Eric Trump at the Bitcoin Conference
This is simply jaw dropping. They aren’t even pretending anymore. The presidency and Donald Trump’s personal finances are fully merged:
Eric Trump flew across the world to headline a cryptocurrency conference in the United Arab Emirates this week and told thousands of enthusiastic attendees that he and his father, the U.S. president-elect, were effectively working in tandem to push crypto, a business sector the family is directly invested in.
The message was notable because it contrasted drastically with the promise the family made when Donald J. Trump entered the White House four years ago, to keep business and government operations separate.
Eric Trump said he had even phoned his father — “Pops,” he said he calls him — to celebrate when the price of Bitcoin hit $100,000 after the president-elect announced he intended to appoint a crypto-friendly lawyer as the new chairman of the Securities and Exchange Commission, which regulates the industry that the family now profits from.
“You’re going to have the most pro-crypto president in the history of America,” Eric Trump told the crowd. “Think about a president who isn’t going to allow Bitcoin and cryptocurrencies to be overregulated and stifled.”
He’s making it crystal clear that Trump Inc., at 1600 Pennsylvania Ave. is open for business.
Eric told the rapt audience that their embrace of crypto is at least partially based on vengeance against the big banks that they believe turned their backs on them:
“The attacks on the family, the attacks on our company, the nastiness of the system, the hell that they put us through,” Eric Trump said, recalling the periods when his father was first in the White House and after Jan. 6, which led to many companies dropping the Trump Organization as a client. “Had it not been for those attacks, I don’t think my eyes would have been as open to the crypto industry.”
Off the main stage at this event, a feeding frenzy was underway as crypto investors tried to gain access to people in Mr. Trump’s orbit.
The conference was heavily attended by people who are in finacial trouble with the law in the United States. Of course.
The piece quotes Lawrence M. Noble, who served as the FEC general counsel for a decade:
“This is taking it to a different level,” Mr. Noble, who now teaches law at American University, said. “This is a direct conflict of interest. We have not seen anything like this before. We have moved so far away from the ethical norms of past presidents, where they divested themselves of financial interests.”
Waddya gonna do?
So what are the possible consequences of this? They are myriad but I think there are quite a few heavy players, including the Trumps, who understand the risk of implosion very well (it is, after all, hardly more than a Ponzi scheme) and by pushing it to the brink they can make it “too big to fail” at which point they will all be bailed out by the taxpayer. That moral hazard was well covered back in 2008 but all it did was offer insurance for con artists and scammers.
As I’ve been saying, Trump only truly cares about two things right now (aside from making people kiss his ass which he loves.) He cares about revenge and making as much money as humanly possible as president of the United States. He sees no reason he cannot do both of those things openly and without fear of accountability because he knows there is none.
Republicans have long accused Hunter Biden — the son of President Joe Biden — of taking a board seat on a Ukrainian gas company called Burisma, which he held from 2014 to 2019, in exchange for influence in US – Ukraine policy decisions.
The claims led to investigations in both the House and the Senate, which led to myriad issues, as the conservative-led inquiries became a means to undermine President Joe Biden’s credibility by targeting his son.
But the same Senators and House members behind the investigations are now silent as Donald Trump’s son, Donald Trump Jr, takes board seats at two companies in advance of his father’s second term. The move, like Hunter Biden’s board seat, raises concerns that his inclusion could sway key policy decisions affecting those businesses.
In the last week, Trump Jr took a board seat at Public Square — an e-commerce platform that labels itself as “anti-woke” and aligns itself with conservative brands and products, and Unusual Machines — a Florida-based manufacturer of drone components.
As the article points out, HunterBiden had no official or even quai-official relationship with the Obama administration and neither was he involved in any of this father’s campaigns. He never served as a surrogate for his father or the administration on television or elsewhere. He may have gotten hired because of his father’s name but there was no evidence, despite investigations by the press, the DOJ and the congress that it was anything more than that. Junior, on the other hand, is intimately involved in choosing his father’s cabinet, including the Vice President, and is highly influential on policy also serving as one of his father’s most common surrogates on television and elsewhere.
Any problem? Not so far.
Update II–
This is the best thing I’ve read about crypto — and the weird new state of our society in general (for anyone over 40 anyway) — in a good long while. Highly recommend.