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President on brink of bailout for bitcoin
Trump tries to breathe life back into the crypto markets’ “Trump pump” while federal regulatory agencies wash their hands of any crypto industry oversight
A case against Justin Sun and his Tron project, opened in March 2023 and alleging fraudulent market manipulation “through extensive wash trading ”, “orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation”, and unregistered securities offerings, has been stayed as parties “consider a potential resolution”. Now that the industry has obtained the friendliest possible regulatory environment in the US, they’ve lost their go-to excuse when someone asks why, 16 years in, crypto has yet to fulfill the many lofty promises of reinventing the financial system or “democratizing wealth” or creating a fairer internet or whatever else the entrepreneur in front of you might have latched upon. 34 In the interview, he also gave an approving nod to Elon Musk’s “chainsaw” approach to government cuts — something he would extrapolate upon in a 10-tweet long thread posted a few days later, where he apparently felt the need to make his return to Twitter in order to give his thought leader-style take on widespread firings of federal employees.
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