, we’re not talking about campaign fundraising or political action committees. Rather, this is a private venture, launched by the president for his own personal benefit, which allows anonymous people to give Trump undisclosed money for a chance at buying presidential access.
Democratic Sen. Chris Murphy of Connecticut said of the scheme, “This isn’t Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done. Not close.”
The New Republic’s Michael Tomasky came to the same conclusion: “This doesn’t create the ‘appearance’ of corruption or set up the ‘potential’ for conflict of interest. It is corruption. ... Patently, and historically. Chris Murphy is right: This is the most corrupt thing any president has ever done, by a mile.”
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