The Wall Street Journal Nails Trump Over Crypto Scheme Designed to ‘Enrich’ His Family
(Alex Brandon/AP photo)
The Wall Street Journal called out President Donald Trump over his opaque cryptocurrency business in a new editorial all but accusing him of using his office to enrich his family.
After observing that “Trump likes to blur lines between personal business and public office,” the Journal submitted that he would “help himself by calling off his Thursday gala with the top 220 holders of his meme-coin,” or at least by disclosing “his crypto contest’s winners so Americans know who may be trying to buy access to the President.”
Trump announced his intention to release a meme coin shortly before moving back into the White House this January. And in April, he announced that the top 220 holders of the coin would be invited to a private dinner with him, while the top 25 would also enjoy an “ultra-exclusive private VIP reception.”
As the influential Journal editorial board noted, the “real identities” of the meme coin holders are not public, though a majority of the top 220 and supermajority of the top 25 are believed to have bought their coins on foreign exchanges.
“This suggests most of the top buyers are foreigners. Might they be seeking a seat at the President’s table to influence U.S. policy, especially in foreign affairs? Mr. Trump claims he’s not doing anything wrong by holding the dinner. But even if he’s not violating any laws, the contest creates the risk of ethical conflicts,” argued the Journal before concluding:
If the contest is as above board as the President says, why not reveal the real names of the winners? Some of their identities are bound to come out anyway. The press, Democratic Attorneys General and Members of Congress are going to investigate. Mr. Trump lambasted President Biden over Hunter Biden’s artwork sales to secret buyers and pledged his Administration would be the “most transparent in history.” One way to fulfill that promise is to be transparent about his crypto investors.
One recent report suggested that Trump’s cryptocurrency holdings alone are worth $2.9 billion.
