Trump's Crypto-Focused Presidential Bid

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Condé Nast

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Trump’s Dangerous Embrace of Bitcoin and the Crypto Bros

Summary

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71% Informative

Donald Trump's re-election bid has turned into the Crypto Show .

Trump has promised to create a “strategic bitcoin stockpile” and turn the U.S. into “the bitcoin superpower of the world” He also pledged to fire Gary Gensler , the chair of the Securities and Exchange Commission , who has criticized the crypto industry for a record of failures, frauds, and bankruptcies”.

Last December , a federal judge in New York said “there was no genuine dispute” that four crypto tokens sold by Terraform Labs , a South Korean crypto company, were securities under U.S. laws.

In June of this year , the S.E.C. closed an investigation into Ethereum , the second -biggest blockchain network after Bitcoin .

Kelleher : We've seen the dangers of light-handed financial regulation in recent years .

In the case of mortgage securities, at least the argument could be made that they were supposed to serve a larger social purpose: expanding homeownership.

If anyone has discovered an overweening social purpose for cryptocurrencies and other crypto assets, they've kept it well hidden.

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formal

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English

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