Mark Hays is the deputy director of cryptocurrencies and financial technology Requirements Progress Education Fund and US Financial Reform Education Fund.
A few days before the employment, Donald Trump and his family launched a new cryptocurrency token (informal almed currency) while holding an inauguration ball in the encryption industry, called $ Trump Essence Although there are few detailed information about the value, use or risk of the token, the transaction has begun to flourish, leading to the rise in the tokens. At least on the paper (or on the blockchain, it can be said that it is on the blockchain), the Trump family and its companies now have a billions of dollars in wealth. The first lady, Milania Trump, was unwilling to show weakness and also launched her own coin. At the same time, Ivanka Trump is far away from unauthorized Ivanka coins.
During the campaign, after the cryptocurrency brothers invested more than $ 130 million to elect the cryptocurrency government and Congress, Trump promised to build the United States into a "capital of Earth Crypture." Trump has appointed assistants who support cryptocurrencies as regulatory positions of the federal government, and issued an administrative order supporting cryptocurrencies, establishing the White House cryptocurrencies working group, and prioritizing cryptocurrencies throughout the government. The most important thing is that the hawker launched his Trump model: part of the tools of personal interests, part of the mockery of federal moral rules, and some of which are the loyal vows of cryptocarus. This move may not only deprive Trump's supporters, but also seriously corrode the process of democracy.
Let's take a step back. If you want to know, "Oy Coin" is a cryptocurrency based on online images, slogans or past social trends. The cryptocurrency industry believes it is a digital collection. The details on the $ TRUMP coin website point out that these coins "have no intention to become an investment opportunity, investment contract or any type of securities or any type of securities." The well -known coin includes dog currency (a dog image -based cryptocurrency, initially launched as an imitation of cryptocurrencies) and a variety of tokens based on controversial alternative right -wing mascot Pepe frogs.
The recent other example is $ Hawk, led by Haliey Welch, and she is called "Hawk Tuah" girl (because she describes colorful behaviors in intimate behavior in street interviews).
There is even no use of aluminum coins (opposite to other encrypted assets, except for money laundering or tax evasion, other encrypted assets have almost no practical use). Most of them eventually become worthless; many of them are "draw" thoroughly, attracting retail investors and raising value through speculation, so that inside people can cash out and let others take responsibility -like $ hawk's from the $ Hawk’s from the’s The same, it plummeted 90% after its launch.
$ Trump's rules require meme currency buyers to abandon the right to prosecution. This is a remedy for many $ Hawk coins holders. On the contrary, they will have to perform mandatory arbitration.
The encrypted industry is full of fraud, but even according to its own standards, the cause coins have not concealed fraud. Self -proclaimed cryptocurrency supporters -including those who accused or mistakenly regulate the government's supervision of cryptocurrencies and protect investors as real problems -trying to openly refute the mold coin because they are not the real in the crypto industry meaning.
A cryptocurrency lobbyist told Political newspaper Trump Model Incan "This has been trying to prove that we are not a group of hawkers, liar and scammers are a terrible appearance." Carefully acknowledged in X, LinkedIn and other corners of the Internet that most cryptocurrency markets were composed of MEME coins or similar things.
In a fair or rational world, the primary task of the cryptocurrency working group promised by the President is to pay attention to this Trump. The joint venture brought an amazing potential interest conflict and showed that the financial regulatory agency was plundering rather than protecting Americans.
The following are only a few of the concerns:
What is the use case of $ trump? If this is indeed a collectible, just like a baseball card, it is difficult to imagine the actual use of $ Trump in addition to enjoying it (and you can enjoy images and juggling online for free). You can enjoy them and sell them to other collectors, but you cannot use them in the economy. You can have a Mickey Mantle card worth $ 12 million, but you cannot use it to buy cheese burgers. What does it mean to become a world cryptocurrency based on gambling based on unsupervised Internet molding causes?
If "Trump" is a real financial tool, will Trump nominate the financial regulatory agency compete with the president? If aluminum is indeed a financial instrument with value and significance for the economy, financial regulators should ensure that the token issuers disclose risks, ensure that the minimum standards meet the minimum standards of protecting investors, and tokens are not affected by market manipulation. Trump organizes 80% of Trump. Trump nominated by the regulatory agency will come forward for investors, or still bow to the president who is fully obedient?
Will the encrypted legislation proposed by Congress will investigate the industry's responsibility, or just make bad behaviors normally, including the issuance of Trump? The encrypted industry requires Congress to pass the new legislation to make loose supervision of the encrypted market, including aluminum coins like $ Trump to replace existing financial rules. Whether the president's support for such bills depends on whether the bill is damaged or conducive to his personal investment?
Does buying $ Trump violate moral rules or constitution? Buying Trump can be said to provide a virtual and quasi -anonymous way to please the president anytime, anywhere for foreign governments and private interests. Each investor helps to boost Trump's price and make the president get rich. The Constitution prohibits foreign leaders from presented such gifts without Congress, but it is almost impossible for the public to find whether Vladimir Putin, Kim Jong -un, or any other leader purchased Trump dollars. Will financial regulatory agencies, moral regulatory agencies or Congress prevent the president's cryptocurrency enterprises from becoming a fast channel for corrupt paid politics? Or will they make a profit from this boom?
Trump has become an incredible well -known brand than ever before apprentice Two successfully run for public office. It is also related to a series of problematic consumer goods and investment opportunities.
There are closure airlines and bankruptcy casinos; Trump Golf Course, high -rise hotels and apartment development projects; Trump's recognized Bible and golden sneakers such as biblicals and golden sneakers; now.
These companies are said to have often deceived their enthusiastic customers. For example, Trump's university paid $ 25 million to solve the allegations of its real estate curriculum is actually a TV advertisement. These courses vowed to deceive students a few weeks before Trump's work in 2017 (but did not recognize guilty).
But the key difference between the previous sales activities and the Trump's cryptocurrency plan is that it meets the interests of the rich cryptocurrency brothers. They want to seize the government's control to make themselves richer. The encrypted industry headed by companies such as Coinbase and Ripple hopes to act or vote for encrypted affairs -even the opinions of potential nominations on encryption affairs -they are regarded as political testing. They are successful.
Before the winter vacation, the lobbying lightning war in the cryptocurrency industry frustrated the re -nomination of Caroline CrenShaw, a member of the US Securities and Exchange Commission (SEC). For the first time, she was nominated by Trump as a Democratic seat and was unanimously supported by the Senate in 2017. Although Cran Shao expressed some concerns about the practice of the encryption industry, she has almost not held formal positions.
But the cryptocurrency industry launched a violent attack on her -including an ominous cartridge advertisement around Washington -not because she was an opponent, but because she did not yield enough in front of omnipotent cryptocurrencies.
The Trump administration is rapidly appointing candidates for cryptocurrencies and corporate -friendly to make it possible. The project leader of the Education Fund and the Rotary Door Project NoCorporateCabinet.org is tracking these numbers, and has determined that many potential appointments may have the conflict of interest, including wealthy merchants such as David Sacks (David Sacks) (David Sacks) (David Sacks). It is expected to be the leader of the cryptocurrency industry). Tsar, Paul Atkins (Trump nominated leadership of the US Securities and Exchange Commission) and Howard Lutnick (nominated for the Ministry of Commerce).
The influence of this type of cryptocurrency power is beyond the scope of cryptocurrencies. If the cryptocurrency brothers succeed, this will mean that the government has no interest in protecting investors, preventing fraud, letting the company take responsibility, and ensuring that people will not be deceived by large banks, Wall Street or financial applications.
If cryptocurrency prevails and enters a wider financial system, the next time the crash of cryptocurrencies may affect the entire economy, not just the deceived cryptocurrency investors suffer losses.
At the same time, Trump and his family are sitting on a pile of $ Trump and $ Mlania. His supporters may not be so lucky: a Trump coin buyer posted on Reddit, "This is too bad, my life is over." Fierce fluctuations, their investment on Trump Meme has lost nearly $ 700,000. price.
If this is the cryptocurrency revolution, it sounds like another Wall Street plan. Who will stay with this burden?