The American Democracy Minute Radio Report & Podcast for May 6, 2025
A new Trump-backed crypto currency company launched last September got a credibility boost when a United Arab Emirates investment fund used it to make a $2 billion dollar investment in another company. This raises more conflicts of interest for President Donald Trump, still named as World Liberty Financial’s “Chief Crypto Advocate.”
We reported recently on Trump’s “meme coin” venture, which has also been under fire for its potential to channel influence to the President. Trump, who previously called cryptocurrency a “scam”, changed his tune after crypto entrepreneurs contributed millions to his campaign, SuperPACs and inaugural committee. Trump has since reversed Biden rules discouraging banks from owning crypto, and Trump’s appointees are considering issuing bank charters to crypto firms.
ABC News reports that this latest $2 billion dollar investment by the UAE’s state-backed “sovereign fund” uses Trump’s brand of crypto “stablecoin,” called “USD1,” giving it credibility among several other cryptocurrencies.
“The Trump family stablecoin surged to the 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money. The Senate shouldn’t pass a crypto bill this week to facilitate this corruption.”
– U.S. Senator Elizabeth Warren (D) Massachusetts
After announcing that deal, Eric Trump announced a new Trump-branded hotel in Dubai, the United Arab Emirates’ largest city, saying the approval process for the 80-story hotel took less than a month, and QUOTE “They always arrive at the word ‘yes’, which is a beautiful thing, and they do it quickly.”
We have more on President Trump’s crypto conflicts at AmericanDemocracyMinute.org. I’m Brian Beihl.
Today’s Links
Articles & Resources:
ABC News – (2024) Trump’s new crypto venture is light on details, heavy on potential ethics landmines
World Liberty Finance – Trump-Backed Cryptocurrency Company
CNBC – Trump-backed crypto bank joins stablecoin wars with new dollar-pegged token
ABC News – Trump family crypto venture tapped as part of $2B Emirati-backed investment deal
The White House – Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile
The Telegraph – UAE funnels $2bn into Trump’s cryptocurrency
The Financial Times – Trump Organization strikes Gulf deals ahead of US president’s visit
Newsweek – New Trump Tower Announced for Middle East City Skyline
Public Citizen – Crypto Has Successfully Purchased Large-Scale Political Influence in the U.S.
American Democracy Minute – Trump ‘Meme Coin’ Cryptocurrency Scheme Selling Access to the President Raises Alarms for Emolument Clause Violations
Groups Taking Action:
Citizens for Responsibility and Ethics in Washington (CREW), Public Citizen
Register or Check Your Voter Registration:
U.S. Election Assistance Commission – Register And Vote in Your State
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