Trump & crypto: How friendly is too friendly?
SalonWith Donald Trump's inauguration a month away, cryptocurrency analysts are sounding the alarm on potential conflicts with his administration and the industry he has embraced. Trump and his sons helped launch World Liberty Financial, a decentralized crypto platform co-founded by Steve Witkoff, a real estate developer and inauguration committee co-chair who Trump has named special Middle East envoy. Trump Media — the parent company of Trump's social media platform, Truth Social — was in talks to buy Bakkt, a crypto trading firm previously led by Kelly Loeffler, another co-chair of his inauguration committee. It's a black box tailor made for potential conflicts of interest and pay-to-play politics.” We need your help to stay independent Subscribe today to support Salon's progressive journalism "Things could go very badly, very quickly" Trump, an outspoken skeptic of crypto in his first term, reversed course on the 2024 campaign trail and said he would make the U.S. the "crypto capital of the planet." Just like other players in the financial system, the crypto industry has seeking out extremely pro-business, anti-consumer court venues like the 5th Circuit to roll back important regulatory safeguards or advance radical judicial strategies that stand to make it harder for authorities to protect consumers, investors and communities.” A new approach could lead to broader systemic vulnerabilities in crypto regulation, with implications for national security, analysts said.