Trump’s annoying tendencies: How can the president’s relations with encrypted currencies lead to the stimulation of corruption Donald Trump

WWEth Donald Trump By exploiting the senior organizers who have cryptocurrencies and promise to make the United States “the capital of the planet cryptocurrency”, the controversial industry and fascinated by scandals are preparing for more relaxed and faster supervision, which fears former ethical monitoring bodies and prosecutors that it may pose risks to investors . And stimulating possible criminal violations.

The positions of the president supporting the encrypted currencies came at a time when he attracted encrypted currency companies to increase their contributions to his election campaign to help him win the White House. Although Trump called in 2021 Bitcoin “A fraud”, and also announced last fall that it and its children are helping to launch a new commercial project for cryptocurrencies, called World Liberty Financial, and they can benefit from it.

In confirmation of his growing relationships with speculative cryptocurrencies, Trump revealed, in a blatant work of self -enrichment days before his inauguration, about another encrypted currency project, which is a personal Mimi currency called $ Trump that has caused severe criticism from ethics and economists and some of those familiar with the industry. .

“Trump’s Mimi currency represents the termination of the annoying Trump tendencies and the embrace of his encrypted currencies, in addition to his rejectionist position towards the government organization,” said Eswar Barasad, Professor of Economics at Cornell University.

On a broader scale, Brasad expects that during the Trump era, “organizational agencies and senior administration officials will contribute to legitimacy to encrypted assets, despite the very speculative nature of these investments and the risks of exposing the non -sophisticated retail investors to their fluctuations.”

The political wealth of the cryptocurrency industry has increased, as its leaders collected millions of dollars to help the Trump campaign, opening attacks, including “cryptocurrency” and accelerated pressure on the new administration and Congress to achieve their priorities.

On an early mark on the legendary control of the industry, executive officials in the field of encrypted currencies praised when Trump last month appointed Paul Atkins, who founded a group supportive of encrypted currencies to head the Securities and Exchange Commission where he was a commissioner.

Moreover, Trump issued an executive order last Thursday to support the growth of encrypted currency, which called for the formation of a new working group to explore the creation of a national stock of encrypted currencies and suggest new regulations for digital assets, and to fulfill his promise to renew encrypted currency policies.

Trump also got fame from cryptocurrencies to appoint David Sachs, one of the investment capital poles in Silicon Valley, which helped establish PayPal and has good relationships with Uber and enthusiastic currency currencies. Ilon MuskTo be the first official for cryptocurrencies and artificial intelligence in his new administration.

At the encrypted currency ceremony, Sachs announced that “the era of terrorism against cryptocurrencies has ended.” On the same night that Trump took refuge in his Trump platform to launch the “$ Trump”, which has no inherent value but its price rose before Trump’s inauguration, which led to an increase in the value of his research paper by billions of dollars.

Trump’s blatant mixing between his political efforts to strengthen cryptocurrencies by reducing the organization and his own endeavor to obtain the wealth of encrypted currencies has sparked strong criticism from the supervisory and expert bodies.

“Most people who have any interest in basic ethical principles, not to mention the rules and standards specified for government ethics, will find that Trump’s launch of a digital currency while he is about to install him as a heavy head,” the former general of the Federal Electoral Committee said. Lawyer Larry Noble, who is now studying the law at the American University.

“It is clear that his identity is not disclosed in encrypted currency transactions will allow anyone looking for preferential treatment from the Trump administration, including American companies, as well as actors and foreign countries, to participate in making Trump more richer than ever as soon as he purchased his Tokin. “

Other critics provide harsh reviews of the same extent to Trump’s encrypted trick, which is said to be Trump’s subsidiaries possess a 80 % stake in it.

“The value of the currency can be affected by his actions or policies as soon as he takes office, especially since Trump said that he will be more friendly to encrypted currencies, which is likely to increase the amplification of the currency value at least temporarily,” said Richard Pinter, George W. Bush’s advisor. The chief ethical adviser who teachs law at Minnesota University.

Likewise, in a broader criticism, Democratic Senator Elizabeth Warren of Massachusetts said to the Guardian newspaper: “Trump should focus on reducing costs for Americans, and not deceiving them from their savings to extract the value of cryptocurrencies for himself and his family.”

Trump’s wife, Melania, launched her own currency, Melania, shortly after her husband’s launch.

Some experts are also concerned about the wider risks to the economy, which stems from the proposals for the establishment of Bitcoin reserves for the United States, which Trump suggested that it may support and prefer some of the leading leaders of industry.

“The establishment of a bitcoin reserve would give the cryptocurrency an official permit and lead to the United States government to bear the risks associated with the volatility of its prices.”

“This is not a strategic or reasonable idea, but instead it benefits bitcoin holders while American taxpayers are obligated to the bill and expose the government to financial risks. The United States government will become the main driver of the Bitcoin price on the road up and down,” Brasad added.

Such criticisms appear to be unlikely to deter the pro -Clean Curricula of the Trump administration, which is fueled by pressure groups in the industry that have strong relations with Trump and tens of millions of spending on the election campaigns that have benefited from Congress and Trump’s allies.

The major encrypted currency companies have expanded their influence efforts in recent weeks by pumping millions of dollars at the Trump inauguration ceremony, and the employment of high -level pressure groups was a major donation of Trump and is proud of its strong relations with him.

Among other things, the Ripple Currency Company has pledged $ 5 million from its own encrypted currency of the opening ceremony, making it one of the largest donors. Ripple external pressure team includes Michael Best Strategies, who heads its board of directors, Renns Bricus, former Trump chief employee.

After Trump’s election, Ripple also rented a member of the powerful pressure groups Brian Ballard who was a major donation of Trump since 2016. Ballaard Strategies, a pressure company that bears his name, also represents Robinhood, a major industrial trading platform that contributed two million dollars in The opening ceremony.

Trump’s enthusiastic grooming for cryptocurrencies was clear at the Bitcoin Conference last summer, as he pledged to overthrow the head of the Securities Authority and Stock Exchange Gary Ginsler, who did not like industry leaders because of his strict regulatory measures, and Trump pledged to make the United States “Bitcoin capital in the world”.

Trump’s personal enthusiasm for alternative currency was highlighted last September when he announced on Musk’s X that his family, including Eric and Don Junior, helps in launching World Liberty Financial, a cryptocurrency project that they can benefit from even though they will not be able to manage it .

Last month, World Liberty was a prominent player at the two -day luxury Bitcoin event in Abu Dhabi, which included a major speech to Eric Trump. The conference also attracted Trump’s special envoy to the Middle East, Steve Witkeov, who helped establish the World Liberty Organization, which is now proud of as the largest investor in it, the Chinese businessman born Justin Sun, who attended the event in Abu Dhabi and was said to be pumping $ 75 million in the World Liberty Organization, and led Conference. Another encrypted currency company called TON requires organizational audit. In 2023, the Securities and Stock Exchange Commission of fraud and other violations of the Securities Law against Sun and three of his fully owned companies, including the Lt. Corporation, Ltd.

At the Abu Dhabi party, Eric Trump promised that his father would be “the most supportive president of encrypted currencies in the history of America.”

Despite Trump’s public support for encrypted currencies and his own financial interests in this field, there are increasing signs of encrypted currency violations that cause critics’ concern.

Among the concerns are the various criminal violations of the currency, including by some dangerous foreign bodies associated with it north korea.

Last month, a study conducted by a pioneering company in the field of blockchain, Chinanalisms, found that North Korean infiltrators stole $ 1.34 billion in cryptocurrencies in 2024, a record amount and weakness of what they stole in 2023.

The report concluded that American and foreign analysts believed that stolen money was used “to finance weapons programs for mass destruction and ballistic missiles.”

Also in the United States, major fraud plans in the field of encrypted currencies have caused warnings.

Sam Bangan Fried, who founded the bankruptcy exchange exchange now, was now in prison for 25 years in March by a judge in New York on charges of deceiving customers for $ 8 billion.

On a larger scale, the FBI revealed in an annual report last September that the fraud in cryptocurrencies increased dramatically in 2023, when the Americans incurred $ 5.6 billion losses, i.e. a 45 % jump from the previous year.

Such violations have prompted critics of cryptocurrencies to urge them to develop stronger regulatory regulations – not weaker – cryptocurrencies to thwart the fraudsters and the possibility of broader economic repercussions.

“There is a great risk that our next financial crisis can result from the inflation of the value of the encoded currency (i.e. bubble), just as the last crisis arose from the exchange agreements based on securities and securities related to mortgage, which was before 2008, the painter said. .

Warren stressed that Congress must work “in a common way between the two parties to set the rules of proper logic of the encrypted currencies that facilitate competition and innovation and have real guarantees to protect our national security and protect consumers and investors and our broader financial system of potential shocks.” .

Other senior Democrats Expect that metal currencies will undermine the restrictions imposed on financing the election campaigns.

Democratic MP Jimmy Raskin from Maryland said: “The cryptocurrency of MIM can mean the end of any law to finance the election campaigns as we know it,” said Democratic MP Jimmy Raskin from Maryland. “It is an opportunity for any donor who is interested in putting millions or billions of dollars in the possession of one of the politicians. If there is a foreign or local interest that wants to transfer money secretly to the president, it can do this in this way.

Former public prosecutors also raise red flags about criminal plans for encrypted currencies.

“The scientist of encrypted currencies is just the most recent context in which the fraudsters and those who scattered the work have learned.” Former Federal Prosecutor Stephen Cassela, who heads the assets confiscation law company, said: “It is a brilliant thing that people want to reach in the hope to make them wealthy.”

Current currencies have led to the emergence of a world of rapidly disappearing assets, which are complicated by little and the vocabulary that few master, which created opportunities for criminals and challenges to law enforcement that did not simply exist in any previous era.

Other former general prosecutors are also concerned about the spread of cryptocurrency fraud.

Paul Pelitier, Acting Chairman of the Fraud Department of the Ministry of Justice, said:

“Since the developed criminal actors realize that law enforcement devices at the present time cannot effectively monitor or frustrate the activity, the hateful government actors such as North Korea exploit these weaknesses to extract billions of reassured victims all over the world.

“It is necessary for those in charge of law enforcement and organizers in the United States to develop advanced monitoring systems strongly and strongly to deter this emerging and expanding threat. It is unfortunate that they seem to move in the opposite direction.”