The industry is poised for laxer oversight.
By Peter Stone
Investigative Reporter
With Donald Trump tapping top regulators with cryptocurrency ties and promising to make the US the “crypto capital of the planet”, the controversial and scandal-plagued industry is poised for laxer oversight and faster growth, which ethics watchdogs and ex-prosecutors fear could pose dangers for investors and spur potential criminal abuses.
The president’s pro-crypto stances have come as he wooed crypto companies to ratchet up their campaign contributions to help him win the White House. Although in 2021 Trump called bitcoin a “scam”, he also announced last fall that he and his sons were helping launch a new crypto business, dubbed World Liberty Financial, they can profit from.
Underscoring his own growing ties to the speculative crypto business, Trump in a stark act of self-enrichment days before his inauguration revealed another crypto venture, a personal meme coin dubbed $Trump which drew strong criticism from ethics watchdogs, economists and some industry insiders.
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