Critics Call Out Trump’s Crypto Ties: ‘A Cash Machine for His Family’

Following Donald Trump’s victory in the presidential elections held in the last of 2024, a positive way for cryptocurrencies came and has lifted the wider market to new heights with pushing Bitcoin to the highs never before

Before the 47th elections of the United States, Trump wasn’t in support of digital assets or crypto, but in the recent election campaign, this became his major agenda, and in his rallies, he promised Bitcoiners and crypto users favorable laws and an environment for such products

This change in the attitude towards crypto especially after politicisation of digital asset has raised the concerns over Trump using his political influence and power to earn profit, yet a few companies directly or indirectly having ties with Trump’s has been holdings crypto worth billions of dollars, one such firm is TMTG ( Trump Media and Technology Group) which holds Bitcoin of around $2.2 billion

According to data from Bloomberg, TMTG holds significant investment in Bitcoin, totalling approximately $2 billion in Bitcoin and related securities as a part of its strategy to become a “ crypto treasury company.” This represents about two-thirds of TMTG’s $3 billion in liquid assets

Also important to note that TMTG has allocated $300 million to an options acquisition strategy for Bitcoin-related securities, with the plan to continue to buy Bitcoin based on market conditions

No wrongdoing, just strategy, White House defends Trump

The Chief Executive Officer of TMTG, Devin Nunes, said the investment intends to ensure ‘ financial freedom’ and protect against discrimination by financial institutions, while also backing the integration of a utility token and subscription payment on Truth Social

TMTG has also filed to launch Bitcoin-focused exchange-traded funds (ETFs), including a ‘ crypto blue chip’ fund holding Bitcoin, Ether, Solana, and other crypto in alliance with Crypto(dot)com and Anchorage Digital

However, despite Trump’s and the White House’s clarification and denial over his direct involvement or exercising power for personal gains, Senator Elizabeth Warren has criticised his crypto involvement, calling it a ‘ massive conflict of interest’ and a ‘ crypto cash machine’ for Trump and his family

Warren also argued that Donald’s financial stakes in crypto ventures in World Liberty Finance and $Trump memecoin could influence his administration’s deregulatory agenda, potentially affecting common users and traders and promoting activities such as money laundering

Senator Jeff Merkley calls Trump’s involvement ‘a massive form of corruption we haven’t witnessed,’ underlining the potential for foreign actors to buy influence through investment in Trump’s crypto ventures

Also, Representative Maxine Waters has co-signed a letter with Warren, which questions the SEC to halt enforcement action against Justin Sun, a known personality in the crypto space. She emphasised the need for stronger regulatory oversight to safeguard investors from fraud in Trump-linked crypto projects and ventures

On the other hand, Mark Hays, the associate director of Americans for Financial Reform, argues that Trump’s crypto ventures ‘ crypto investors have already lost millions betting on the Trump memecoin, but Trump and World Liberty Finance have made millions in fees

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