Press Releases
BREAKING: Trump Prioritizes His Crypto Business Over Lowering Costs for the American People
Trump’s Stablecoin and ETF Announcements This Week Show The Truth: His Presidency is to Benefit Himself, Not the American People
Following his White House’s push for more lax stablecoin legislation, Trump this week launched another venture into digital payments with a new stablecoin. But he didn’t stop there: Trump also announced yet another foray into crypto, with an agreement with Crypto.com to launch a series of exchange-traded funds.
Who do these announcements benefit? Trump. Do these actions lower your costs? No.
As CNBC reported on the Crypto.com agreement,
“The announcement also further blurs the line between the president’s business ventures and his policy agenda.”
This week’s announcements of new Trump business ventures while his administration is in disarray are no isolated incidents. Damning details from the Hill earlier this year revealed that the Trump administration’s attacks on the Consumer Financial Protection Bureau (CFPB) opens the door for Trump and his allies to enrich themselves at the expense of millions of dollars in junk fees that would have been paid back to Americans:
“Under Biden-era Director Rohit Chopra, the CFPB finalized a rule in November that brought nonbanks offering digital payment apps under its supervision, giving the agency greater authority to oversee companies like Apple, Google, PayPal and Venmo… It also opened up comments on a proposed rule in early January about implementing the Electronic Fund Transfer Act, which aims to protect consumers against errors and fraud from digital payment mechanisms. The rule sought to apply the law to cryptocurrencies and stablecoins…”
“Trump’s social media company, Trump Media & Technology Group, could [also] benefit from fewer regulations after it has moved toward entering the payment space.
“The watchdog group, Accountable.US, argued in a report obtained by The Hill that the CFPB’s January rule on the Electronic Fund Transfer Act would have impacted Trump Media’s Truth.Fi and that both Trump and Musk can dodge scrutiny of their payments systems with a CFPB takeover.”
Trump’s business ventures continue to move in tandem with his governing priorities – a damning and glaring abuse of power all to enrich himself and his cronies while Americans are demanding help to lower costs and make their lives better. Trump has made it his mission to gut consumer protections that put money back into the Americans’ pockets, he’s endorsed a tax plan that would gut tens of millions’ healthcare, and to this day, has zero plans to lower costs for Americans.”
