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#cryptocurrency

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All this, plus MoonPay executives seemingly getting scammed out of a Trump inaugural fund donation, Elon Musk’s “America Party’s” stance on bitcoin, and the end of another crypto island project in this week’s issue of Citation Needed.

As always, this publication is fully reader-supported. If you value Citation Needed, a pay-what-you-want subscription helps me keep reporting, researching, and writing.

citationneeded.news/signup

Citation NeededCitation Needed
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Shady crypto billionaire Justin Sun is looking to pour another $100 million into Trump’s crypto projects. At least $56 million of Sun’s money has gone directly to Trump or family members; that number could nearly triple depending on details of the planned token purchase.

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During “Crypto Week”, Congress will also be considering an Anti-CBDC Surveillance State Act. While Republicans decry purely hypothetical CBDC surveillance, they celebrated crypto’s actual surveillance capabilities at the recent Senate hearing.

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Two Republicans took time at the hearing to attack legislators and witnesses for so much as mentioning the influence of the crypto lobby, or Trump’s personal crypto ventures. They don’t want people even mentioning crypto's hundreds of millions of dollars in spending on Congress.

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Experts are issuing dire warnings on bills that would allow for activity like this. Professor Richard Painter implored: “We do not want another economic collapse caused by deregulation of financial services sector. ... Please, we don't want to go through those experiences again.”

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By encasing stocks in a blockchainy wrapper, companies like Robinhood are hoping to tap into lucrative equities markets while sidestepping the expensive compliance and oversight requirements of traditional American brokerages and exchanges.

Newsletter: Crypto firms hope putting a blockchain veneer on traditional equities will allow them to sidestep lessons learned in the 1929 Wall Street crash, crypto firms look to become banks, and Congress celebrates crypto surveillance while claiming to outlaw it

citationneeded.news/issue-88/

Citation Needed · Issue 88 – The stockchainCrypto firms hope putting a blockchain veneer on traditional equities will allow them to sidestep lessons learned in the 1929 Wall Street crash, crypto firms look to become banks, and Congress celebrates crypto surveillance while claiming to outlaw it
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UPDATE: Since I published, the waitlist website has added a segment reading “Magic Eden partnered with GetTrumpMemes.​com to create the first and only $​TRUMP Wallet”. This suggests it is indeed Fight Fight Fight LLC (Bill Zanker) behind it.

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Though the project has yet to be announced by either the Trump team or Magic Eden, a waitlist signup was briefly visible on the TrumpWallet​.com domain, suggesting launch is ​imminent. Terms of the partnership, including which Trump entities are involved, are not disclosed.

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Trump crypto adviser David Bailey is following in the footsteps of sons of both Trump and Commerce Secretary Howard Lutnick, who are in the MicroStrategy-esque process of creating companies, rapidly going public, and acquiring large bitcoin holdings to become bitcoin proxy bets.

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A small company called GD Culture Group has announced it will somehow purchase up to $300M in TRUMP tokens. As a company that primarily does business on TikTok, they have a strong incentive to try to influence Trump as he navigates the ongoing saga around a TikTok ban.