The David Frum Show How Crypto Is Turning America Into a Kleptocracy
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Dec 17, 2025 Will Thomas, an assistant professor at the Michigan Ross School of Business and co-author of 'Crypto Kleptocracy', delves into the shadowy world of cryptocurrencies and their links to corruption. He reveals how crypto's anonymity opens new channels for graft, enriching powerful figures while complicating legal accountability. Thomas explains the distinctions between meme coins and stablecoins, and their roles in illicit funding. The discussion also contrasts the Trump administration's lax approach to crypto with Biden's regulatory stance. What's the future of crypto legislation? Tune in for insights!
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Crypto Enables Hard‑To‑Trace Political Payments
- Cryptocurrency creates easy, low‑trace channels to funnel large value to politicians, widening corruption opportunities.
- Will Thomas warns crypto plus narrowed corruption law produces a new kleptocracy risk.
Legal Narrowing Raises Corruption Risk
- Supreme Court narrowing of public‑corruption law raises the bar to prove quid pro quo.
- That legal retreat makes crypto's anonymous flows far more dangerous, argues David Frum.
Crypto Is Largely Speculation, Not Currency
- Most crypto ownership is speculative, not transactional, so crypto functions as a risky asset class.
- Only a tiny fraction of owners use crypto to buy goods or transfer value in ordinary life.