Trump's Crypto Grift Is the Latest Corruption Mike Johnson Says He's Too ‘Busy' to Care About
When confronted with legitimate concerns that Trump is using the power of the presidency to enrich himself by launching a crypto meme coin and allowing the scheme's top investors to dine privately with him at the Trump National Golf Club in Virginia, Johnson essentially shrugged.
'President Trump held a closed-door event Thursday night for top investors in his private cryptocurrency. We do not know who was there. The list has not been released. We do not know how much of the money came from outside the country,' Jake Tapper said while interviewing Johnson Sunday on CNN's State of the Union. 'The president has, of course, a huge role to play when it comes to regulation, regulating crypto. I really have a difficult time imagining that, if this was a Democratic president doing the exact same thing, you wouldn't be outraged.'
'Well, look, I don't know anything about the dinner. I was a little busy this past week, as you know, getting the reconciliation package over the line,' the speaker said, referring to legislation that would severely cut Medicare and Medicaid while carrying out Trump's domestic agenda. 'And so I'm not going to comment on something I haven't even heard about. I'm not sure who was there, what the purpose was.'
Johnson went on to praise Trump, who has also evaded questions about how much he has made on the meme coin, as 'the greatest dealmaker, one of the greatest dealmakers of all time.'
And sure, Trump's crypto investments have been great deals — for the president's wallet. The Trump family has added nearly $2.9 billion to its net worth because of its crypto investments, comprising 37 percent of Trump's total assets, State Democracy Defenders Action estimated in a report issued earlier this month.
'As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,' the authors of the report wrote. Trump's Jan. 23 executive order, Strengthening American Leadership in Digital Financial Technology, created regulations that encourage digital currency growth. As a result of the order, Trump's Justice Department directed prosecutors not to charge people for digital assets fraud unless the funds are used to commit other criminal offenses 'such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing.' Meaning, digital assets fraud will not be prosecuted unless it is done in furtherance of another crime.
Trump doesn't just earn money when the value of his meme goes up, he also profits from trading fees. Less than two weeks after $TRUMP launched, according to Reuters, trades of the coin amassed between $86-100 million in fees.
While Johnson is blasé about Trump's corruption and investors purchasing access to the president, he was very concerned about people potentially buying access to then-President Joe Biden through his son — even though a months-long House investigation was unable to uncover any evidence of impeachable offenses or wrongdoing by the president.
'The difference, of course, is that President Trump does everything out in the open. He's not trying to hide anything,' Johnson told Tapper when asked about the comparison between Biden and Trump. 'He's putting it out there, so everybody can evaluate for themselves.'
Of course, not all of the details about the dinner are out in the open as Johnson claims. The identities of the majority of the invitees, including the 25 VIP dinner attendees, are unknown. According to a Bloomberg News analysis, 19 of the top 25 wallets to purchase $TRUMP used foreign exchanges, hinting that the majority of those buying the most of Trump's token are not from the U.S. and raising concerns about foreign influence of the president.
When asked for details on attendees, press secretary Karoline Leavitt told reporters, 'The president is attending it in his personal time. It is not a White House dinner.'
Self-identified dinner attendees include Chinese crypto billionaire Justin Sun (whose company Tron has been linked to illicit crypto activity and was reportedly under investigation by the Biden Justice Department), social media influencer Nicholas Pinto (who complained the food was subpar), and former NBA player Lamar Odom (who has his own cryptocurrency and was booed by protesters as he arrived at the venue).
When Tapper asked about the 220 dinner attendees — 'Shouldn't we at least just know who was at the dinner? Wouldn't you want to know that list of people?' — Johnson again gave the verbal equivalent of a shrug.
'I guess,' he said. 'I mean, again, I don't know anything about that dinner. I do know that President Trump is the most transparent president in the most transparent administration probably in history. He has nothing to hide.'
Johnson's justifications here are bizarre. He says he knows nothing about the dinner all while claiming Trump is being entirely 'transparent' and 'has nothing to hide.' But how would Johnson know that Trump is being transparent if Johnson himself is ignorant about the details of the dinner?
This is not the first time Johnson has claimed he simply doesn't know enough to comment on the meme coin grift.
'I don't know anything about the meme coin thing. I don't know, I can just tell you that, I mean President Trump has nothing to hide. He's very upfront about it. There are people who watch all the ethics of that, but I mean I've got to be concerned with running the House of Representatives,' Johnson told reporters on May 14.
'Congress has oversight responsibility, but I think, so far as I know the ethics are all being followed,' Johnson added.
Johnson has pleaded ignorance other times to wiggle out of addressing allegations of Trump's corruption. When asked about Trump's plans to accept a lavish private jet from Qatar's royal family earlier this month, Johnson said, 'Look, I've been a little busy on reconciliation, so I'm not following all the twists and turns of the Qatar jet, I certainly heard about it. My understanding is it's not a personal gift to the president, it's a gift to the United States, and other nations give us gifts all the time, but I'm going to leave it to the administration.'
It appears that, under Johnson's leadership, congressional oversight of the executive branch is deemed unimportant when the corruption of a Republican president is in plain sight. As for Trump, he's planning on raking in as much cash as he can in his second term after deciding it was 'stupid' that other Republicans and his own advisors convinced him to temper his corruption during his first term, sources told Rolling Stone last week.
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Last Friday gold futures touched intraday record highs amid reports that imports of Swiss gold bars would not be exempt from tariffs. Later in the session the metal trimmed gains after the White House indicated it would clarify "misinformation about the tariffing of gold bars and other specialty products." stock falls 23% after lowering revenue guidance Inc. (AI) stock tumbled as much as 30% on Monday morning after the software company reported a steep sales miss and as its founder's health issues are spurring a search for a successor. Shares were down 23% in afternoon trading. The company released preliminary results late Friday showing revenue well below analysts' estimates as it undergoes a reorganization of its sales operation. Guidance for the fiscal first quarter also came in lighter than expected. 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"This revised guidance reflects improved pricing, particularly in DRAM, and strong execution," the company said in a statement. Micron's DRAM chips are one type of memory chip used in devices like personal computers and smartphones. Stocks steady at the open US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. Paramount seals $7.7 billion exclusive US rights deal with UFC Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). AMC tops revenue estimates as blockbuster titles boost theater attendance AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. Nvidia, AMD stocks decline after chipmakers agree to pay US 15% cut of China chip sales Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Good morning. Here's what's happening today. Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines stock tanks after the company reports earnings stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Target still in the bear camp Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Bitcoin near a fresh record Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. crashing Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
