Latest news with #Fairshake
Yahoo
5 days ago
- Business
- Yahoo
Raskin investigating Trump meme coin event
Rep. Jamie Raskin (D-Md.) has opened an investigation into President Trump's meme coin dinner that took place last week and asked the White House to disclose the names of the attendees, warning that foreign governments could be attempting to curry favor with the president through cryptocurrency acquisitions. 'I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,' Raskin, the top Democrat on the House Judiciary Committee, wrote in a late Wednesday letter to Trump. Raskin, who has often criticized the president's foreign dealings, argued that the disclosure of the names of the individuals who attended the May 22 private dinner at Trump's golf club will inform the public about 'who is putting tens of millions of dollars into our President's pocket so we can start to figure out what — beyond virtually worthless memecoins — they are getting in exchange for all this money.' The White House did not immediately respond to The Hill's request for comment. The letter comes as Vice President Vance addressed the crypto industry at the Bitcoin Conference in Las Vegas this week, telling attendees to bolster their involvement in politics. The sector's heavy hitters spent north of $200 million to back crypto-aligned candidates during the 2024 election cycle. 'Take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond. Don't ignore politics, because I guarantee you, my friends, politics is not going to ignore this community, not now and not in the future,' Vance told the crowd on Wednesday. Fairshake, a pro-crypto Super PAC, and its two affiliates announced in late January that they have $116 million in cash on hand, preparing their war chest for the 2026 midterms. The dinner last week was limited to 220 attendees. The event drew $148 million in purchases, according to crypto firm Inca Digital. Presidents have long attended private dinners to fill the coffers of their political committees, but last week's event will likely benefit Trump family-affiliated businesses, according to Raskin. The buyers at the dinner were not required to file disclosures, as would be the case when donating to political committees. 'Profiting off the memecoin is just the latest in a bewildering gamut of schemes in which you and your family have profited after your return to office and what you call 'the Swamp,'' the Maryland Democrat said. The White House has previously said the private event does not constitute a conflict of interest, saying that Trump's assets are managed by his sons in a blind trust. White House press secretary Karoline Leavitt told reporters the occasion 'is not a White House dinner' and that Trump was attending it in 'his personal time.' Raskin also highlighted in his letter that a Chinese-born crypto mogul Justin Sun invested $75 million in World Liberty Financial, a Trump family venture, after the president won the 2024 presidential election. Then in February, the Securities and Exchange Commission asked a court to halt a suit against Sun for two months. The businessman has faced market manipulation charges since 2023. Sun confirmed that he is the biggest owner of the meme token at the dinner. 'Foreign nationals — who are not allowed to donate a dollar to your presidential campaign under federal election laws — are now purchasing access to you by buying millions of dollars of your personal memecoin,' Raskin wrote. 'Moreover, given the opaque nature of the cryptocurrency buying process, there are few ways to ensure that the money used to purchase your memecoins are not from foreign governments or illegal proceeds in connection with terrorism, drug and human trafficking, money laundering, or other illegal activities,' the Democratic lawmaker added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
5 days ago
- Business
- Yahoo
JD Vance wants the Bitcoin community to get involved in politics
Vice President JD Vance has a message for cryptocurrency holders: 'Don't ignore politics.' Vance issued the call to arms during his keynote speech at the Bitcoin 2025 conference in Las Vegas, Nevada. 'I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,' he added. The vice president emphasized the strategic and geopolitical importance of Bitcoin, noting that the U.S. must maintain leadership in the crypto industry to remain competitive in the new era of digital finance. 'What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions,' he said. 'The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.' During the 2024 federal elections, Fairshake, the largest crypto-related super PAC — political action committee — spent more than $26 million campaigning for Republican candidates and against Democrats, according to OpenSecrets. The industry's lobbying expenditure appears to be paying off. Since President Donald Trump emerged victorious in November's election, Bitcoin has appreciated more than 56% in price, currently trading at around $107,000, as of Thursday afternoon. The Trump administration has also embraced a friendlier stance when it comes to crypto policy. Trump's executive order 'Strengthening American Leadership in Digital Financial Technology' appointed a crypto 'Working Group' which has until July to submit legislative and regulatory proposals to advance digital assets. The Securities and Exchange Commission's new Crypto Task Force is also expected to publish the first-ever digital asset framework this year, which could result in institutional capital flowing into the industry. Meanwhile, 26 U.S. states have introduced Bitcoin strategic reserves, mirroring Trump's federal version. Arizona's two bills are headed to the House for a vote, and if passed, would allow the state Treasury and retirement system to invest up to 10% of its available funds into bitcoin. The regulatory shift in the U.S. may be influencing policy overseas too. Foreign governments have indicated a possible reset on crypto. For example, India's economic affairs secretary, Ajay Seth told Reuters in February that digital assets 'do not believe in borders.' Meanwhile, at least nine countries are now considering reserves of their own. That list includes Russia and Venezuela, however, suggesting the initiative could be in a bid to circumvent economic sanctions from the West. For the latest news, Facebook, Twitter and Instagram.
The Hill
5 days ago
- Business
- The Hill
Raskin investigating Trump meme coin event
Rep. Jamie Raskin (D-Md.) has opened an investigation into President Trump's memo coin dinner that took place last week and asked the White House to disclose the names of the attendees, warning that foreign governments could be attempting to curry favor with the president through cryptocurrency acquisitions. 'I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,' Raskin, the top Democrat on the House Judiciary Committee, wrote in a late Wednesday letter to Trump. Raskin, who has often criticized the president's foreign deals, argued that the disclosure of the names of the individuals who attended the May 22 private dinner at Trump's golf club will inform the public about 'who is putting tens of millions of dollars into our President's pocket so we can start to figure out what—beyond virtually worthless memecoins—they are getting in exchange for all this money.' The White House did not immediately respond to The Hill's request for comment. The letter comes as Vice President Vance addressed the crypto industry at the Bitcoin conference in Las Vegas this week, telling attendees to bolster their involvement in politics. The sector's heavy hitters spent north of $200 million to back crypto-aligned candidates during the 2024 election cycle. 'Take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond. Don't ignore politics, because I guarantee you, my friends, politics is not going to ignore this community, not now and not in the future,' Vance told the crowd on Wednesday. Fairshake, a pro-crypto Super PAC, and its two affiliates announced in late January that they have $116 million in cash on hand, preparing their war chest for the 2026 midterms. The dinner last week was limited to 220 attendees. The event drew $148 million in purchases, according to crypto firm Inca Digital. Presidents have long attended private dinners to fill the coffers of their political committees, but last week's event will likely benefit Trump family-affiliated businesses, according to Raskin. The buyers at the dinner were not required to file disclosures, as would be the case when donating to political committees. 'Profiting off the memecoin is just the latest in a bewildering gamut of schemes in which you and your family have profited after your return to office and what you call 'the Swamp,'' the Maryland Democrat said. The White House has previously said the private event does not constitute a conflict of interest, saying that Trump's assets are managed by his sons in a blind trust. White House press secretary Karoline Leavitt told reporters the occasion 'is not a White House dinner' and that Trump was attending it in 'his personal time.' Raskin also highlighted in his letter that a Chinese-born crypto mogul Justin Sun invested $75 million in World Liberty Financial, a Trump family venture, after the president won the 2024 presidential election. Then in February, the Securities and Exchange Commission asked a court to halt the suit for two months against Sun. The businessman has faced market manipulation charges since 2023. Sun confirmed that he is the biggest owner memo token at the dinner. 'Foreign nationals—who are not allowed to donate a dollar to your presidential campaign under federal election laws—are now purchasing access to you by buying millions of dollars of your personal memecoin,' Raskin wrote. 'Moreover, given the opaque nature of the cryptocurrency buying process, there are few ways to ensure that the money used to purchase your memecoins are not from foreign governments or illegal proceeds in connection with terrorism, drug and human trafficking, money laundering, or other illegal activities,' the Democratic lawmaker added.
Gizmodo
5 days ago
- Business
- Gizmodo
JD Vance and President Trump's Sons Hype Bitcoin at Las Vegas Conference
Vice President JD Vance and the sons of President Donald Trump, Eric and Donald Trump Jr., spoke at the Bitcoin 2025 Conference in Las Vegas on Wednesday, hyping the cryptocurrency and promising to do everything in their power to ensure a friendly regulatory environment. And it's just the latest reminder that the Trump regime is all-in on crypto. Vance was eager to thank the Winklevoss brothers, Tyler and Cameron, who are longtime crypto investors and donated millions to the crypto super PAC Fairshake in the 2024 election cycle. Vance said that many people in Silicon Valley were nervous to support President Trump in his bid to retake the White House and credited the Winklevoss twins as some of the first to really get on board. 'Cameron and Tyler Winklevoss, I think they were some of the first big names in Silicon Valley to take that step and a whole host of people followed them. So Cameron and Tyler, thank you for that,' Vance said. Vance also thanked Coinbase, one of the organizers of the Bitcoin 2025 Conference, and a company that the SEC dropped its investigation into about a month after Trump again took power. The Trump regime has drawn criticism for dropping investigations into powerful people and companies that are seen as friendly to the president, and nobody seems to understand that better than the crypto community, which complained during Joe Biden's tenure that they were being unfairly targeted for being crooks. Vance told the audience he holds 'a fair amount of bitcoin,' without disclosing an exact number. The vice president previously reported that he held somewhere between $250,000 and $500,000 worth of bitcoin, according to financial disclosure paperwork he filed in the summer of 2024, shortly before the election. It's not clear if the VP has purchased more or sold any since that disclosure almost a year ago. Vance said he was 'eliminating the rules, the red tape, and the lawfare that we saw aimed at crypto by our predecessors,' referring to the Biden administration. And the VP specifically called out former SEC chairman Gary Gensler, long hated among crypto enthusiasts. 'Maybe the most important thing that we did for this community, we reject regulators and we fired Gary Gensler and we're going to fire everybody like him,' Vance told the crowd. While Vance did his part to assure conference attendees that he was doing everything he could to make sure people like Gensler were no longer able to influence policy, the president's sons leaned into the hype with a much more blunt approach. 'Every single day, people are allocating billions and billions of dollars to it. You know, 0.1 Bitcoin is going to be worth an absolute fortune,' Eric Trump said. The price of 0.1 bitcoin is about $10,700 today. Asked by a moderator what they thought bitcoin's price would be by 2026, Eric said 'the moon,' while his brother Donald Jr. said it would land somewhere between 150,000 and 175,000 dollars. The current price is hovering around $107,900, near an all-time-high. Eric Trump made a passing reference to his father's company Trump Media, the owner of Truth Social, which had just announced plans for a $2.5 billion investment in a bitcoin treasury this week. And he insisted 'everyone wants it, nobody wants to get rid of it,' doing his best to pump up the price. The bitcoin conference will have other speakers for its final day on Thursday, including Paolo Ardoino, the head of stablecoin company Tether. Ross Ulbricht, the founder of the infamous darknet market Silk Road who was sentenced to life in prison and served 11 years before being pardoned by Donald Trump, is also slated to speak Thursday.
Yahoo
6 days ago
- Business
- Yahoo
Vance urges crypto industry to expand involvement in politics after 2024 wins
Vice President Vance called on the crypto industry Wednesday to continue expanding its involvement in politics, after spending more than $200 million to boost crypto-friendly candidates in the 2024 election. Speaking at a Bitcoin conference in Las Vegas, Vance acknowledged the industry's efforts in the previous election, underscoring its role in the Ohio Senate race that unseated crypto-skeptical Former Sen. Sherrod Brown (D). 'Part of the reason that I'm standing here, part of the reason that Bernie Moreno defeated Sherrod Brown in the Senate campaign last year, is because you guys got organized and got involved in American politics,' the vice president said. A crypto-aligned super PAC poured more than $40 million into the race between Brown and Moreno, securing a key win with the ouster of the former chair of the Senate Banking Committee. 'I'm grateful to you for that, but there's a lesson to take from that experience, which is that unless you guys get involved in politics, politics is going to ignore this industry,' Vance added. 'Now you took a big step in 2024, and I'll tell you, every victory that we win, it's only a provisional victory.' 'Take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond,' he added. 'Don't ignore politics, because I guarantee you, my friends, politics is not going to ignore this community, not now and not in the future.' The crypto industry already appears poised to keep up its efforts in future elections. Pro-crypto super PAC Fairshake said in January that it had more than $116 million in cash on hand for the 2026 midterm elections. Its widespread spending in the 2024 election is viewed as a key factor in moving the needle on crypto in Congress. While President Trump has fully embraced the industry in his second term, he will need lawmakers to get his legislative agenda across the finish line. The administration has prioritized two key crypto bills long sought by the industry — one creating a regulatory framework for payment stablecoins and another divvying up regulation of the full digital assets market between two U.S. regulators. Stablecoin legislation has gained some ground in the Senate, clearing an early procedural hurdle this month, although it still has a way to go before final passage. Market structure legislation, likely to be a more complicated effort, has yet to be formally introduced. Vance on Wednesday underscored the administration's focus on these two pieces of legislation. 'We're optimistic that the Senate is able to move quickly on passing a clean GENIUS Act, and for the House to follow up and do the same,' he said, referring to the Senate's stablecoin bill. 'And of course, once that happens, our great President Trump will sign it into law the minute it comes across his desk.' 'Now when, when that's happened, when the administration will then fully shift to our third priority, which is to enact a transparent and tailored regulatory framework for digital assets, one that's pro innovation and fully incorporates crypto into the mainstream economy,' he added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
