Donald Trump’s new crypto token is industry in its purest form: Morning Brief

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Improper appropriation of funds, rug pulling, and distraction from legitimate work.

This is how some crypto believers describe it President Trump’s new currency, $Trump (Trump-Official-USD). But I think so Trump cheated To disengage from the cryptocurrency industry is to misunderstand why so many people cling to the institution.

Proponents of encryption may be I think Trump makes them look bad. But this is just blame shifting, which is a defense mechanism He disavows the most unsavory parts of the whole – Something we saw through FTX fall. Which, of course, was supposed to be the start of some Industry rehabilitationwhich is a process of purifying cryptocurrencies that gets rid of their worst aspects.

But Trump is here to remind us that the raw money-making machine is not a distraction from the cryptocurrency industry, but a reflection of it. The meme is the industry. This is the real, tangible part of cryptocurrencies, the ultimate use case. Capricorn People try to put distance Between their crypto business and Trump’s non-economic purpose, they cling to the promise of financial innovation and inclusion. This is an illusion. Some might even call it shame. But she is still a few steps away from self-reflection.

Trump’s YOLO symbol represents his broader political appeal. Trump does not need to embellish his ambitions or pretend to aspire to loftier goals. Trump’s dollar is not a currency, it is one of his trading cards. It is not designed to uplift the unbanked or free working people from the centralized financial system. As in his political career, Trump’s beliefs and rhetoric are crude and often outrageous, but his supporters accept them as sincere, uncorrupt, and even principled. I listen. Earn money. Fight fight fight. There is no romantic financial idea here. Even Melania has a Melania dollar (Melania-US Dollar) now.

During his first four years in office, but likely over the next, Trump had a way of putting the broader conservative coalition on the defensive. Even his strongest allies were sometimes forced to respond to his more incautious statements or more alienating policies.

The world of cryptocurrencies is now part of the Washington establishment. They fall in line. Why apologize to Trump when you can accept his gifts of attention, permission, and enrichment? robinhood (Capture) and Coinbase (currency) informed its users earlier this week that $Trump is available for trading.

The story continues

While the president and first lady’s coins were supposed to mock the respected cryptocurrency industry, Trump appointed Securities and Exchange Commission Commissioner Mark Ueda as acting head of the agency. In one of his first steps, and on Trump’s second day in office, Uyeda has launched a cryptocurrency task force Committed to creating a “reasonable regulatory path” without the anti-innovation baggage of the Biden years.

That the government’s highest financial regulator would not immediately respond to the dramatic and symbolic conflict of interest initiated by the person he just promoted makes sense. After all, Trump’s original post promoting the coin was lighthearted.

and the site Behind Trump Coin, he reminds people that they are buying expressions of support and a way to interact with ideas, rather than securing an investment.

This did not stop people from buying and making money. It won’t stop people from losing either.

Hamza Shaaban is a reporter for Yahoo Finance covering markets and economics. Follow Hamza on X @hshaban.

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