On my mind, 03062025: In 2023, the Securities and Exchange Commission charged Justin Sun, a citizen of China, Grenada, Malta, and Prime Minister of Liberland*, and his companies, Tron, BitTorrent, and Rainberry, with selling unregistered securities and fraudulently manipulating the price on the digital token Tronix in the US. By 2025, the case was close to trial.
Soon after the announcement of the World Liberty Financial Crypto project (WLFC), an enterprise created by the Trump family in September of 2024, of the release of the $Trump and $Melania meme coins, Sun bought $75 million worth of the coins, becoming among the largest owners of WFLC coins. This investment is significant as this Trump enterprise is entitled to 75% of its tokens revenues (in Sun’s purchase, that would be about $56 million), not counting processing and administrative fees attached to purchases that also go to WFLC. WFLC lists DJT as its “chief crypto advocate” and Barron as the “DeFi (decentralized finance) visionary.” As Anthony Scaramucci, former Trump Communications Director, tweeted, “Now anyone in the world can essentially deposit money into a bank account of the President of the USA with a couple of clicks. Every favor—geopolitical, corporate, or personal—is now on sale, right out in the open.”
Last week, the SEC and Sun’s attorneys requested a federal judge hold the Commission’s case against Sun and his companies while exploring alternative outcomes. After DJT announced that there would be no more regulatory prosecutions of the crypto industry, no one expects such cases to resume. This is just one of several examples of the SEC recently backing away from enforcing regulations openly and intentionally ignored by the crypto industry. When asked, the SEC offered no comment.
DJT keeps his promise to become a “pay to play” President. While yet a flea among the giants of the oligarchy in America, DJT is willing to use the benefits of his office to ascend into the intoxicating ether of these giants of selfish plunder. For the rest of us, welcome to the fascist oligarchy that was America.
*Liberland is a micronation between Serbia and Croatia. It claims independent nation status and primarily exists to serve as a haven for the international cryptocurrency industry.