'Blatant and appalling': Trump family's 'newest grift' bashed by critic

 Donald Trump has raised nearly a billion dollars from his various cryptocurrency schemes, says researcher Molly White. “He is really allowing for bribery and the types of corruption that we’ve never seen in the American presidency,” White says. She lays out how the Trump family profits from cryptocurrency while directly influencing policy and regulations, encouraging the transfer of wealth to the industry despite its “enormous risk of fraud and collapse.”democracynow.org

This is a rush transcript. Copy may not be in its final form.

AMY GOODMAN: Senators Elizabeth Warren and Jeff Merkley are calling for a federal investigation into the Trump family’s cryptocurrency venture, after a fund backed by Abu Dhabi announced it would make a $2 billion investment in crypto exchange Binance using a Trump-branded cryptocoin. The deal could generate hundreds of millions of dollars for the Trump family.

In their letter, Senators Warren and Merkley wrote, quote, “The deal, if completed, would represent a staggering conflict of interest, one that may violate the Constitution and open our government to a startling degree of foreign influence and the potential for a quid pro quo that could endanger national security,” unquote.

Senator Warren also released this video last week blasting the deal.

SEN. ELIZABETH WARREN: The United States is getting ready to bless Donald Trump’s latest grift. A shady Abu Dhabi investment firm just announced it’s going to make a $2 billion business deal with a foreign crypto company called Binance. So, here’s the kicker: Binance and the foreign investment firm are going to use Donald Trump’s stablecoin to finance their transaction, essentially giving Trump a cut of that $2 billion deal. Boy, looks like corruption, smells like corruption. So, yeah, the Senate is going to put a stop to it, right? Wrong. Right now the Senate is getting ready to greenlight the grift by passing the so-called GENIUS Act next week. This is a bill that would make it even easier for the president and his family to profit off their own stablecoin and oversee their own financial company.

AMY GOODMAN: President Trump is headed to the Gulf next week.

In related news, last night, on Monday, President Trump spoke at a crypto and AI innovators’ dinner to raise money for a pro-Trump super PAC. Tickets were one-and-a-half million dollars a plate. The event was held at the president’s golf club in Virginia. The co-host of the dinner was David Sacks, the White House AI and crypto czar. Sacks is a South African-born tech investor who was part of the so-called PayPal Mafia, founding PayPal with Elon Musk and Peter Thiel.

On May 22nd, Trump is also hosting a private gala dinner for the top 220 investors in his meme coin. The dinner will also be held at the Trump National Golf Club. The promotion also offers an ultra-exclusive VIP reception with the president and a tour of the White House for the top 25 $TRUMP meme coin investors. The anti-corruption group CREW, Citizens for Responsibility and Ethics in Washington, called the promotion, quote, “one of the most blatant and appalling instances of selling access to the presidency we’ve ever seen,” they said.

We’re joined now by Molly White, an independent cryptocurrency researcher who runs the Citation Needed newsletter. She recently wrote an article headlined “Trump’s newest grift: Building a cryptocurrency empire while destroying its regulators.”

Molly, welcome to Democracy Now! If you can start off, for folks who aren’t following cryptocurrency that carefully, explain what cryptocurrency is.