Why Trump’s budget is a giveaway to scammers and crypto bros
ALSO INSIDE: Protests erupt from the White House to the memecoin dinner just outside DC
Cam here 👋 bringing you your daily dose of what people are doing – good, bad, and otherwise – in the world of politics. We’re diving into the stories you won’t see anywhere else. And remember, you can also keep up with me over on TikTok and Bluesky.
What Happened
House Republicans passed President Donald Trump’s budget Thursday, and he’s planning to celebrate that night with 220 of his closest friends.
And by “friends,” I mean the ultra-wealthy who had enough money to buy access to the President through purchase of his crypto memecoin—more accurately known as a shitcoin within the industry—and sought a private evening with Trump. The group, which is comprised mostly of foreign crypto entrepreneurs, spent a combined $150 million to buy Thursday’s meal ticket, which could be a small investment if Trump’s budget brings crypto the boom he hopes… which, by the way, would be at the expense of the US dollar.
If signed into law, Trump’s budget would add another $4 trillion to the national debt, a fact that has sent the bond market into a tailspin. A sign that’s bad for the US economy, but good for crypto investors, as Trump’s stance on them has led big banks to give the green light on using them as an investment, shifting money—and trust—away from the US Treasury.
The bill also adds a 5% tax on any money sent out of the country, but not on crypto. Again, this incentivizes people who earn money in the US to forgo USD in favor of cryptocurrencies—especially wealthy foreign crypto investors, like those at Trump’s meme dinner.
While those using crypto as a way to scam people—like Trump’s shitcoin, which was mostly purchased by first-time buyers who lost money on the purchase while Trump made over $1 billion—are over the moon, crypto experts invested in building an actual decentralized monetary system see Trump’s embrace as “hugging them to death.”
“It’s distasteful and an unnecessary distraction,” prominent crypto figure Nic Carter told The Washington Post. “We would much rather that he passes common-sense legislation and leave it at that.”
But Trump has made almost no mention of crypto’s victory at the expense of Social Security, Medicaid, Medicare, and the future of the US financial system when talking about the budget bill passing the House.
”The Bill includes MASSIVE Tax CUTS, No Tax on Tips, No Tax on Overtime,” Trump posted online. “Along with strong Border Security measures, Pay Raises for our ICE and Border Patrol Agents, Funding for the Golden Dome, ‘TRUMP Savings Accounts’ for newborn babies, and much more!”
But really, this is more of a personal victory for him, financed by the highest bidders at tonight’s dinner, achieved at the detriment of his unsuspecting supporters and their wallets, and mostly ignored by conservative outlets.
Attempts to Sanewash
What we know about Trump's private dinner for top holders of his memecoin
At Trump’s memecoin dinner, the guests — who paid for the invite — can count on anonymity
Far-Right Spin
New projection signals good news for families, workers in Trump's 'big, beautiful bill'
House Passes ‘One Big, Beautiful Bill’ In Massive Win For Trump
The crypto bros won’t eat in silence
The Trump National Golf Club may feel less like a private getaway on Thursday and more like Versailles circa 1789.
Anger over his bribery appreciation dinner, fueled further by the House’s approval of his sprawling budget bill, has sparked protests lining the President’s pathway from the White House to his golf club. Around noon, US Rep. Maxine Waters and a handful of other House members led a protest at the Capitol Building in regards to the clear conflict of interest that Trump’s crypto profits pose. In addition to supporting the public’s pressure, Waters has legislation in the works that would ban officials who are elected to federal office from profiting off digital assets.
Corporate watchdog Public Citizen will take the reins next with another protest on Capitol Hill, joined by Sens. Elizabeth Warren, Chris Murphy, and Jeff Merkley, who will be introducing a companion bill in the Senate to ban federal officials from the crypto market. Regulation for cryptocurrency has bipartisan support, so Waters and Warren have a legitimate shot at bringing consumer protections to the wild west that is the world of cryptocurrency.
Public Citizen will then orchestrate a 30-mile trek out to Sterling, VA, where Trump’s crypto dinner will be held. There, the group will demand action by the Office of Government Ethics—whose director Trump fired months ago—and the US Justice Department to investigate Trump for corruption and bribery.
US Rep. Tom Emmer, Minnesota’s 6th Congressional District
Since taking office in 2015, Rep. Emmer has:
Sponsored 125 bills
Authored three bills that have been signed into law; two to rename post offices, and one to rejoin the international group that organizes the World Expo
Used antisemitism as a fundraising tool
Advocated for violence against Nancy Pelosi leading up to the violent attack on her husband at their residence
Pettily tried to defund the Office of the Vice President—but just for when Kamala Harris was in office
Fun Facts
Rep. Emmer is very into the financial aspect of politics, but his personal wealth is shrouded in mystery. While rumored estimates range from $35,000 to $18 million, his vested interests fall into reporting loopholes that make it impossible to know for sure. Emmer’s last financial disclosure from 2023 shows an estimated $550K in assets but omits cryptocurrency, which he most certainly has invested in (and voted against the reporting requirement for).
While his crypto holdings are unknown, Emmer’s devotion is no secret. His campaign is one of the top recipients of contributions from the crypto industry, and his opposition to regulation is so fierce that he introduced legislation to fire the SEC chair the last time it was attempted.
Emmer has long been a darling of corporate donations since long before crypto became a thing. His failed gubernatorial bid in 2010 was the first race that saw the flood of money in politics wrought by Citizens United. He received what at the time was an unthinkable amount of financial corporate support: $150,000 from Target and $100,000 from Best Buy.
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Masked agents violate Phoenix immigration court
Masked government agents stormed an immigration court in Phoenix on Wednesday to abduct a mother who was at the office for a routine check-in. The woman has lived in Arizona for years and has been following instructions from immigration officials to comply with the law when she was arrested without charges, along with over a dozen people who were also ambushed by ICE.
The intrusion on immigration offices has been happening all across the country, and often in violation of laws that protect individuals showing up to court from arrest as their presence demonstrates a willingness to comply with the law. Arrests at court buildings are known to have a chilling effect that discourages people from showing up and puts them at risk for more serious legal penalties.
Trump’s insistence on violating court protections has become so brazen that his administration and supporters have attempted to silence, jail, and even harass judges who stand in his way by following the law.
Sahara Sajjadi—political correspondent for COURIER’s Arizona newsroom, The Copper Courier—was on the scene and followed officers back to their unmarked vehicles in a nearby parking lot. Sajjadi spoke with Democratic lawmakers and immigrant rights activists who were there to protest the arrests—her write-up on the situation is a must-read.
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