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Slate Technology

What Next TBD | $Trump

Feb 23, 2025
David Yaffe-Bellany, a cryptocurrency reporter for The New York Times, dives into the intriguing ties between Donald Trump and the crypto world. He reveals how the industry rallied behind Trump, hoping to gain legitimacy, and shares insights into Trump's ventures, including meme coins. The conversation explores extravagant crypto celebrations before Trump's inauguration and the speculative frenzy surrounding Trump-themed cryptocurrencies. Yaffe-Bellany also discusses the complex regulatory landscape and the ongoing struggle of the crypto industry to reshape its reputation after previous scandals.
28:28

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Quick takeaways

  • The crypto industry's support for Trump aimed to legitimize their interests, culminating in the controversial launch of a meme coin post-inauguration.
  • Concerns arose over potential conflicts of interest as Trump's cryptocurrency ventures could exploit regulatory advantages while benefiting his family financially.

Deep dives

The Crypto Ball and Trump's Meme Coin Launch

A pivotal event in the cryptocurrency industry occurred just before President Trump's inauguration at a lavish gathering known as the crypto ball. Attended by high-profile figures in crypto, the event celebrated promises from Trump to loosen regulatory constraints on the industry. While the elite mingled and toasted their hopes for the future, Trump announced the launch of a meme coin called 'Trump' on social media, frustrating many attendees who could not capitalize on the late announcement. This moment starkly highlighted the dichotomy between the powerful insiders at the ball and the day traders at home who profited from purchasing the coin early.

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