Hi John,
Old-fashioned corruption has a new look. On January 17, President Trump
announced his meme coin, $TRUMP.
What does this mean for Trump’s financials? How is he pulling it all off?
How does it affect you? Let's break it down. 👇
[ [link removed] ]Image of coins stacked up and pricing overlay. Text says First, The
Basics
[ [link removed] ]Cryptocurrency is a digital currency that is not controlled by a
government or bank, and is secured by cryptographic techniques. In plain
language, that means it's a currency that isn't necessarily tied to any
one government (like the U.S. dollar) and is harder to track (unlike, say,
bank deposits). While cryptocurrency can be used for payments, most people
buy it as an investment, hoping it will rise in value from the time of
purchase. These currencies are extremely volatile and are ripe for
exploitation by criminals looking to engage in fraud.
[ [link removed] ]Trump launched what’s known as a "meme coin," which is a type of
cryptocurrency inspired by a meme or another internet trend. When it
launched, the coin was for sale for $6.50 and rose to a high of $73 before
the inauguration. [ [link removed] ]It's currently priced at $27.05 (but by the time you
read this, that could have changed!).
[ [link removed] ]Image of stacked coins with Monopoly money on top. Text says So How is
This Corruption, Exactly?
We're so glad you asked! First, as president, Trump has a lot of say over
the regulation of the crypto industry – an industry he now actively
participates in. [ [link removed] ]He appointed Paul Atkins to lead the Securities and
Exchange Commission, which regulates crypto. Atkins has a history of
pushing for lighter regulations on the crypto industry. Again, this is an
industry Trump himself is actively participating in. It's like he’s
playing Monopoly and getting to be the banker AND write the rulebook as he
goes. But in this game, we all lose.
The fact that it's cryptocurrency and not some other type of merchandise
also plays a role in the corruption. Offering this coin for sale
essentially gives people a way to enrich Trump directly and anonymously,
so [ [link removed] ]anyone looking for favorable treatment from the administration can
make Trump wealthier by buying his coin. This could look like U.S.
businesses seeking favorable legislation, foreign actors buying influence,
or ultra-wealthy individuals looking to curry favor with the president.
And there's no way for the public to know who is buying this coin or why.
[ [link removed] ]Image of coins stacked and then volunteers holding signs that say
shame. Text says Well, That Seems Super Bad. What Can We Do About It?
You are asking all the right questions! The thing is, this IS an
unprecedented level of corruption, but it's not a uniquely Trump problem.
He’s just putting a new and more blatant spin on a problem that has
existed for a long time – politicians using the system to enrich
themselves at the cost of everyday Americans.
That's why we’re here. RepresentUs has a [ [link removed] ]strategy to end corruption
that goes around politicians and passes laws in cities and states to hold
government accountable to us, the people. We’re strengthening campaign
finance, ethics and lobbying laws; making elections more representative;
and ending partisan gerrymandering.
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