"Donald Trump was once skeptical of the crypto industry; bitcoin, he once said, "seems like a scam." But since his inauguration, Donald Trump and his family have turned 180 degrees and made hundreds of millions of dollars from their own crypto company, World Liberty Financial. At the same time, Trump has deregulated the crypto industry, making life easier for the oligarchs who run it, and potentially allowing them to harm thousands of ordinary consumers."
"Brandon LaRoque: Things tend to happen to me first 'cause I'm usually the one willing to try something new first. And I hope I'm not the canary in the coal mine. [Music] Anne Applebaum: From The Atlantic, this is Autocracy in Americ a. I'm Anne Applebaum. In this new season, I am asking how the Trump White House is rewriting the rules of U.S. politics, and talking to Americans whose lives have been changed as a result."
Unregulated cryptocurrency growth, combined with regulatory rollbacks, has enabled rapid industry expansion and concentrated power among crypto oligarchs. Presidential deregulation reduced oversight, while a family-linked crypto company generated substantial personal profits, creating potential conflicts of interest. Lobbying and political influence by crypto executives pushed to prevent meaningful regulation, increasing systemic risk. Ordinary consumers faced theft and hacks, with victims losing life savings in cases involving tokens such as XRP. The combination of privatized crypto wealth, deregulatory policy, and limited consumer protections has deep implications for financial stability and democratic governance.
Read at The Atlantic
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