Excellent news for anybody who hasn’t but had the chance to bathe cash on President Donald Trump’s non-public corporations: Trump Media & Know-how Group goes to boost $2.5 billion to put money into bitcoin, giving big-money traders one other probability to purchase affect.
Asserting the funding, TMTG, the mother or father firm of Reality Social, filed a report with the U.S. Securities and Trade Fee, stating that it already has subscription agreements from about 50 institutional traders.
However don’t anticipate the SEC, which Trump says is barely topic to his authority and isn’t an unbiased 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 shield 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.
When the Monetary Occasions first reported on TMTG’s crypto deal, the corporate derided it as “fake news,” however then formally introduced the deal the very subsequent day. Although the Monetary Occasions initially received the quantity of the funding unsuitable, its reporting was in any other case spot on.
In the meantime, Trump stated that america will set up a bitcoin reserve, that 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 go well with in opposition to Solar, he additionally pardoned the crypto bros who ran BitMEX, a cryptocurrency alternate that served as an effective way to launder cash. For good measure, he additionally pardoned the corporate of BitMEX, which wasn’t actually a factor anybody thought a president may do.
However for anybody who may really feel squeamish about moving 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 a substitute simply took folks’s cash, received 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 received a pardon just a few weeks later. He had pleaded responsible to tax crimes after spending years withholding employment taxes from his workers, which he then used to dwell 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 corporations perform not simply as a technique to get cash in his pocket, but in addition as a car to affect presidential coverage, simply by writing the most important verify.
All of that is deeply corrupt, however since Congress has deserted oversight of Trump, it’s unstoppable.
