There’s new reason to see Trump’s crypto endeavor as problematic
The Wall Street Journal had an interesting report over the weekend on the challenges Corporate America is facing as it tries to influence Donald Trump and his second-term agenda. A variety of business, the report noted, are turning to “unorthodox” ideas.
According to the report, which hasn’t been independently verified by MSNBC or NBC News, some executives, for example, are looking to make appearances on podcasts hosted by Trump allies. Some corporate lobbyists, meanwhile, are recommending that business scrub their websites to remove policies and language that Republicans might not like.
But of particular interest was the Journal noting that chief executives are “buying the Trump family’s cryptocurrency token.”
Evidently, they’re not alone. The Washington Post reported:
Chinese cryptocurrency entrepreneur Justin Sun invested $30 million in President-elect Donald Trump’s crypto project three weeks after the election, helping Trump make a potentially hefty profit. Sun … is under investigation by the Securities and Exchange Commission on charges of fraud, market manipulation and other alleged violations. He announced the investment in Trump’s project Nov. 25 on X.
The Post’s report added Sun’s investment in the venture “raises questions about how and whether America’s next president could be influenced through his business ventures, and whether the crypto project, World Liberty Financial, may provide a potential avenue for individuals to seek to curry Trump’s favor.”
Ya think?
To be sure, Trump’s cryptocurrency venture appeared problematic from the moment it was announced in mid-September, 50 days before Election Day 2024. The Republican — a longtime critic of the industry — appeared on a livestream and declared, “Crypto is one of those things we have to do. Whether we like it or not, I have to do it.”
To that end, The New York Times reported that Trump chose a curious group of business partners, which included two “little-known crypto entrepreneurs with no experience running a high-profile business.” The article added, “On the livestream, he did not address the project directly, leaving the details to the two entrepreneurs, Chase Herro and Zachary Folkman. Mr. Herro has described himself as ‘the dirtbag of the internet,‘ while Mr. Folkman used to teach classes on how to seduce women.”
But as unfortunate as the venture appeared at the time, nearly three months later, it looks even worse, as those who might want to impress the incoming president eye a new way to get on his good side.
