Trump Media and Crypto.com New Deal - Decrypt
Trump Media, which Donald Trump has a majority stake in, has announced another crypto treasury plan after buying $2 billion worth of Bitcoin. The company said it was working with crypto exchange, Crypto.com, to build a Cronos treasury with $6.4 billion in backing, called Trump Media Group CRO Strategy. Cronos (CRO) is the native coin of Crypto.com's platform. It recently surged more than 29% over a 24-hour period. It's the biggest gainer by far among the top 100 cryptocurrencies by market cap during that span. Trump Media, Yorkville Acquisition Corp., and Crypto.com will be founding partners of the treasury. It will consist of $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and an additional $5 billion equity line of credit from an affiliate of Yorkville. The CRO tokens held at the treasury's launch will represent approximately 19% of the token's supply. The firms further suggested that it would be the "largest digital asset treasury company to market cap ratio in history." Additionally, Trump Media said it will buy $105 million in CRO—around 2% of the total CRO market cap as of announcement—while Crypto.com will buy $50 million in shares of common stock in Trump Media.
Why does this matter to you? Conflict of Interest much? Also, if you have money in Crypto.com may consider moving it unless you want to become the latest victim in another FTX scandal.
Hot take: How on earth is this legal? A sitting President is able to create a SPAC (Special Purpose Acquisition Company) for his own financial gain? These acts about Representatives and the President not being able to invest while in office need to become law ASAP. This is literally, two large companies, teaming up to generate more money for each other, and guess who’s going to make them richer? People like us—What the actual f***?
Donald Trump Jr: Got into crypto after banks refused to do business - AOL
Donald Trump Jr. says his family “didn’t have a choice” but to get into crypto because banks didn’t want to do business with them after January 6, 2021, referring to the deadly attack on the U.S. Capitol.
Five people, including one police officer, died and several more were injured when the pro-Trump mob breached the Capitol building. The president granted roughly 1,500 people convicted of January 6-related crimes pardons immediately after retaking office.
Don Jr. said that instead of going home and “go cry in a corner,” they decided to launch World Liberty Financial, a Trump family crypto business. World Liberty Financial, announced that technology firm ALT5 Sigma would make a big purchase of its digital coin, $WLFI. ALT5 said it would sell $1.5 billion worth of shares, then use that money to purchase the Trump digital coin. Don Jr. and company went on to ring Nasdaq’s opening bell to celebrate the closing of ALT5’s $1.5 billion offering.
World Liberty Financial’s co-founder and CEO Zach Witkoff, said they were looking to “democratize” the financial system. “Put power back in the hands of the people, instead of the big boogeyman behind the curtain,” Witkoff said.
Why does this matter to you? Two Words: Wealth Disparity and Question: Do you like being lied to?
Hot take: I love how they act like they’re trying to democratize the financial system versus becoming the actual boogeyman themselves. Banks didn’t want to do business with them because Donald Trump Sr. incited violence on January 6 (literal, violence) and got away with it. They claim to not “go cry in a corner”, yet they’re crying out publicly and created their own “financial institution”. Seriously, what world am I living in? They literally did not like not getting what they wanted so now they’re just going to take it from you? This is what happens when you don’t teach kids the power of “NO” and consequences for not following it. Go cry in a corner you babies with your rattle. Please don’t fall for this World Liberty Financial nonsense. This is WHY BITCOIN WAS CREATED: to keep YOUR money away from BOOGEYMEN like them. You’ve been warned.
Trump Trying to Fire Fed Reserve Governor - Reuters
Federal Reserve Governor Lisa Cook will file a lawsuit to prevent President Donald Trump from firing her. Trump said in a letter to Cook that he had "sufficient cause" to fire her because she had described separate properties in Michigan and Georgia as primary residences on mortgage applications before she joined the Fed in 2022. Peter Conti-Brown, a scholar of the Fed's history at the UPenn’s Wharton School, noted that the mortgage transactions preceded her appointment to the Fed and were in the public record when she was vetted and confirmed by the Senate.
Trump’s attempt to influence U.S. monetary policy has shaken confidence in the dollar and U.S. sovereign debt and sparked fears of global financial turmoil. Wall Street's main equities indexes closed slightly higher on Tuesday, while the dollar dropped. The yield curve on U.S. Treasuries steepened on Tuesday as Trump's attempt to fire Cook raised concerns about the U.S. central bank's independence and the prospect of a potentially more dovish composition of Fed policymakers.
Cook's departure would allow Trump to pick a majority of the Fed's seven-member board, including two incumbents and the pending nomination of White House economist, Stephen Miran. The Fed said that Cook and other board members serve 14-year tenures and cannot be removed easily from office, in order to ensure that monetary policy decisions are based on economic data.
The Fed's statement indicates that it sees Cook's status as unchanged, and it appears it would take a court ruling between now and the central bank meeting in September for her to be prevented from participating.
Why does this matter to you? You like being ruled by a Dictator?
Hot Take: Trump’s trying to control all aspects of the government and now, the Central Bank! Yay! As if the Central Bank didn’t have enough flaws but now we may have an oversized oompa-loompa running the circus. This is what happens when you peddle capitalism too hard. Everyone continues to step on each other’s backs to get to the top when eventually you have an insecure, large baby like Trump that will do anything to get his way. Is it a systematic flaw—yes, we can delve into that later, but right now this is Trump’s doing.
Please know, the newsletters and podcasts are supposed to be non-bias but you gotta call bulls*** when you here it. I’m here for you guys; betchya never heard that one before ;-) But seriously, my main objective is to write and talk about Bitcoin and crypto and its impact on the global economy. However, I won’t ignore utter disdain for us, as a people. This is absolutely ridiculous … I hate you Donald Trump …
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