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Slate News

What Next TBD | $Trump

Feb 23, 2025
David Yaffe-Bellany, a cryptocurrency reporter for The New York Times, dives into the intriguing world of crypto's ties to Donald Trump. He discusses how the crypto industry rallied behind Trump, hoping for legitimacy but instead facing chaos. The launch of meme coins like $Trump reveals a speculative frenzy, showcasing both financial gains and losses. Yaffe-Bellany also explores the controversies surrounding Trump's crypto ventures and how they intertwine with political interests, shedding light on scams and the sector's struggle for credibility.
28:28

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Quick takeaways

  • The Crypto Ball illustrated the close ties between the cryptocurrency industry and politics, highlighting attendees' hopes for regulatory advantages under Trump's leadership.
  • Trump's launch of a meme coin immediately after the event showcased the blurred lines between political influence and the speculative nature of cryptocurrencies, raising ethical concerns.

Deep dives

The Crypto Ball and Political Connections

A high-profile event known as the Crypto Ball was held just before President Trump's inauguration, showcasing the intersection of politics and the cryptocurrency industry. Attendees included significant individuals from the crypto sector who had invested heavily in Trump's campaign, hoping for regulatory benefits in return. The event highlighted a series of promises made by Trump, such as easing regulations and potentially using federal funds to purchase Bitcoin, reflecting the industry's aspirations for a new era under his leadership. The lavish party atmosphere juxtaposed with the serious underlying motives of the attendees underscored the tight-knit relationship between political power and cryptocurrency investment.

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