Crypto Billionaire Trump Already ‘Cashing In On the Presidency’ With Meme Coin

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Original article by Jessica Corbett republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

A smartphone displays a post from U.S. President-elect Donald Trump’s Truth account announcing the $TRUMP meme coin on January 19, 2025. (Photo: Jonathan Raa/NurPhoto via Getty Images)

“We now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate… those sectors in a way to just blatantly profit off his own presidency.”

U.S. President-elect Donald Trump faced a flood of criticism throughout the weekend for launching a cryptocurrency token as the world prepared for his Monday inauguration and policies expected to benefit the industry that helped Republicans take control of the White House and Congress.

“It is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office,” Campaign Legal Center executive director Adav Noti told The New York Times. “It is beyond unprecedented.”

Jordan Libowitz, vice president for communications at Citizens for Responsibility and Ethics in Washington, also contrasted Trump’s move with behaviors of past presidents, telling Politico, “It is absolutely wild.”

“After decades of seeing presidents-elect spend the time leading up to inauguration separating themselves from their finances to show that they don’t have any conflicts of interest, we now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate… those sectors in a way to just blatantly profit off his own presidency,” said Libowitz.

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The president-elected announced the $TRUMP meme coin, hosted on the Solana blockchain, via his Truth social media platform and X—owned by Elon Musk, his ally and the richest person on the planet—on Friday, declaring that “it’s time to celebrate everything we stand for: WINNING!”

He linked to a website that explains “there are 200 million $TRUMP available on day one and will grow to a total of 1 billion $TRUMP over three years.” It also states that “Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”

Forbes reported that “the remaining 80% of tokens that have yet to be publicly released are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to state filings, and both companies will receive an undisclosed amount of revenue derived from trading activity.”

The president-elect’s son Eric Trump, who helps run Trump Organization, told the Times that “this is just the beginning.”

“I am extremely proud of what we continue to accomplish in crypto,” he said in a statement. “$TRUMP is currently the hottest digital meme on Earth.”

In an article simply headlined, “Donald Trump, crypto billionaire,” Axios noted that by Sunday morning, “Trump’s crypto holdings were worth as much as $58 billion on paper, enough—with his other assets—to make him one of the world’s 25 richest people.”

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Responding to Axios‘ report, Wa’el Alzayat, who served as a Middle East policy expert at the U.S. Department of State for a decade, said that “when I was in government I couldn’t accept a lunch over $20. Now anyone can give our next president millions.”

Predicting that “this is going to end VERY badly for everyone except Donald Trump and his cronies,” journalist Jeff St. John said that “it is a scandal and an outrage.”

The meme coin announcement came as “the elite of the crypto world” gathered in Washington, D.C. for the first-ever Crypto Ball.

The president-elect did not attend the event, but House Speaker Mike Johnson (R-La.) and the nominees for commerce and treasury secretary, Howard Lutnick and Scott Bessent, were there. Reporting on the gala, Reuters pointed out that the Trump “courted crypto campaign cash with promises to be a ‘crypto president,’ and is expected next week to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.”

Trump is no stranger to ethics scandals. As Mother Jones detailed:

The meme coin is just the latest in a bizarre line of grifty, super-weird takes on “merch.” Last February, Trump showed off gold “Never Surrender High-Tops” for $399 at Sneaker Con, which had Fox News applauding his appeal to Black voters. In March, he began endorsing the $59.99 “God Bless the USA Bible,” which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood’s “God Bless the USA.” (Trump’s inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his “baseball card” NFTs.

S.V. Dáte, a senior White House correspondent at HuffPosthighlighted Sunday that during the Republican’s first term, “Trump’s D.C. hotel was a convenient way for foreign and domestic lobbyists to put cash directly into his pocket.”

“This crypto thing is next level. Anyone on the planet can put money directly into his pocket. Huge,” Dáte added. “The efficiency here is a thing of beauty. With a hotel, you have all the costs of owning the property as well as paying cleaning staff, front desk staff, and so on. This selling of fake money is almost pure profit.”

The Trump Organization sold the D.C. hotel in 2022, but The Wall Street Journal reported earlier this month that his “real estate company is in talks to reclaim” the property.

Original article by Jessica Corbett republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Continue ReadingCrypto Billionaire Trump Already ‘Cashing In On the Presidency’ With Meme Coin

Over 80 US cities to hold protests on Trump’s inauguration day

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Original article by peoples dispatch republished under a Creative Commons Attribution-ShareAlike 4.0 (CC BY-SA) license.

Activists in Houston, Texas designing signs for Inauguration Day protests. Photo: Vivek Venkatraman

Demonstrators mobilizing in over 40 US states to launch movement pledging to oppose “ultra-right, billionaire agenda”

Demonstrations have been called in more than 80 US cities, in over 40 states, on the day of incoming President Donald Trump’s inauguration. These cities include Washington DC, New York, Boston, Los Angeles, Portland, Seattle, Atlanta, Charlotte, Montgomery, Chicago, Houston, and New Orleans. 

These demonstrations, intended to mark the start of a movement against Trump’s “ultra-right, billionaire agenda”, have been endorsed by a variety of working class and grassroots organizations. These include the Party for Socialism and Liberation, United Auto Workers Local 4811, the Palestinian Youth Movement, United Educators of San Francisco, Black Men Build, the Democratic Socialists of America, the People’s Forum, the Palestinian Youth Movement, the ANSWER Coalition, the US Palestinian Community Network, UNITE HERE Local 2, Artists Against Apartheid, CODEPINK, the Los Angeles Tenants Union, and Dream Defenders.

Conveners of the demonstrations have spoken to the variety of Trump’s promised attacks on working people. “Trump is planning to wage war on immigrant families through a brutal mass deportation campaign,” said Claudia De La Cruz, who ran on a socialist platform in her campaign for president against both Harris and Trump, on the ticket of the Party for Socialism and Liberation. “We will stand up and say NO to these attacks. Trump is a billionaire, was elected with the help of other billionaires, and runs the government on behalf of the billionaire class. All working people, no matter where you were born, should stand together in solidarity against the billionaire class that wants to rob and exploit us all.”

Brian Becker, the national director of the ANSWER Coalition, does not believe Trump’s promises to “put American Workers first.” According to Becker, Trump “ran a con game during the election.”

“His real agenda is to destroy worker’s rights, deport millions of immigrant families,” Becker said. Trump plans to “pave the way for a complete corporate takeover by ending regulations to protect the environment, firing thousands of public sector workers, and transferring ever-larger parts of the national treasury to the military industrial complex.”

Manolo De Los Santos, Executive Director of The People’s Forum, said, “The Trump victory in the 2024 election represents the complete failure of the Democratic Party to stop the rise of the ultra-right.” 

“We can defeat the Trump program not by following the Democratic Party establishment, but by building a massive movement against the ruling class and the political system that gives everything to billionaires while impoverishing an ever larger section of the population.”

Original article by peoples dispatch republished under a Creative Commons Attribution-ShareAlike 4.0 (CC BY-SA) license.

Continue ReadingOver 80 US cities to hold protests on Trump’s inauguration day

Majority describe the UK Labour government as sleazy

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Majority describe UK's Labour government as sleazy. Source: YouGov.
Majority describe UK’s Labour government as sleazy. Source: YouGov.
Keir Starmer justifies why he has to travel abroad so much
Keir Starmer justifies why he has to travel abroad so much
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Keir Starmer explains that he feels no shame or guilt benefiting personally from gifts from the rich and powerful while insisting on policies of severe austerity.
Keir Starmer explains that he feels no shame or guilt benefiting personally from gifts from the rich and powerful while insisting on policies of severe austerity.
Deputy Labour Party Leader Angela Rayner calls for police to kill and harass innocent people.
Deputy Labour Party Leader Angela Rayner calls for police to kill and harass innocent people.
Continue ReadingMajority describe the UK Labour government as sleazy

Elon Musk and the phoney far-right narrative of ‘protecting’ women

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Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.

Elizabeth Pearson, Royal Holloway University of London

Across the 2000s, a series of child sex exploitation cases affected British towns, including Telford, Rochdale, Oxford and Rotherham, scarring the lives of hundreds of children. In 2011, Times journalist Andrew Norfolk reported that networks – so-called “grooming gangs” – of largely British Asian men of Pakistani heritage had trafficked and raped hundreds of mainly girls and young women.

These are facts that are widely known in the UK and have been the subject of multiple investigations. The 2014 Jay report found that authorities had been slow to act, sometimes for fear of being accused of racism.

Police had in some cases blamed victims, criminalising children as prostitutes. Alexis Jay, who also led the 2022 independent inquiry into child sexual abuse, has noted the “appalling and lifelong effects” of abuse on victims.

Elon Musk – the billionaire owner of social media platform X and incoming lead on US government efficiency – has, it seems, just found out about this devastating national scandal.

In a series of posts on X, Musk politicised these crimes to denounce Prime Minister Keir Starmer as “evil”, and to call for a new general election in the UK. He also reposted the anti-Islam activist Tommy Robinson, calling for his release from prison where he is serving 18 months for contempt of court.

Musk portrayed Robinson as campaigning to expose the “truth” about grooming, as though the story had not been subject to widespread investigation, media coverage and public debate.

Of course, women’s rights within our criminal justice and political systems desperately need to be improved. But, Musk is no cheerleader for women and there is no evidence that he is “genuinely incensed” by child sexual exploitation.

Musk has not shown an interest in women’s rights or sexual abuse before. If he had, he might not have accepted a job in the administration of Donald Trump, a man found liable for sexual abuse.

Musk’s newfound interest evidently isn’t in all sex offences – apparently just those perpetrated by “Muslim men” against white women. He has not shown any obvious interest in cases where Muslim women were also abused, nor does he have much if anything to say about abuse perpetrated by white men.

He appears to support women’s protections when they are politically useful to him in fanning division – a common far-right tactic.

Musk has supported far-right actors, reinstating Tommy Robinson to X in November 2023, just in time for him to organise a mass rally at the Cenotaph in London, stoking division and, as I noted at the time, threatening democracy. He has also recently written in support of Germany’s anti-Islam party the Alternative für Deutschland (AfD), and hosted its leader Alice Weidel in live discussion on X.

By publicising the UK’s “grooming gangs” scandal, Musk has aligned himself with a gendered narrative: it is men’s duty to protect women – even when it means breaking rules or using force. This gender binary – strong men must be ready to use force to protect weak women, especially from hostile alien men – is the core narrative of patriarchal, nationalist, ultra nationalist and also Nazi groups.

It is highly racialised – only vulnerable white women matter – and it relates to class, in that it regards white, liberal women as betraying working-class girls. Musk has singled out Labour safeguarding minister Jess Phillips as a “rape genocide apologist” and “wicked witch”, thereby putting her at risk.

Exploiting women victims, protecting patriarchy

The recent attack on Phillips reveals Musk’s call to protect women for what it really is: a means to protect powerful men. Feminist women are understood as fair targets, because they challenge a gender order in which men have natural dominance.

Patriarchy protects (some) men by positioning men’s role as leaders and fighters, protectors and providers, for nation and family, wives and children. This is protection without care, which is gendered as feminine, and weak. It is protection as a means of control.

Musk is not in a position of moral authority regarding either protection or care. Before his takeover, social media platform Twitter appeared to care for workers, prioritising health and wellbeing.

The ethos of X is the opposite: Musk has gutted staff numbers, and transformed workplace practices aimed at safeguarding both employees and users. He now promises to do the same across the US government as head of efficiency in the Trump administration.

Social media has always been a space in which women are at risk of both personal and structural misogyny; these harms are amplified through Musk’s approach to X. Musk has sought to amplify the voices of influencers who decry women’s rights.

Musk has reposted Andrew Tate, who police in the UK have linked to an epidemic of misogyny and violence against women, and who has faced charges of rape and sex trafficking. He has allowed white supremacist Nick Fuentes to use X to promote the phrase “your body, my choice”. There is no real protection here, no care – only white men’s control of women.

Race to the bottom

Where Musk leads, others follow. Meta chief Mark Zuckerberg has recently ceded fact-checking to the “community”, and noted the need for a more “masculine” and “aggressive” corporate culture. Zuckerberg also ended the company’s diversity equity and inclusion policy, which minorities rely upon for some degree of workplace protection.

As Silicon Valley is dominated by men, Zuckerberg’s remarks are essentially a call to those men to push back on liberal culture. His comments drew praise from Tate.

In an age of strong-man politics, where young men are choosing role models from a marketplace of competing masculinities, hypermasculinity wins. Young men aged 18-29 voted overwhelmingly for Trump in the US elections, supported by men’s rights activists in the online “manosphere”. Musk knows this.

Musk has money and social media power, but he is a “tech bro” – a “nerd”. Exploiting the horror of British child sexual exploitation scandals has enabled him to attempt to assert himself as a protector of women – a hero of the forgotten.

He has amplified a far-right political position, and the voices of far-right actors he believes embody this, like Robinson. But Musk has no moral authority to speak on the protection of women, or on care more generally.

Those British politicians cynically lauding Musk’s apparently protective stance on women to attack the government – and the UK’s parliamentary democracy – should recognise this is nothing but hypocrisy. And, from that perspective, Musk has no authority to dictate the political agenda on girls’ and women’s rights in Britain, or anywhere else.

Elizabeth Pearson, Programme Lead MSc Terrorism and Counter-Terrorism Studies, Royal Holloway University of London

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Continue ReadingElon Musk and the phoney far-right narrative of ‘protecting’ women