Recently, I wrote about Donald Trump’s Chinese crypto “investor,” Justin Sun, who “invested” so much in Trump’s crypto company, they're now business partners. Sun also happens to have been charged with fraud by the SEC. Other than getting a crypto-friendly SEC chair from Trump, it wasn’t clear to me what other grift might be coming down the pike as a result.
At least some of it was revealed by Chris Hayes Friday night. In short, it’s a horrifying plan to make Trump’s already obscenely-wealthy donors even wealthier. It’s at the expense of the rest of us and risking our economy while they’re at it.
As Hayes spelled it out, it began with Trump’s announcement that he’s appointing wealthy, right-wing South African venture capitalist and former PayPal exec David Sacks to be White House crypto and AI czar. Sacks is a critic of diversity and is pals with like-minded South African billionaires Peter Thiel and Elon Musk. Sacks is also a big Trump supporter and a big crypto owner.
Hayes went on to explain how the crypto bros spent big in the 2024 election in order to face a friendlier regulatory environment under Trump and a Republican Senate. Now it’s payback time. And guess who’s doing the paying? Spoiler alert: not Trump or his ultra-wealthy buddies.
