Saying the funding, TMTG, the dad or mum firm of Fact Social, filed a report with the U.S. Securities and Change Fee, stating that it already has subscription agreements from about 50 institutional buyers.
However don’t count on the SEC, which Trump says is simply topic to his authority and isn’t an impartial regulator, to step in anytime quickly.
Why is TMTG, which is ostensibly a media firm, spending $2.5 billion on crypto? Based on Devin Nunes, chair of the President’s Intelligence Advisory Board, it’s as a result of bitcoin is “an apex instrument of financial freedom” and can defend TMTG from “harassment and discrimination by financial institutions.”
TMTG isn’t the identical as Trump’s different non-public crypto firm, World Liberty Monetary. That’s the one behind the spectacularly corrupt dinner, the place folks spent hundreds of thousands on Trump’s dumb memecoin to get entry to the president. The dinner included crypto bro Justin Solar, who spent $40 million to attend as a result of he owed Trump for dropping an SEC lawsuit in opposition to him.
A cartoon by Clay Bennett.
In the meantime, Trump stated that america will set up a bitcoin reserve, which means that Trump’s non-public firm is making main strikes in the identical bitcoin market during which the administration needs to spend taxpayer {dollars}.
Trump is already deep into crypto corruption. Moreover dropping the SEC swimsuit in opposition to Solar, he additionally pardoned the crypto bros who ran BitMEX, a cryptocurrency change that served as a good way to launder cash. For good measure, he additionally pardoned the corporate of BitMEX, which wasn’t actually a factor anybody thought a president might do.
However for anybody who may really feel squeamish about entering into crypto, there are different methods to bribe the president.
Trevor Milton, founding father of Nikola, an organization that was presupposed to make electrical semitrucks however as an alternative simply took folks’s cash, acquired a pardon after donating about $920,000 to a Trump-affiliated political motion committee in the course of the 2024 election.
And when Paul Walczak’s mom attended the $1 million-per-head dinner at Mar-a-Lago in April, Walczak acquired a pardon a couple of weeks later. He had pleaded responsible to tax crimes after spending years withholding employment taxes from his staff, which he then used to reside a lavish way of life, together with shopping for a $2 million yacht.
Trump is overtly promoting entry to the presidency, and he’s not going to cease anytime quickly. His non-public firms perform not simply as a option to get cash in his pocket, but in addition as a car to affect presidential coverage, simply by writing the largest verify.
All of that is deeply corrupt, however since Congress has deserted oversight of Trump, it’s unstoppable.
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