Memecoins And Morons: Congress Tries To Regulate The Scam It’s Profiting From

Currency Of Corruption— Crypto Cartel Now Owns US Government

Tom Emmer (R-MN), as crooked as they come

On Tuesday, 13 prone-to-fold House Republicans— Marjorie Traitor Greene (GA), Anna Paulina Luna (FL), Andrew Clyde (GA), Victoria Spartz (IN), Eli Crain (AZ), Scott Perry (PA), Tim Burchett (TN), Chip Roy (TX), Andy Biggs (AZ), Michael Cloud (TX), Andy Harris (MD) and Keith Self (TX)— tanked the crypto bills Tom Emmer was trying to get through Congress for the crypto cartel that had financed his bid for House leadership. The procedural vote failed 196-223 and Trump invited them to the White House, told them a bunch of insider gossip about how he was going to fire Jerome Powell (which he walked back hours later) and got them to cave and agree to vote for the package on Wednesday. But… the committee members who drafted the two bills— Financial Services and Agriculture— didn’t like the deal to merge them and tweak them which was worked out by MAGA Mike, Scalise and Emmer for Señor TACO. And the Rules Committee has to weigh in on this as well. Late yesterday, the legislation was still stalled because of GOP infighting, this time Lauren Boebert (CO) joining with half a dozen of the original members to grind the process to a halt. “The situation,” reported The Hill, “quickly descended into disarray on Wednesday, as Trump’s deal failed to appease the entire hardline group, while seemingly alienating key leaders on the House Financial Services Committee.” They’ll work this out and it will pass. Some of these members just want to be bribed; that'll be no problem for the cartel. And sure, enough, late last night,they did pass the thing, 217-212, every whiny Republican bending the knee, except, oddly enough, Traitor Greene.

Democratic leadership refuses to whip against the bill and will allow Democrats already corrupted by the cartel to give the GOP enough votes to pass the legislation now that they got past their procedural kerfuffles. And there are plenty who have been, not just all-in crypto whores like Josh Gottheimer and Ritchie Torres either. New Dem Angie Craig, who’s running for the open Minnesota Senate seat and wants crypto financing against her better-known progressive rival, Peggy Flanagan, favors of the legislation, “arguing the bill wasn’t perfect but that some regulation reining in Trump was better than nothing… Craig led a big bipartisan markup of the CLARITY Act last month from her perch on the House Agriculture Committee.”

Greg Casar, chair of the Progressive Caucus, explained the Democratic position (to the Financial Services Committee) better than the corrupt Angie Craig: “Two pieces of legislation— the CLARITY Act and GENIUS Act— contain a wide swath of concerning provisions. Members of the Congressional Progressive Caucus recently voted to officially oppose both measures as currently drafted, which allow the President and his family to enrich themselves, engage in corruption, and sell access to the White House through cryptocurrency. I urge you to take steps within your committee to close these loopholes and advance meaningful legislation with strong safeguards to protect consumers, our economy, and our national security while stopping President Trump’s corruption. We must ensure that no one can exploit the position of President of the United States for personal financial gain.”

What does that mean? Well, for example, just yesterday Bloomberg reported that Trump reaped nearly $100 million from his $Trump memecoins being unlocked. Tim Maloney: “The so-called unlock [today] means early investors or insiders previously restricted from selling the coins are now free to trade them. About 200 million Trump memecoins became available at the Jan. 17 launch, so the unlock will increase the circulating supply by 45%. The total amount outstanding will reach 1 billion in less than three years, with 800 million originally locked and held by Trump-affiliated entities. Trump’s share of the coins will add $93 million to his $6.4 billion fortune, according to the Bloomberg Billionaires Index… The president also made about $150 million from sales and trading of the memecoin through mid-June.” How’s that for corruption?

Memecoins have no underlying value, rather they trade based on sentiment. Still, a jump in supply could sink their price. Crypto entrepreneur Justin Sun wrote last week on Twitter that he would buy $100 million worth, helping send the price up more than 10%. Earlier this month Sun’s Tron network added the memecoin to its supported tokens.

Trump hosted an event in May for the coin’s 220 largest holders at his Virginia golf club, where he reiterated his pledge to make the US the world’s crypto capital. Sun, as the memecoin’s top holder, also attended a VIP reception with Trump, and was given a Trump-branded Tourbillon-style watch.

Sun serves as an adviser to another Trump crypto business, World Liberty Financial. A 2023 Securities and Exchange Commission lawsuit charging Sun and his companies with securities fraud and market manipulation was put on hold in January.