Business dealings of Trump and Musk: Cryptocurrency, films, and electric vehicles reveal questionable practices
In the ever-evolving world of finance, the line between politics and business seems blurrier than ever. This is particularly true in the realm of cryptocurrency, where high-profile figures and controversial decisions have shaken up the market.
Howard Lutnick, a prominent commerce chief, is a firm defender of Tether, the controversial stablecoin. Meanwhile, the Trump administration, under the guidance of officials like David Sacks and Scott Bessent, has been dubbed the most "crypto-friendly" in U.S. history.
The launch of the $TRUMP meme coin, following Trump's election victory, attracted million-dollar investments and generated significant controversies. The event raised ethical concerns due to Trump's promotion of products from a friend's business, and Elon Musk, who was present at the event, appeared to benefit from free publicity.
Trump's foray into the crypto world was not limited to the $TRUMP coin. His administration hosted an event where Trump presented five Tesla electric cars, a company Musk heads and whose shares saw a significant rise after getting close to Trump. Tesla, in part funded by public money during the Obama era, could potentially benefit from Trump's support on federal regulation of autonomous vehicles.
Musk's influence in the crypto world is undeniable, particularly with Dogecoin (DOGE), a meme coin he favors. However, his controversial decisions in his new role in the Administration led to significant drops in Tesla's share price.
US lawmakers have proposed regulations to prevent elected officials and their families from starting or profiting from crypto projects during their terms, indicating concerns about potential conflicts of interest. High-ranking officials like Bessent and Robert Kennedy have million-dollar investments in Bitcoin, adding to these concerns.
Melania Trump signed a million-dollar deal with Amazon for a documentary about her return to the White House, while Truth Social, the social network launched by Trump after his expulsion from Twitter, is managed by his children and serves as the official voice of his decisions.
The recent "crypto-summit" organized by Trump at the White House with figures like the Winklevoss twins fuels doubts about potential influences on public policies. The Trump administration, however, has yet to clarify how it will manage these complex financial connections, leaving questions about potential conflicts of interest unanswered.
In the crypto market, these types of relationships can radically transform the rules of the game. As we navigate this new terrain, it is crucial to maintain transparency and ethical standards to ensure fairness and trust in this burgeoning industry.
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