Trump Sons Plan Crypto Startup (politico.com) 203
To make America the "crypto capital of the planet," former U.S. President Donald Trump promised crypto-friendly policies, writes Politico, which "could have a new beneficiary: his own family."
Trump has vowed to enact an array of pro-crypto policies in a bid to win votes — and campaign cash — from digital asset enthusiasts in recent months. Now, he's weaving the overtures into his pitch for his sons' forthcoming startup... It remains unclear what the Trump sons' crypto venture will look like. They have been teasing their plans to launch it for weeks, in part by positioning it as an alternative to the use of big banks.... ["Be defiant," reads the tagline on their World Liberty Financial home page — with nothing more than its name and the words "Coming soon."]
Trump's sons took over control of their father's business, the Trump Organization, after he became president in 2017, but he retained ownership of the company... It is unclear whether the crypto startup would be launched as part of the Trump Organization or as a separate entity. Either way, ethics experts and watchdogs say the crypto business could create the appearance of a conflict of interest if Trump wins back the White House this fall... From an "optics perspective, it's terrible," said Richard Painter, who served as chief White House ethics lawyer under former President George W. Bush and later ran for Congress as a Democrat. But he said it wouldn't violate any ethics laws.
The family venture is the latest way Trump has embraced the digital asset industry, which is pouring more than $160 million into the 2024 elections as it seeks to help elect allies up and down the ballot. Trump has also marketed his own line of non-fungible tokens, or NFTs, which are digital images of the former president that fans can purchase for $99... Trump's NFT sales could also raise ethics concerns, said Jordan Libowitz, vice president for communications at the Citizens for Responsibility and Ethics in Washington....
"[P]rior conflicts and illegalities took advantage of preexisting loopholes," said Norman Eisen, an ethics lawyer who served in the Obama White House and later helped build the first impeachment case against Trump. "Here, Trump appears to be promising to create the loopholes while his family is simultaneously designing a business venture to exploit them."
The article notes that Trump promoted his son's crypto venture on X this week with audio from Trump's speech at a crypto conference in July. "He first revealed his pro-crypto leanings — after previously deriding digital currency — at a Mar-a-Lago event in May with supporters who bought his crypto-linked digital trading cards..."
"Trump is also facing new questions about what he would do with his stake in the parent company of the social media service Truth Social," the article adds. (Although this week the stock hit a new low. After losing 50% of its value in six weeks, it's dropped below $20 per share for the first time since it started publicly trading...)
Trump's sons took over control of their father's business, the Trump Organization, after he became president in 2017, but he retained ownership of the company... It is unclear whether the crypto startup would be launched as part of the Trump Organization or as a separate entity. Either way, ethics experts and watchdogs say the crypto business could create the appearance of a conflict of interest if Trump wins back the White House this fall... From an "optics perspective, it's terrible," said Richard Painter, who served as chief White House ethics lawyer under former President George W. Bush and later ran for Congress as a Democrat. But he said it wouldn't violate any ethics laws.
The family venture is the latest way Trump has embraced the digital asset industry, which is pouring more than $160 million into the 2024 elections as it seeks to help elect allies up and down the ballot. Trump has also marketed his own line of non-fungible tokens, or NFTs, which are digital images of the former president that fans can purchase for $99... Trump's NFT sales could also raise ethics concerns, said Jordan Libowitz, vice president for communications at the Citizens for Responsibility and Ethics in Washington....
"[P]rior conflicts and illegalities took advantage of preexisting loopholes," said Norman Eisen, an ethics lawyer who served in the Obama White House and later helped build the first impeachment case against Trump. "Here, Trump appears to be promising to create the loopholes while his family is simultaneously designing a business venture to exploit them."
The article notes that Trump promoted his son's crypto venture on X this week with audio from Trump's speech at a crypto conference in July. "He first revealed his pro-crypto leanings — after previously deriding digital currency — at a Mar-a-Lago event in May with supporters who bought his crypto-linked digital trading cards..."
"Trump is also facing new questions about what he would do with his stake in the parent company of the social media service Truth Social," the article adds. (Although this week the stock hit a new low. After losing 50% of its value in six weeks, it's dropped below $20 per share for the first time since it started publicly trading...)
Uh (Score:5, Insightful)
Blatantly using the office of the presidency for profit. You guys are OK with that? What does this crypto offer besides "my dad was president" and "if my dad becomes president he'll tip the scales in my favor".
Re:Uh (Score:5, Interesting)
Trump fans will buy anything related to him, so yet another nice scam for them to run.
But I still see crypto as a ponzi scheme, so what does one call a ponzi scheme of a ponzi scheme ?
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Profits were exponential until liberals and regulators seized his manhood!!
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[i]seized his manhood!![/i]
serves him right! from all that pussy-grabbing.
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Everyone except the regulators knows that this was a scheme. Most assume this was to pay off the massive upcoming legal fees and judgements, but others assumed this was how they could support the campaign without having direct donations. Though it's pretty obvious that it's the former and none of it is going to any campaign.
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Re:Uh (Score:5, Funny)
But I still see crypto as a ponzi scheme, so what does one call a ponzi scheme of a ponzi scheme ?
A Trump company
Re:Uh (Score:4, Interesting)
Trump fans will buy anything related to him, so yet another nice scam for them to run.
Philosophically, what does one mean by a scam?
I mean sure this is a money-for-nothing scheme playing off a name for money with no plan for return.
But scam implies deception. At some point can one consider that there is little to no deceit involved? I mean it's not like Trump & family have been shy about lying continuously about everything under the sun. Trump has gone on about how he's been bankrupt many times in clever ways. He's even bragged, yes bragged about being convicted for felony falsification of business records.
No one who buys into this scheme is going to be unaware of who Trump is. Can one really say there is deception involved if all parties are aware? Can one, on a deep philosophical level really call it a scam?
Bloody bonkers is what it is (also a scam).
Re:Uh (Score:4, Informative)
"No one who buys into this scheme is going to be unaware of who Trump is."
False. A third of the public does not know who Trump is.
"Can one really say there is deception involved if all parties are aware?"
Yes, a bad deception is still a deception. And not all parties are aware.
"Can one, on a deep philosophical level really call it a scam?"
Yes, on any level one can.
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False. A third of the public does not know who Trump is.
Wait, what?
How? He's been dominating the media and political landscape for a decade!
Re: Uh (Score:5, Insightful)
They know who he *says* he is. They know who fox news*says* he is. They don't know who he *is*.
Re:Uh (Score:4, Insightful)
Anyone buying any form of crypto is a fool. You might as well be selling Minecraft Swords with a +3 to slashing damage. I like my currency nice and analog.
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A new term: a trumpf.
Re:Uh (Score:5, Insightful)
Ever see video of Rajneesh (the cult leader in Oregon) driving in his convoy of Rolls Royces while his followers all dressed in red clothing fawn at his sight? Hell the Simpsons even did a parody episode about it.
That's MAGA.
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No .. but looked it up .. that's some funny shit.
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Sadly, you see TV evangelists driving around in fancy cars and owning private jets, from money they made claiming the needed donations to do Jesus's work. It's only fair after all, remember Jesus had his gold plated donkey.
But Jesus never had a bible as great as Trump's. (Score:2)
Re:Uh (Score:4, Insightful)
The people living in a double wide grabbing their chest like Fred Sanford when they hear of Kamala's capital gains tax increases.
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have to find my glasses first.
(let's see, which drawer are they in?)
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Blatantly using the office of the presidency for profit. You guys are OK with that?
He had a damn presidential gift shop running for the entire duration of his previous administration. At one point, there was even a gold accented MAGA hat Christmas ornament. A surprisingly large portion of the electorate clearly has no problem with the president literally acting like a Ferengi.
Re:Uh (Score:5, Insightful)
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Re: Uh (Score:4, Funny)
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Trump's lived his whole life so far like this. I doubt he's even thinking about it by now, it's just second nature to him. & you can be sure he & his sons don't have a clue what crypto is.
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Who thinks that Trump won't want to claim a good share for himself if it makes any money & let his sons take the hit if it doesn't?
Agree 100%. Trump said of 2022 GOP candidates (verbatim quote): "I think if they win, I should get all the credit, and if they lose, I should not be blamed at all.” This scheme is no different, and Trump will absolutely grab all he can if it goes up, and throw anyone (including his sons) under the bus if it doesn't.
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The difference was the sheer blatant openness of it all. His nick-nacks you could buy were assumed to just go to his campaign or re-election, those gold tennis shoes were for political ads (not legal bills, nosirree, because he'll be proven innocent any second now). Taking bribes on the side, out of the public eye, it's the gentlemanly way to make money while in office, only those third world dictators would be so crass as to openly enrich themselves. The powers that be under-estimated Trump's ability to
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No, we're not ok with it. We weren't ok with it in 2016 either when it was blatantly obvious that this was one of the major reasons Trump was running for office (the other was to delay legal troubles). The problem is that there were many voters who naively thought that someone who is rich must have gotten that way through brains and hard work, rather than inheritance and grifting, and because the opponent foolishly assumed she had the win in the bag.
Damn (Score:5, Informative)
I'm too honest. It seems you can fleece the MAGA crowd to no end and they'll still ride your dick for free. https://www.forbes.com/sites/t... [forbes.com]
Here I am working for a living when I could be out convincing those with far less than me to hand over their cash to hurt liberals. Oh well at least my Trump sneakers and Trump bible are still holding up.
Re:Damn (Score:5, Insightful)
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They're usually people driven by emotions over reason. So yes, a lovely target-rich environment for a con artist.
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Here I am working for a living when I could be out convincing those with far less than me to hand over their cash to hurt liberals.
You could, but step #1 requires that you already be sitting on a relatively decent size pile of cash to promote your scheme in the first place. Just sticking a box out in front of your home with "Insert cash to own the libz!" written on it is highly unlikely to result in a windfall.
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To be fair, he was doing this dumb shit long before he was president. Remember when he was selling steaks? That’s been the Trump scam since day one. Come up with a shitty product and sell it as a luxury item. This goes back to the 90s
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It seems you can fleece the MAGA crowd to no end ... Trump Supporters Scammed By Novelty Items—‘Trump Bucks’—Advertised As Legal Tender [forbes.com]
Read the article...
Pro Tip: Never buy things from, or invest in, a company with the words "Patriot", "Freedom" or "Trump" in the name -- or with a Trump recommending and/or profiting from it.
If you're not already pretty wealthy (Score:2)
Beau Biden is Corrupt! (Score:5, Informative)
I want to Make America Great Again, Again. I know where my money is going, into the black hole of Trump's retarded sons. To be clear, I don't mean Barron. I mean Captain Weak Chin and Admiral Confusion. There's that other guy, totally not corrupt. I think the Saudi's own him. He's not Trump's spooge spawn, though.
Looking forward to the troll ranking here, but you know I'm being informative.
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I want to Make America Great Again, Again. I know where my money is going, into the black hole of Trump's retarded sons. To be clear, I don't mean Barron. I mean Captain Weak Chin and Admiral Confusion. There's that other guy, totally not corrupt. I think the Saudi's own him. He's not Trump's spooge spawn, though.
Looking forward to the troll ranking here, but you know I'm being informative.
Not to say that Barron is an angel [politicalflare.com]. It takes a wisdom and restraint for the rich to raise well-adjusted offspring, qualities Trump aggressively lacks. There's a reason Jared Kushner is his favourite son.
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That's why Kushner is the one to beware of. Corrupt and stupid are less of a problem than corrupt and smart.
It was absolutely hilarious (Score:2)
I can't even imagine how furious they must have been having all that hard work from 2 years of doing anything but their jobs to try and track down random nonsense related to Joe Biden's sons. Offer it's be completely pointless because the public no longer cares.
I'm sure they had some hilarious Octo
Like father like son (Score:2, Insightful)
Re:Like father like son (Score:5, Insightful)
They clearly learned their scamming from the master.
It's not scamming. It's grifting. it's all the convicted felon has done his entire life. Why shouldn't his progeny do the same?
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It's not scamming. It's grifting.
What would you consider the difference?
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There isn't one. Grifting is defined as small scale or petty. I would not count any of their scams as that. Trump Media (Truth Social) was worth 7 BILLION in valuation and that's a total scam. I don't know about now and don't care to look but that's not small scale.
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Some of these things do seem petty. Ie, the gold sneakers - $399 each, with a limited number of 1,000 pairs. That's less than half a billion (minus production and marketing costs), but he has legal bills well above that, and the campaign (if you're naive enough to think the money goes there) needs vastly more than that.
For a guy claiming he's super duper rich, this is small potatoes.
Re:Like father like son (Score:4, Insightful)
It's not scamming. It's grifting.
What would you consider the difference?
A scam is defined as a fraudulent business scheme [cambridge.org]. For as many businesses of his that have failed, they were legitimate businesses. Until we find out he was laundering money for the Russian mob and others.
Whereas a grift [cambridge.org] is more about tricking someone into them giving you their money.
It's a subtle distinction, but when you look at everything he's done, it's been a grift. He's never used his own money. It's always someone else's, and that includes the $413 million he got from his dad [apnews.com] despite him claiming he's "self made". He's even using other people's money to pay his personal legal bills [nytimes.com]. Alternative link [spokesman.com].
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Does the conman wear a nice suit or baggy trousers?
Fraudsters plan fraud. (Score:4, Informative)
THEY'RE CORRUPT! (Score:2)
They CANNOT profit off the Trump name. It's a desecration of the sacred oath of office.
Next thing you're going to tell me is Trump Jr. is a talentless """artist""" who sells his pieces for $500k a pop to foreigners who then have meetings with the big man himself. DISGUSTING FAMILY.
They're not all disgusting. (Score:2)
Calling All Douchebags (Score:2)
Calling All Ignorant Trumptards and Douchebags - an opportunity to lose ALL your money to Trump and his syphilitic sons has now presented itself!
Get in line NOW for this amazing opportunity to go broke with the Trump ShitCoin!
So, "Make America fail even harder"? (Score:2)
Or what is the agenda here? Hmm. Maybe Trump needs money and wants in in the scam.
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Or what is the agenda here? Hmm. Maybe Trump needs money and wants in in the scam.
Rich people always need more money. Anybody who reaches a point where they think "okay, I've got enough money now, I'm good" usually isn't likely to ever end up rich in the first place, because you can still live pretty comfortably on a modest income.
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Agreed. I think to intentionally get rich you have to have some rather serious defect.
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2. A way to scam even more money out of the MAGA cultists, which will go into his 'flee America' fund
3. Just criminals being criminals, as per usual for the Trump family
Given Trump's Russian mob ties (Score:2)
The only reason Trump isn't working at a a Magamart [youtube.com] is the Russians bailed him out in 2008 in exchange for a whole lotta money laundering. Which he got away with because he's the son of a billionaire.
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Beavis and Butt-Head ... (Score:2)
Trump Sons Plan Crypto Startup
So Beavis and Butt-Head are starting a crypto startup? This promises to be amusing ...
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it's for like school for an money and chicks class.
What a fine family (Score:2)
Fred Trump was a KKK and Nazi sympathizer.
Donald Trump organized an inspurrection as sitting president.
Donald Trump, Jr and Eric Trump are crypto bros.
What a fine bunch of human beings... Can you imagine a family in which the least hateful and nefarious members are crypto scammers because the others are even more terrible?
How predictable (Score:2)
Another Grift (Score:3)
Love this quote (Score:3)
From an "optics perspective, it's terrible," said Richard Painter,
OMG, since when has Trump ever been worried about "optics" in a normal sense?
Has he seen *anything* Trump has been involved in, said and done?
An "optics problem". Was it an optics problem when the Saudis gave Jared $2B? Didn't seem like one.
How would this be any different? His cult don't care if he does anything illegal. If he's President he basically can't do anything illegal according to the SC now.
Why TF would Trump ever care about an "optics perspective"? When has it ever hurt him before?
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If he gets away with it, it's proof he's a powerful man to be followed. If he gets taken to court, it's persecution of the entire cult.
Cults are like that, not much you can do with them except be prepared if they go nuts and wait for them to wake up when it's all over. Some of them will quietly nurse a grudge for the rest of their lives, some will deny they ever wore a MAGA hat, and a few will keep wearing them and demand the world change to accommodate their derangement.
Re:Why Post This At All? (Score:4, Funny)
If you can offer positive arguments then feel free to make them. I'm going to be refreshing this story often.
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You can't resist all things Trump so I think you're telling the truth on this one.
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They probably meant positive points to the topic at hand and not some absurd tangent.
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reinstated exports of lethal weapons to Ukraine
This was only in regards to Javelin missiles (a policy Biden has in fact continued) but Obama from 2014-16 sent Ukraine about $600m in aid. Also this is a silly point since Congress has to approve such expenditures.
What's not silly in the fucking President of the United States holding such Congressionally approved funs hostage in exchange for opening investigations for his campaign.
kept Putin from escalating in Ukraine
How? Is there a real answer to this which is not just "Putin is afraid of Trumps throbbing manhood?"
and taliban out control of Afghanistan
Nope, in fact his total la
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Anyone who defends Donald Trump and the Fascist Pig Party (aka """Republicans""") is an enemy of the United States and should be dealt with accordingly.
Re:Why Post This At All? (Score:5, Insightful)
We can't have a discussion about it. Anyone who doesn't immediately and unequivocally denounce Trump gets brigaded down to -1, which means they can't post any more.
As they should be. Trump and Trumpism are cancers on America and need to be eradicated, along with his sick, ignorant followers.
If you're still on the fence about Trump, fuck you. It means you're too stupid to be trusted with our democracy and no one should listen to your well-worn bullshit.
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If you're still on the fence about Trump, fuck you. It means you're too stupid to be trusted with our democracy and no one should listen to your well-worn bullshit.
It doesn't sound like you're anymore trustworthy to be totally honest.
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That settles it, I'm definitely not voting for JustAnotherOldGuy for president.
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No, he does to be totally honest.
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So this makes it at least two slashdotters who affirmatively support the idea of banning anybody from voting if they haven't yet decided who they will vote for.
Such democratic values you two have.
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Actual Americans who still support Trump and the Fascist Pig Party need to be psychologically evaluated for whether they're competent enough to be running around loose in the world.
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I am genuinely curious what you will do if all the betting markets are correct and Trump wins the election.
The betting markets are now at 50/50: https://www.covers.com/politic... [covers.com]
MSNBC will have ratings through the roof with a Trump victory, especially since he now has majority support among Black men, which is narrative destroying.
LOLWUT!?!? XD
https://www.pewresearch.org/sh... [pewresearch.org]
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MSNBC will have ratings through the roof with a Trump victory, especially since he now has majority support among Black men, which is narrative destroying.
I hope everybody is fine, but it's probably more profitable to go long popcorn.
What propaganda are you watching? https://www.pewresearch.org/sh... [pewresearch.org]
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"...especially since he now has majority support among Black men..."
LOL
"...which is narrative destroying."
Which is why you made it up.
"...not the professional propagandists. MSNBC..."
We love it when Trumpists tell us who they are. We know MSNBC is propagandist, FOX told us!
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I am genuinely curious what you will do if all the betting markets are correct and Trump wins the election.
This isn't 2016. Trump won't be able to do much without a Senate majority, and the one thing Trump truly has a real knack for is motivating Democrats to show up at their polling places during a mid-term election. He'd also be term limited, so if he wins he's fucking done for good after he serves his term.
Yeah, we'd end up with a gridlocked non-functional government for 4 years, but some people might argue that's not much different from how it usually operates.
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It takes a lot of optimism at this point to assume that a 2nd Trump term would end with an ordinary, peaceful, and lawful transfer of power.
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Re:Why Post This At All? (Score:5, Insightful)
Anyone who doesn't start squawking democrat talking points gets brigaded off the site?
That right there is the problem. You are casting this as some sort of issue of political partisanship. Where is the politics in this though? This is not about the political leanings of Trump and his sons. This is about the fact that, objectively, they're known to be grifters. I say objectively because that's been found to be the case in courts of law. Multiple times. Consider for example How Donald Trump Shifted Kids-Cancer Charity Money Into His Business [forbes.com] and note that he did it with his sons. This has absolutely nothing to do with partisan politics unless you're arguing that lawlessness, graft, and dishonesty are defining features of Republican/conservative ideology.
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Ok. That article was just one single example that I came up with offhand. So, how about you consider Trump University? Or the fact that the Trump Organization was criminally convicted of fraud? Allen Weisselberg ended up pleading guilty to perjury in that case, clearly to protect the Trumps. Oh, here's one: Donald J. Trump Pays Court-Ordered $2 Million For Illegally Using Trump Foundation Funds [ny.gov]
. He was also barred from operating a charity without permission from the attorney general and his children had to
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It's funny to me that we seem to have read different articles. Extremely telling for me was how Eric kept telling donors to his charity that everything was being comped by Trump so virtually all donated money went to the charitable cause (an incredibly choice set up for a non profit which would have brought in plenty of donations) even well after that was clearly no longer true.
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Yes, Trump Derangement Syndrome is real. And you've clearly got it. Here are some quick quotes from the article:
"the Trump Organization received payments for its use, part of more than $1.2 million that has no documented recipients past the Trump Organization. Golf charity experts say the listed expenses defy any reasonable cost justification for a one-day golf tournament."
"used the Eric Trump Foundation to funnel $100,000 in donations into revenue for the Trump Organization. And while donors to the Eric Tr
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We can't have a discussion about it.
If you long for the days of monarchs squeezing tribute from their subjects so they can have rooms full of gold and jewels, I really don't know what to tell you. America was founded specifically to get away from that.
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We can't have a discussion about it. Anyone who doesn't immediately and unequivocally denounce Trump gets brigaded down to -1, which means they can't post any more.
The topic is lost. There is no reasonable discussion. There is no opportunity to learn anything, to persuade or be persuaded.
Sure there's informative value. There's more evidence that Trump and his family are attracted to any kind of scam (useful data to know), and it's something that probably affecting current crypto prices (something many folks here is interested).
Are posts like this and the never ending bullshit about climate change just ban bait?
What? You're seriously still doubting climate change? It's getting ridiculous enough that I'm able tell how much higher temperatures are now than when I was a kid (and humans are notoriously bad at that).
Then you can overthrow the Constitution, shift everything to pure democracy, buy the votes of everyone who isn't white with cash and prizes and seize power forever.
You know, just like China?
Pure democracy.... just like China...
Ignoring your rhetorical fa
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Apparently you don't know what "ban" means. Here you are modded "down to -1", and deservedly so, yet the comment is still here, as are you. And you can still make your points, despite their complete lack of merit.
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Also delete yourself.
Turns out, it really IS all about you. (Score:2)
I've been dragged into the basement and flown up to the top, it all depends on which subset of /. users have mod points right now. But in your case, you tend to be fairly acerbic. Even when people secretly agree with you (and I'm sure it does happen), your presentation is off-putting.
Hell, I'm afraid to tell you this - and to be sure, I'm a long way from perfect myself. Just sayin', if you want people here to mod you up, act like it. Don't assume the whole world should collectively cry out "we're not w
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I think you need to be careful there. Don't forget things like the cultural revolution. Populist political movements are full of people with irrational hatred towards the intelligentsia. They think that nerds are not actually that smart and have no issue with persecuting them and even locking them up for daring to be above average intelligence. To their minds, we nerds are snobs and the "elite" who need to be punished and brought down. As such, completely eschewing politics is not necessarily very wise. I m
Re:Can We Get Some Tech News For A Change? (Score:4, Insightful)
You also don't give a shit until your daughter(s) are required by the fascist pig government to disclose the last time they had their menstrual period, and are pulled over by police and compelled to take a pregnancy test, just in case you were transporting her somewhere to get an abortion.
Be careful what you wish for, and be even more careful about what you don't care about, friend. This isn't a game, this is your life.
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"If eveyone is armed then we don't need an army or a police for"
Oh, now I get it, you're just insane.
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So, if everyone is armed, no need for an army or a police force? What good do you think your guns do you when the people threatening you join together into gangs and use ambush tactics? All you have to do is look at gang warfare to understand what it would be like. Do you think members of gangs who are at war with other gangs are safe because they're all armed?
Then, of course, if we just consider your assertion that no army would be needed... Well, how exactly is everyone armed? Does everyone have a tank? F
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That's the thing with politics, sure you might want to stay away from boring economic discussions or stupid scandals. But when democracy is threatened politics can come knocking on your door. And yes Trump and the far right have reached that point where everything you care about can be threatened. His project 2025 should terrify you.
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All the serious con artists have moved on to AI. But at least this promises some lulz and lib triggering. The reactions here have loads of TDS - love it!
Sorry to disappoint you but the only thing Trump's idiot sons starting a crypto startup will trigger in liberal circles is mockery and hysterical laughter. But by all means don't take my word for it, watch Majority Report, they'll have a field day with this.