Trump's New Crypto Reserve Is Already Making the Worst Person Richer
On Sunday, President Trump announced his plans for a U.S. 'crypto strategic reserve,' stating that he'd make the country the 'Crypto Capital of the World.' But a closer look reveals the reserve may be nothing but a blatant insider trading scam to make his billionaire crypto czar richer—funded by taxpayer money.
Trump announced that he plans to add five cryptocurrencies to the strategic reserve: Bitcoin, Ethereum, XRP, Solana, and Cardano. Not so coincidentally, his crypto czar David Sacks has a venture firm linked to Bitwise Invests, one of the biggest crypto index fund providers. Bitwise holds significant amounts of the very same cryptocurrencies. Sacks promised that he sold his personal, direct holdings, but made no mention of his multiple indirect holdings.
If this wasn't enough, just a few hours before Trump's announcement, someone bought $200 million in Ethereum and Bitcoin, raising the question of who may have known about the plan ahead of time.
Sacks, for his part, has denied the claims of his indirect holdings, instead insisting that they are a farce. 'I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have 'large indirect holdings,'' Sacks said. 'I'll provide an update at the end of the ethics process.'
Sacks is set to chair a first annual crypto summit at the White House on Friday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
32 minutes ago
- San Francisco Chronicle
After a calm night, LA mayor shortens downtown curfew hours imposed after violent protests
LOS ANGELES (AP) — After a calm night in downtown Los Angeles, Mayor Karen Bass on Monday slightly trimmed the hours of a curfew imposed last week after days of violent protests and looting that followed President Donald Trump's immigration crackdown. Bass' announcement that the nightly curfew would be narrowed — it will start at 10 p.m. Monday, rather than at 8 p.m., and extend until 6 a.m. Tuesday — followed the disclosure that there were no arrests by police in the area on Sunday. The mayor's office said the slightly trimmed curfew time reflects a marked reduction in violence, vandalism and looting in downtown that followed the protests. When the curfew was imposed on June 10, officials said it was necessary to stop vandalism and theft by agitators looking to cause trouble. At the time, Bass said the city "reached a tipping point' after 23 businesses were looted. In a statement Monday, Bass said 'the curfew, coupled with ongoing crime prevention efforts, have been largely successful in protecting stores, restaurants, businesses and residential communities from bad actors who do not care about the immigrant community.' Bass has given no indication when the curfew will end. The curfew covers a relatively tiny slice of the sprawling city — a 1-square-mile (2.5 square kilometer) section of downtown that includes the area where protests have occurred. Last week, Trump ordered the deployment of roughly 4,000 National Guard troops and 700 Marines to the second-largest U.S. city following protests over his stepped-up enforcement of immigration laws. On Sunday, Trump directed federal immigration officials to prioritize deportations from Democratic-run cities, a move that comes after large protests erupted in Los Angeles and other major cities against his administration's immigration policies.
Fox News
32 minutes ago
- Fox News
Suspect in Minnesota history's largest manhunt faces state and federal charges
All times eastern Legends & Lies: The Real West Legends & Lies: The Real West Legends & Lies: The Real West FOX News Radio Live Channel Coverage WATCH LIVE: President Trump participates in G7 session with world leaders
Yahoo
33 minutes ago
- Yahoo
Former Coast Guard lieutenant arrested and charged with threats to kill President Trump
A former Coast Guard lieutenant who received awards for skills in sharpshooting was arrested Monday for allegedly leveling a series of violent death threats towards President Donald Trump, according to newly unsealed court records. Peter Stinson, a resident of Oakton, Virginia, served as an officer in the U.S. Coast Guard until 2021 and also worked as an instructor for FEMA's Incident Command Systems, according to his criminal complaint. Prosecutors say he was also a self-identified member of the Antifa movement and used his X and Bluesky accounts to transmit multiple threatening posts targeting Trump from 2020 through this year. MORE: Georgia man charged with making threats against Senators Ted Cruz and Deb Fischer: DOJ For instance, in April of 2020 prosecutors say Stinson responded to a post from an X user saying "somebody ought sue [Trump's] a** off" by saying, "somebody ought to do more than sue the orange mf's a**" before adding, "it involves a rifle and a scope, but I can't talk about it here." "I'd be willing to pitch in $100 for a contract. Who wants to join me?" Stinson said. "We could solve the solvable part of this problem in a crack. Then, we can focus on the coronavirus itself." The complaint cites numerous other examples of Stinson replying to users with threatening language, suggesting he would "pull the trigger" to get rid of Trump or would be the "driver" if someone else were willing to assassinate him. MORE: Chilling details emerge in Minnesota shootings as Vance Boelter faces federal charges: 'Stuff of nightmares' Stinson's posts allegedly continued through the 2024 election cycle, and after the Butler assassination attempt on Trump, he wrote the following messages: "Most of us are not capable. As noted before, I'm not a good enough shot. Very few people are. Somebody needs to learn this lesson... You want to play in the big leagues, you need the talent. Luck is not a plan... Execution is critical." Stinson has not entered a plea to the charges and was ordered detained by a magistrate judge today in Virginia pending a detention hearing Wednesday. Former Coast Guard lieutenant arrested and charged with threats to kill President Trump originally appeared on
