Are Trump’s Crypto Ventures Corrupt

Summary

Podcast Summary: What A Day – "Are Trump’s Crypto Ventures Corrupt"

Release Date: May 28, 2025
Host: Jane Coston
Produced by: Crooked Media

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I. Introduction

In the May 28th episode of What A Day, host Jane Coston delves into the intricate web of President Donald Trump’s involvement with cryptocurrency. The episode, titled "Are Trump’s Crypto Ventures Corrupt," examines how Trump's foray into the crypto world intertwines with his political endeavors, raising questions about potential corruption and ethical implications.

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II. Trump's Involvement with Cryptocurrency

Jane Coston opens the discussion by highlighting Trump's recent moves in the cryptocurrency landscape. She notes that on Tuesday, Trump Media and Technology Group, the parent company of Trump's social media platform Truth Social, announced plans to raise over $2 billion to invest in Bitcoin. This initiative marks Trump's deepening engagement with crypto, positioning him and his family as significant players in the market.

Jane Coston [00:02]:
"On Tuesday, Trump Media and Technology Group announced it would be raising more than $2 billion to invest in Bitcoin."

Additionally, the Trump family holds a substantial stake in World Liberty Financial, a crypto firm central to a notable $2 billion deal between an investment firm backed by the United Arab Emirates and Binance, the largest crypto exchange globally. These investments underscore the Trump family's commitment to capitalizing on the burgeoning cryptocurrency market.

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III. Interview with Allison Morrow

To unpack the complexities of Trump's crypto ventures, Jane engages in an in-depth conversation with Allison Morrow, a senior writer for CNN Business.

A. Trump's Crypto Strategy and Wealth Accumulation

Allison Morrow provides clarity on how the Trump family is leveraging cryptocurrency to amass wealth. She explains that their involvement spans multiple crypto ventures, including a trading platform, a Bitcoin mining operation set to go public, and transformation of Trump's digital media company into a Bitcoin holding entity. The primary revenue stream appears to be transaction fees from their Meme Coin, ensuring continuous income irrespective of the asset's market fluctuations.

Allison Morrow [02:24]:
"So, first and foremost, they have at least four crypto ventures now... The primary way so far that we know about is that through this Meme coin... they make money off of transaction fees."

B. Trump Media and Bitcoin Investment Plans

Jane seeks to understand the strategic importance of Trump Media's investment in Bitcoin. Allison elucidates that this move is part of a broader corporate strategy to use Bitcoin as leverage, facilitating further investments without the complexities of managing a traditional crypto wallet.

Allison Morrow [04:17]:
"This is an increasingly popular strategy among some corporations to stock up on Bitcoin and use that bitcoin as leverage."

C. Meme Coin Dinner and Its Significance

The conversation shifts to a high-profile event: Trump's Meme Coin dinner held at the Trump National Golf Club. The exclusive gathering, attended by around 200 top holders of Trump's self-branded crypto token, serves as a platform for fostering investment and influence within the crypto community. Notably, attendees like Justin Sun, a Chinese-born crypto entrepreneur facing prior fraud investigations, highlight the international dimensions and potential regulatory loopholes exploited through such ventures.

Jane Coston [05:09]:
"And late last week, the President hosted his Meme Coin dinner at the Trump National Golf club... attendees complaining that they didn't actually get to talk to the President."

Allison Morrow [06:06]:
"Justin Sun... he has poured in millions of dollars into these Trump crypto projects."

D. Ethical and Legal Concerns in Trump's Crypto Ventures

Allison raises critical ethical and legal questions surrounding Trump's crypto activities. She emphasizes that cryptocurrency’s anonymous and untraceable nature makes it a fertile ground for illicit activities, including money laundering and foreign influence.

Allison Morrow [08:53]:
"The Constitution's pretty clear cut about you can't sell access to the White House... The crypto aspect opens so many doors."

E. Foreign Influence and Potential Issues

The episode underscores concerns about foreign influence, particularly through crypto investments. The presence of international investors at the Meme Coin dinner, such as Justin Sun, suggests possible attempts by foreign entities to gain sway over U.S. political processes.

Allison Morrow [09:49]:
"I just can't imagine there weren't concerted efforts from foreign governments trying to infiltrate that dinner."

F. Trump's Motives and Signaling to the Public

Allison posits that Trump's engagement with cryptocurrency is primarily financially driven rather than ideological. Despite previous skepticism, Trump’s pivot towards crypto appears motivated by the lucrative opportunities it presents and the interest of his family members in the sector.

Allison Morrow [10:29]:
"Trump will make money however he sees fit... I think he sees it as a way to make money and he knows that his sons are interested in it."

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IV. Conclusion

The episode wraps up with a sobering analysis of the potential ramifications of Trump’s deep-seated involvement in cryptocurrency. Allison Morrow warns of the unprecedented scale at which crypto can be used to influence politics and governance, posing significant ethical and legal challenges. Jane Coston leaves listeners contemplating the blurred lines between political power and financial gain, questioning the future integrity of democratic institutions in the face of such entanglements.

Allison Morrow [10:29]:
"If you ever listen to some of his speeches about crypto, you know he was a crypto skeptic... it's just kind of the unlimited influence funds crypto can provide."

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Notable Quotes with Timestamps

• Jane Coston [00:02]:
  "The show that salutes U.S. district Judge for the District of Columbia, Richard Leon for using 26 exclamation points to smack down President Donald Trump's effort to target a major law firm via executive order."

• Allison Morrow [02:24]:
  "The Trump family is counting on crypto seeming scary and, like, confusing for people to not really want to, like, dive into it."

• Jane Coston [11:14]:
  "Alison, thank you so much for your time."

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Final Thoughts

What A Day effectively unpacks the complexities and potential corrosive effects of intertwining political power with volatile financial instruments like cryptocurrency. Through insightful dialogue and expert analysis, the episode raises pertinent questions about transparency, accountability, and the safeguarding of democratic principles in an increasingly digital and financially intricate world.

Transcript

[Jane Coston]

It's Wednesday, May 28th. I'm Jane Coston, and this is what a day. The show that salutes U.S. district Judge for the District of Columbia, Richard leon for using 26 exclamation points to smack down President Donald Trump's effort to target a major law firm via executive order. To quote Leon Indeed, to rule otherwise would be unfaithful to the judgment and vision of the Founding Fathers. Exclamation point. On today's show, it turns out the majority of district court judges aren't ruling in Trump's favor, despite their political party appointment. And the little Marco is coming for foreign student visas. But first, let's talk about how the White House is for sale. On Tuesday, Trump Media and Technology Group announced it would be raising more than $2 billion to invest in Bitcoin. As the name might indicate, President Donald Trump is heavily involved in Trump Media and Technology Group. He's the company's largest shareholder. Trump Media is also the parent company of Truth Social, where Trump posts literally every thought that enters his head. This deal is not the president's first do si do with cryptocurrency. There was his dinner last week with the top holders of the president's meme coin. The Trump family owns 60% of world liberty Financial, another crypto firm that's playing a central role in a $2 billion deal between an investment firm backed by the government of the United Arab Emirates and Binance, the biggest crypto exchange on earth. In short, the president of the United States has made it clear he and his family are going to make as much money as possible and are thrilled that crypto is giving them the chance to do so. Even if Press Secretary Caroline Levitt tries to argue otherwise, it's absurd for anyone.

[Allison Morrow]

To insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly. And not only has he lost wealth, but he also almost lost his life. He has sacrificed a lot to be here.

[Jane Coston]

And.

[Allison Morrow]

And to suggest otherwise is, frankly, completely absurd.

[Jane Coston]

Absurd. Absurd to think a rich person might want to use his power and influence to get richer. Who could imagine such a thing? That never happens in our capitalist society. So to better understand all of the Trump family's conflicts with the crypto world, I spoke with Allison Morrow. She's a senior writer for CNN Business. Alison, welcome to what a Day.

[Allison Morrow]

Thanks so much for having me.

[Jane Coston]

So it's pretty clear to me the Trump family is going all in on cryptocurrency. But I'm Admittedly, still very fuzzy on how they're making actual money from it. I know they are, but I don't know how. So I guess let's start there. Broadly speaking, how is crypto turning into real wealth accumulation for the Trumps?

[Allison Morrow]

It is so vast and kind of hard to wrap your head around all of it. You're right to be confused. A lot of people are. And I have to say, in my reporting, it seems like the Trump family is counting on crypto seeming scary and, like, confusing for people to not really want to, like, dive into it. So, first and foremost, they have at least four crypto ventures now. That's a crypto trading platform. They have a bitcoin mining platform that they're going to take public. Trump's digital media company is essentially becoming a bitcoin holding company now. So there's a lot of different ways that they can make revenue off of these things. The primary way so far that we know about is that through this Meme coin, which they just held this crypto dinner for the Meme coin, they make money off of transaction fees. So it doesn't matter if the value of the actual asset is up or down, as long as it's trading hands, the Trump Organization, and by. By extension the Trump family are making money off of that.

[Jane Coston]

And this actually gets us into the last few days. And let's start with Tuesday Trump Media and Technology Group, which is the parent company of the president's social media platform, True Social, which is where he says everything he thinks. It announced it plans to raise more than $2 billion to invest in bitcoin. I'm not gonna lie. I read you that question from a script, but I'm not, like, 100% sure what these words mean. So can you explain why this is a big deal and how Trump, the person who is the president of the United States, will benefit?

[Allison Morrow]

Sure. This is an increasingly popular strategy among some corporations to stock up on Bitcoin and use that bitcoin as leverage. To do what? Buy more bitcoin. As long as bitcoin keeps becoming more valuable in the marketplace, that increases the value of your market capitalization. For the Trump Media company, this seems to be kind of an admission that it was never really going to be a successful media company. They had no real media model to make money. And this seems to be a way to make it more of a bitcoin holding company, which allows investors to invest in a stock that they're familiar with that's not as scary as crypto. So you get the exposure to Bitcoin's valuation changing, but you don't actually have to have a crypto wallet.

[Jane Coston]

And late last week, the President hosted his Meme Coin dinner at the Trump National Golf club outside of D.C. it was this ultra exclusive event specifically for the top 200 or so holders of the President's self branded crypto token. And I saw some posts from Instagram, like some of the attendees complaining that they didn't actually get to talk to the President. What do we know about the people who attended?

[Allison Morrow]

There's a lot we don't know about the people who attended, and that's kind of the problem. I think the thing to keep in mind is that we asked for a guest list and we have been rebuffed by the White House, by the Trump Organization, by the organizers of the crypto dinner. What we do know about some of the people who were there, they all paid a lot to be there. Some people paid tens of thousands, even millions of dollars. And one of those guys is really worth knowing his name and just kind of like flagging that he was there is Justin Sun.

[Jane Coston]

Yes. Chinese born crypto entrepreneur.

[Allison Morrow]

Yes. Based on what he has said to the media, he is a billionaire many times over. He's 34 years old. He started a very popular crypto trading platform called Tron. But the thing to know about him with his connections to the Trumps, is that under the Biden administration, he was under investigation for potential fraud in the crypto securities market. There were civil fraud charges against him. And then once Trump won reelection, Justin sun was right there donating to the Trump family's nascent crypto efforts. He has poured in millions of dollars into these Trump crypto projects. And then in February, his civil fraud charges were just evaporated. You know, they were put on hold officially, but the SEC is dropping most of its enforcement cases against anyone in crypto, so. So the Trump administration has just been very beneficial to Justin Sun. And according to reporting from the Wall Street Journal, he was able to come to the US for the first time without fear of being arrested for this crypto dinner.

[Jane Coston]

You reported that the top investors in Trump's meme coin collectively dumped nearly $150 million into it over about three weeks. Even though these meme coins are functionally useless as a currency or investment, like, I could not go buy dinner with one of these, and if I tried to, they the restaurant would get mad. So what's the upside for Trump to push something like this? Like, why this? And not boosting initiation fees to his mar a lago resort, which, to be clear, he has done or accumulating more Boeing 747s from foreign governments. Why this?

[Allison Morrow]

The crypto stuff is interesting because the scale is virtually unlimited. There's only so Many, you know, 747s from Qatari Royal families you can get or other royal families that want to pedal influence with the White House. Crypto is really just unlimited. It's very, very difficult to trace who the original senders of that money are. So anyone wanting to buy influence, and then, you know, the way crypto is designed, it is anonymous. And it's also easy to even anonymize your anonymous transactions and like, go through kind of like money laundering techniques to hide the source of that money. And that is why, you know, ethics experts who I've talked to have said that the crypto game is the bigger ethical concern. The bigger, like, you know, Qatari jets are one thing, but this is like a scale we've just never seen before and we've never had the technology to, to even comprehend for a president in office.

[Jane Coston]

Yeah. At the risk of asking a really obvious question here, what are the ethical and legal lines that are being completely flouted here? Specifically with crypto?

[Allison Morrow]

The Constitution's pretty clear cut about you can't sell access to the White House. And the founding fathers were very concerned about the potential of foreign actors trying to manipulate or influence the President one way or another. This just, the crypto aspect opens so many doors because all of this is overseen by a regulatory system that Trump directly controls. And he is working very, very constructively to defang the regulators who would otherwise keep these companies and these kinds of financial products in check. So there's essentially no limit on the amount of money that can flow in through these channels.

[Jane Coston]

And you, you made the reference to the potential concerns for foreign influence. And we saw that at the crypto dinner. Bloomberg had some reporting that most of the people who were the top investors in Trump's meme coin appeared to be from overseas.

[Allison Morrow]

Yeah, absolutely. I mean, there are a lot of names that were known as, like, they're crypto guys, but I just can't imagine there weren't concerted efforts from foreign governments trying to infiltrate that dinner. And it wouldn't be hard. You didn't have to spend that much money to get in.

[Jane Coston]

If Trump's presidency is virtually for sale, whether it's through meme coin or private jets or billion dollar promises from oil rich countries, what do you think he's signaling to the American people?

[Allison Morrow]

Trump will make money however he sees fit. And any way that there's a way to make money, he will do it. If you ever listen to some of his speeches about crypto, you know he was a crypto skeptic and a doubter as recently as 2021, 2022. It wasn't until he figured out that there were a bunch of rich crypto bros looking to influence the election that he was like, oh, this could be a thing for me. When you hear him talk about it at the Bitcoin conference last year, he said something about like, have fun playing with your coins. I don't think he really cares about crypto. I think he sees it as a way to make money and he knows that his sons are interested in it and so he's just kind of going with it.

[Jane Coston]

Alison, thank you so much for your time.

[Allison Morrow]

Jane, thank you so much for having me.

[Jane Coston]

That was my conversation with Allison Morrow, senior Writer for CNN Business. We'll link to her work in our show Notes. We'll get to more of the news in a moment, but if you like the show, make sure to subscribe, leave a five star review on Apple Podcasts, watch us on YouTube and share with your friends. More to come after some ads. This show is sponsored by BetterHelp. Mental health awareness is growing, but there's still progress to be made. 26% of Americans who participated in a recent survey say they have avoided seeking mental health support due to fear of judgment. When people hesitate to get help, it doesn't just affect them, it impacts families, workplaces and entire communities. This Mental Health Awareness Month, let's encourage everyone to take care of their well being and break the stigma. The world is better when people are healthy and happy. BetterHelp has over 10 years of experience matching people with the right therapist from their diverse network of more than 30,000 licensed therapists with a wide range of specialties. BetterHelp is fully online making therapy affordable and convenient, serving over 5 million people worldwide. Easily switch therapists anytime at no extra cost. We are all better with help. Visit betterhelp.com wad to get 10% off your first month. That's betterhelp H-E-L-P.com waad this is an ad by betterhelp. Many people avoid seeking mental health support due to fear of being judged this mental Health Awareness Month, let's break the stigma surrounding seeking support. At BetterHelp. We have over 10 years of experience matching you with the right therapist which can help you and everyone in your life. We're all better with help visit betterhelp.com today for 10% off your first month. That's Better Help H E L P.com.

[Unknown]

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[Jane Coston]

Here's what else we're following today. Head of Lines I couldn't be more pleased to announce that as of today, the COVID vaccine for healthy children and healthy pregnant women has been removed from the CDC recommended immunization schedule. Health and Human Services Secretary Robert F. Kennedy Jr. Announced a major rollback of COVID vaccine recommendations on Tuesday. Ah, what a surprise. An anti vaxxer being anti vaxx. Kennedy made the announcement in a video posted to Twitter, flanked by Food and Drug Administration Commissioner Marty Makarya and National Institutes of Health Director Jay Bhattacharya. Last year, the Biden administration urged healthy children to get yet another Covid shot, despite the lack of any clinical data to support the repeat booster strategy in children.

[Unknown]

That ends today. It's common sense and it's good science. There's no evidence healthy kids need it today, and most countries have stopped recommending it for children.

[Jane Coston]

We're now one step closer to realizing President Trump's promise to make America healthy again. Missing from the video, officials from the CDC Kennedy made the change ahead of a CDC advisory panel set to meet in June to discuss guidance for the fall shots. Up until now, the CDC had been recommending that all Americans 6 months and older get the vaccine annually. The policy change throws into question whether health insurance companies will still cover the shot and how accessible it'll be for people who want to get one. Today, Canada faces another critical moment. Democracy, pluralism, the rule of law, self determination and freedom are values which Canadians.

[Allison Morrow]

Hold dear and ones which the government.

[Jane Coston]

Is determined to protect. On Tuesday, King Charles delivered the speech from the throne, marking the beginning of Canada's 45th session of Parliament. Typically, that speech, which outlines the government's goals for the new parliamentary session, is delivered on behalf of the Canadian prime minister by the monarch's most senior representative in Canada. However, this year, newly elected Canadian Prime Minister Mark Carney invited King Charles to make the address. King Charles is the non partisan head of state of Canada, which is a member of the British Commonwealth of Former Colonies. A monarch has only personally delivered the address three times in history. Queen Elizabeth II made the speech on two previous occasions, first in 1957 I greet you as your Queen.

[Allison Morrow]

Together we constitute the Parliament of Canada.

[Jane Coston]

King Charles and Queen Camilla arrived in Ottawa on Monday. Their trip comes amid tensions between Canada and the U.S. president Donald Trump's escalating trade war and repeated threats to annex the country reportedly prompted Prime Minister Carney to invite King Charles to make the address. President Trump took note of Monday's events, writing on Truth Social that Canada was considering an offer to become the 51st state in order to join the U.S. s Golden Dome project, because, of course, he did. The Trump administration ordered a pause on new student visa appointments, according to a State Department document signed by Secretary of State Marco Rubio. The pause is, quote, in preparation for an expansion of required social media screening and vetting. It said the State Department is reviewing existing operations for student and exchange visitor visa applicants and plans to issue guidance soon. At a briefing Tuesday, State Department spokesperson Tammy Bruce wouldn't confirm the possibility of requiring all foreign students applying to study in the US to undergo social media vetting. What I can remind everyone of which we've discussed for months here, is that we use every tool in our tool chest to vet anyone coming in who wants to come into this country. The Trump administration has been scrutinizing student visas and announced last week that it would halt Harvard's enrollment of international students. A federal judge has since temporarily blocked the action.

[Allison Morrow]

Well, he's a loser, you know.

[Jane Coston]

I mean, the guy's a loser. That's President Trump talking about Minnesota Senator Tim Walz in March. But he could also have plausibly been talking about himself, too. Why? Because federal district courts have ruled against him on 26 out of 27 possible occasions so far in May. For those of you into percentages, that shakes out to a loss rate of about 96%. Well, he's a loser, you know. I mean, the guy's a loser. Those figures are According to a piece Adam Bonica published last week on a substack on Data and Democracy, Bonica has been tracking this cross party rebellion in the courts since February. Trump's loss rate has been increasing as time goes on. According to Bonica, this pushback has been motivated, at least in part, by President Trump's attacks on law firms and individual judges. He also cited the weakness of the Trump administration's legal arguments and the unabashedness of its overreach. Earlier this month, Judge Fernando Rodriguez Jr. Of the U.S. district Court for the Southern District of Texas ruled against the president's use of the Alien Enemies act to deport Venezuelan nationals living in the U.S. rodriguez was appointed by Trump in 2018. And just last week, Judge Myoung Joon of the U.S. district Court for the District of Massachusetts blocked President Trump's executive order aimed at dismantling the Department of Education. In response, the Trump administration referred to him as a, quote, unelected judge with a political axe to grind. Judge June was appointed by President Biden in 2022. And that's the before we go hey, good news. For the next month, when you buy something at the Crooked store, we'll send you a promo code for a free 30 day trial of friends of the Pod, our subscription community. That means a full month of ad, free pods, exclusive subscriber only shows, and access to our Discord server completely free. So if there's a T shirt you've had your eye on or you need something to wear to the next protest, volunteer event, or angry walk around your neighborhood, now's the perfect time to grab it. Support the mission. Get the merch head to crooked.com store now. That's all for today. If you like the show, make sure you subscribe. Leave a review, Think very carefully about anyone telling you predictions about upcoming elections and tell your friends to listen. And if you're into reading a not just about how it is May Guys, let's just get to June before we start writing articles about which podcast or substack is going to swing the midterms. Like me, what a Day is also a nightly newsletter. Check it out and [e-mail] subscribe I'm Jane Coastin and let's Walk before we Run. Okay, Water Day is a production of Crooked Media. It's recorded and mixed by Desmond Taylor. Our associate producers are Raven Yamamoto and Emily Foer. Our producer is Michelle Aloy. We had production help today from Johanna Case, Joseph Dutra, Greg Walters and Julia Claire. Our senior producer is Erica Morrison and our executive producer is Adrienne Hill. Our theme music is by Colin Gilliard and Kashaka. Our production staff is proudly unionized with the Writers Guild of America.

[Allison Morrow]

East Sam.