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Backdoor deals -- Molly White - Citation Needed [View all]
https://www.citationneeded.news/issue-94/Trump is still corrupt, a core developer warns bitcoin won’t survive an upcoming code change, and crypto lenders are ratcheting up leverage like it’s 2022.
New corruption concerns have emerged around Trump’s cryptocurrency ventures as reporting has revealed even more troubling connections between his World Liberty Financial and the Emirati firm MGX. Senator Warren is demanding answers about the “shady Abu Dhabi firm” that has “already cut deals to get sensitive American technology while enriching the Trump family’s crypto firm” and is now poised to take a 15% stake in TikTok. A valuation far below analyst estimates has also prompted concerns that Trump is steering the platform to allies at below-market prices.
Meanwhile, the government shutdown has stalled legislative business, threatening the crypto industry’s timeline to pass industry-friendly laws before midterm campaigning begins, potentially resulting in a less pro-crypto Congress. There’s also an unusual wrinkle in the negotiations: one of the bill’s top lobbyists is married to an FTC Commissioner who Trump tried to fire, and whose Supreme Court case challenging presidential authority to fire agency heads could dramatically reshape support for the legislation.
Even in its weakened state, the SEC has begun scrutinizing the wave of over 200 companies that have suddenly pivoted to become crypto treasury firms this year. The agency is investigating suspicious trading patterns as stock prices of these companies have spiked in the days before they announced their crypto plans. Though this signals potential insider trading investigations, it remains to be seen whether the hobbled agency can effectively pursue enforcement in an administration openly hostile to cryptocurrency oversight.
. . .
Meanwhile, the government shutdown has stalled legislative business, threatening the crypto industry’s timeline to pass industry-friendly laws before midterm campaigning begins, potentially resulting in a less pro-crypto Congress. There’s also an unusual wrinkle in the negotiations: one of the bill’s top lobbyists is married to an FTC Commissioner who Trump tried to fire, and whose Supreme Court case challenging presidential authority to fire agency heads could dramatically reshape support for the legislation.
Even in its weakened state, the SEC has begun scrutinizing the wave of over 200 companies that have suddenly pivoted to become crypto treasury firms this year. The agency is investigating suspicious trading patterns as stock prices of these companies have spiked in the days before they announced their crypto plans. Though this signals potential insider trading investigations, it remains to be seen whether the hobbled agency can effectively pursue enforcement in an administration openly hostile to cryptocurrency oversight.
. . .
Follows with an incredible recitation of schemes by the trump mob organization and many others taking advantage of the rot of the US regulatory system.
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