UPDATE ON DESPOTS

[humble3d]

UPDATE CRYPTO & BITCOIN BUYERS  BEWARE...POSSIBLE FRAUD LURKS ??

BITCOINS OF ALL TYPES ARE NONFUNGIBLE ...

WHAT IS NONFUNGIBLE ?? ... IT RHYMES WITH GULLIBLE...

gullible adjective gull·ible ˈgə-lə-bəl variants or less commonly gullable
Synonyms of gullible : easily duped or cheated...

A non-fungible token (NFT) is a unique digital identifier recorded on a blockchain that certifies ownership and authenticity of a specific digital or physical asset, such as art or music. Unlike cryptocurrencies, NFTs are not interchangeable because each one has distinct properties and value.

THESE SO CALLED "COINS" ARE OUTLAWED IN CHINA; CHINA IS SMART AS THEY CAN SPOT THE CON...

https://www.bbc.com/news/technology-58678907

"COINS" NEXT TO WORTHLESS IN REALITY ?? ... READ ON FOR MORE... MAKES A PONZI SCHEME LOOK LAME ??

A Ponzi scheme is a type of investment fraud where returns to earlier investors are paid using the capital from new investors, rather than from profit earned by the operation of a legitimate business. This scheme relies on a continuous influx of new investors to keep it going, and it ultimately collapses when it becomes difficult to recruit new participants.

(Bloomberg) -- President Donald Trump and his family have taken a interest in just about every corner of the crypto industry.

https://www.bloomberg.com/news/articles/2025-04-12/how-the-trump-family-invests-in-crypto-from-world-liberty-to-memecoins-to-nfts

There are nonfungible tokens and digital collectibles; a decentralized finance project; a proposed stablecoin; an effort at Bitcoin mining; and a pair of memecoins, one for the president and one for First Lady Melania Trump. 

‘Roadmap for corruption’: Trump dive into cryptocurrency raises ethics alarm

The president’s hawking of $Trump memecoin has sparked a firestorm of criticism over potential influence buying
https://www.theguardian.com/us-news/2025/may/25/trump-crypto-corruption-ethics

CONSUMER PROTECTION IS GONE AGAIN ?? 

 Senate Dems Hand Trump a Win by Backing Stablecoin Bill

Democrats helped the GENIUS Act evade filibuster risk, paving the way for crypto legislation that stands to enrich Trump. 

https://theintercept.com/2025/05/20/crypto-stablecoin-genius-bill-trump/

Instead of tackling crashing markets, Congress is pushing a crypto sector that the Trump family is financially involved in. 

https://theintercept.com/2025/04/21/congress-crypto-stablecoin-trump/

‘Roadmap for corruption’: Trump dive into cryptocurrency raises ethics alarm

The president’s hawking of $Trump memecoin has sparked a firestorm of criticism over potential influence buying
Peter Stone in Washington Sun 25 May 2025 07.00 EDT

Donald Trump’s push to sharply ease oversight of the cryptocurrency industry, while he and his sons have fast expanded crypto ventures that have reaped billions of dollars from investors including foreign ones, is raising alarm about ethical and legal issues.

Watchdog groups, congressional Democrats and some Republicans have levelled a firestorm of criticism at Trump for hawking his own memecoin $Trump, a novelty crypto token with no inherent value, by personally hosting a 22 May dinner at his Virginia golf club for the 220 largest buyers of $Trump and a private “reception” for the 25 biggest buyers.

To attend the two events, the $Trump buyers spent about $148m, which will benefit Trump and partners, according to the crypto firm Inca Digital.

Trump to host dinner for top holders of his crypto token – although many lost money with it

Further, the Trump family crypto venture World Liberty Financial that launched last fall, which his two oldest sons have promoted hard, was tapped this month to play a key part in a $2bn investment deal by an Abu Dhabi financial fund in the crypto exchange Binance which in 2023 pleaded guilty to US money laundering and other violations.

The new WLF deal was announced at an Abu Dhabi crypto conference that drew Eric Trump two weeks before Trump’s mid-May visit to the United Arab Emirates capital, sparking other concerns of improper foreign influence and ethics issues.

Trump’s ardent pursuit of crypto fortunes was highlighted in a report last month from the watchdog group State Democracy Defenders Fund that estimated his crypto ventures as of mid-March to be worth about $2.9bn. That is a striking sum since Trump’s crypto ventures are less than a year old.

Senate Democrats led by Jeff Merkley of Oregon and the minority leader, Chuck Schumer of New York, introduced a bill this month that has garnered sizable Democratic backing to block Trump from using his office to benefit his crypto businesses.
three men speaking

Watchdogs say Trump is exploiting his office for personal gain in unprecedented and dangerous ways.

“There is the appearance if not the reality of corruption in the upcoming dinner with Trump on the 22nd at his Virginia golf club for the 220 biggest Trump meme coin buyers and the private reception he’s promised for the top 25 buyers, plus the separate $2bn deal between World Liberty Financial and the Abu Dhabi investment vehicle,” said Richard Painter, a former White House ethics adviser to President George W Bush who co authored the Democracy Defenders Fund report.

    This is unprecedented. I don’t think there’s been anything like this in American history

“Trump is marketing access to himself as a way to profit his memecoin,” said the Columbia Law professor Richard Briffault, an expert on government ethics. Briffault added: “People are paying to meet Trump and he’s the regulator in chief. It’s doubly corrupt. This is unprecedented. I don’t think there’s been anything like this in American history.”

Such concerns were fueled when Trump quickly chose crypto industry allies to run the Securities and Exchange Commission and as his “czar” for crypto and AI. Among other moves, the SEC has dropped or put on hold investigations and prosecutions of over a dozen crypto firms.

Fears of possible corruption have also focused on Chinese born Justin Sun, the biggest investor in Trump’s crypto ventures. Sun bought about $20m of $Trump to become its top purchaser before the dinner on the 22nd which he attended. Sun previously invested at least $75m in World Liberty Financial to become its lead investor and an adviser.

Sun may also be benefiting from the SEC’s laxer oversight. Sun was sued by the SEC in 2023 for fraudulent market manipulation and other allegations of misconduct involving three other crypto enterprises of his, including the Tron Foundation.

As the SEC eased its crypto oversight, the agency earlier this year paused its case against Sun, sparking concerns that Trump’s financial ties to Sun might have influenced the agency’s decision, a matter that Senator Elizabeth Warren of Massachusetts and the Democratic congresswoman Maxine Waters of California raised in a letter to the SEC last month.

The SEC has reportedly been holding talks with Sun about settling the charges, and the agency’s chairman told a congressional hearing on 20 May that he knew nothing about Sun’s case.

Other warnings about Trump’s crypto dealings have also been fueled by recent scandals that have plagued crypto businesses, many of which are known for their opaque operations and some illicit dealings including ones tied to North Korean hackers that helped fund the country’s nuclear and military programs.

Crypto critics were dismayed at a justice department memo in April announcing the closure of a national cryptocurrency enforcement team that was established in 2022, which had brought some major crypto cases against North Korean hackers and other crypto criminals.

The memo stressed the justice department was not a “digital assets regulator” and in a political twist lambasted the Biden administration for its “reckless strategy of regulation by prosecution”. The memo noted that a January pro-crypto Trump executive order spurred its decision.

For their part, Trump, his family and White House press statements have dismissed concerns about conflicts of interest or ethical improprieties with Trump promoting his crypto business while in office.

The press secretary, Karoline Leavitt, told reporters before the dinner that Trump was attending it in his “personal time” and it was not a White House event, but declined to release names of the attenders.

The Trump Organization in January said that the president’s business interests including his assets and investments, would be placed in a trust that his children would manage and that Trump would not get involved in decision-making or daily operations. Trump’s family also tapped a lawyer to serve as an ethics adviser.

Those pledges have been overshadowed by Trump’s enthusiasm for his digital currencies. In a harbinger of Trump’s two crypto events on the 22nd, in March he hosted the first-ever White House “crypto summit”, for a couple of dozen industry leaders where he pledged to end the Biden administration’s “war on crypto”.

“Trump’s crypto schemes are profoundly corrupt,” Merkley told the Guardian “He’s selling access to his administration and enriching himself in the process.”

In response, Merkley and Schumer introduced the End Crypto Corruption Act, which 20 other Democrats have endorsed.

Merkley stressed that the bill would “not only crack down on this corruption but also prevent other officials – like members of Congress and Trump’s billionaire sidekick Elon Musk – from betraying public trust”.

Merkley’s warnings have been echoed by several watchdogs.

“Trump’s dealings in crypto appear to present the greatest conflicts of interest and avenues for corruption any president has ever embraced,” said Larry Noble, a former general counsel at the Federal Election Commission who now teaches law at American University.

Noble’s alarms are underscored by the large number of foreign buyers who appear to have scooped up Trump’s memecoin to win coveted spots at his dinner.

While the identities of most $Trump purchasers are unknown, several reports from crypto analysts who track the industry suggest that a large number of foreign buyers have ponied up tens of millions of dollars to buy $Trump coins and attend the dinner.

One analysis by Bloomberg has indicated that 19 of the top 25 crypto wallets are almost definitely owned by individuals who operate outside the US.

Sun, who bought $4.5m of his almost $20m in $Trump coins after Trump announced the events on the 22nd, showed his appreciation by posting on X on 19 May: “Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!”

Besides Sun, the second biggest buyer is reportedly MemeCore, a Singapore-based crypto network that was vocal about its interest in attending the Trump dinner and invested $18m.

Trump’s avid embrace of crypto became palpable last summer at a bitcoin conference where he pledged to make the US the “crypto capital of the world”, a marked shift from 2021 when he dismissed bitcoin as a “scam”. The change helped his campaign pull in millions of dollars in crypto industry donations.

Last fall, Trump and his two older sons, Eric and Don Jr, announced on the multibillionaire Elon Musk’s X that they were launching World Liberty Financial.

Trump on X boasted opaquely that “crypto is one of those things we have to do. Whether we like it or not, I have to do it.” A white paper for the new business dubbed Trump “its chief crypto advocate”, and his sons have promoted it aggressively and helped to lure new investments.

Reuters reported in late March, that World Liberty Financial had raised over $500m in recent months. Trump’s family now controls the bulk of its business and Reuters revealed that it is entitled to about $400m in fees and 75% of revenues from WLF’s token sales.

The recent $2bn investment deal that WLF will be part of with the Abu Dhabi fund and Binance is the latest big financial coup for Trump and his sons, but one that’s raised some red flags given legal problems that have previously beset Binance.

The Abu Dhabi fund MGX , which has backing from the UAE government, according to reports is slated to use a stablecoin product that WLF is now marketing to help complete its $2bn investment deal in Binance. A stablecoin is a cryptocurrency pegged to a traditional currency, or a more stable asset such as the dollar.

The WLF stablecoin, dubbed USD1, will be used by MGX to invest in Binance, the world’s largest cryptocurrency exchange that operates in dozens of countries; on 22 May Binance also announced that it would list WLF’s USD1 for trading.

Previous legal problems for Binance may attract new attention, say critics including congressional Democrats. Binance’s ex-CEO and founder, Changpeng Zhao, in late 2023 pleaded guilty in the US to violating the Bank Secrecy Act and failing to maintain an effective anti-money-laundering program at Binance, which also copped a guilty plea to criminal charges and paid over $4bn in fines.

Zhao, who served a four-month prison term last year and still owns 90% of the firm, revealed on a podcast on 5 May that he was seeking a pardon from the Trump administration, which several senators raised questions about in a 15 May letter to top justice department officials.

Before WLF’s role with the Abu Dhabi fund’s investment in Binance and to grow its crypto empire, WLF unveiled its first stablecoin in March, as a stablecoin Senate bill – dubbed “the Genius Act”, which critics say eases regulatory controls too much – moved closer to passing.

Watchdog groups and some Democrats including Warren have warned that the Senate bill’s regulations are too lax to prevent fraudulent uses, as new studies have noted that these coins and other digital assets are increasingly being used for money laundering by Chinese exporters and producers of fentanyl and other synthetic drugs.

    Trump has taken corruption and self-dealing to a new level, SAYS Former Republican congressman Dave Trott

Republicans in Congress have been largely silent about Trump and his family capitalizing on their crypto ventures to enrich themselves. But the Wyoming Republican senator Cynthia Lummis, a lead sponsor of the Genius Act, which on 19 May notched a key vote towards Senate passage and would also benefit WLF’s stablecoin, has said the upcoming $Trump events have given her “pause”.

Some former Republican members are livid about Trump’s crypto dealings.

“Trump has taken corruption and self-dealing to a new level,” said the ex-Republican congressman Dave Trott of Michigan. “He seems singularly motivated to deregulate the crypto industry for the financial benefit of himself and his family, and few Republicans are calling him out.”

Trott said he was weighing a run for Congress in 2026 as an independent or a Democrat. “I wish I was still in Congress so I could vote to impeach the guy,” he added, referring to Trump.

Further, leading House Democrats say Trump’s presidency is benefiting his burgeoning crypto business in dangerous ways.

“Trump’s personal and family net worth has gone up by billions of dollars this year due to crypto ventures,” said the Democratic representative Jamie Raskin from Maryland. Raskin warned that Trump’s crypto ventures offered the “perfect opportunity for foreign government, corporate and individual funds to be funneled into Donald Trump’s bank account and his family’s finances”.

Likewise, Noble foresees national security and other dangers with Trump and his family’s fast-growing crypto businesses.

“World Liberty Financial and $Trump appear to allow foreign governments, corporate interests and wealthy private donors who want something from Trump to secretly add to his wealth. This is a roadmap for corruption. What they want in return for their investments may present real dangers to our economy and national security.”

https://www.theguardian.com/us-news/2025/may/25/trump-crypto-corruption-ethics
  
5 Types of Crypto Crimes and How to Investigate Them:

Investigating 5 Kinds of Crypto Crime

Technology has made almost every aspect of our lives – and the lives of criminals – easier. The blockchain has fostered an ecosystem in which illicit actors can easily operate anonymously and internationally, stalling financial investigations and setting the stage for increased crypto crime. In our previous blog we outlined how criminal actors exploit the blockchain to launder money gained from both off-chain and on-chain crimes. Now, let’s dive into 5 types of crimes driving an illicit blockchain economy that totaled over $24.2 billion in transaction value in 2023.  

https://www.cognyte.com/blog/cryptocurrency-crime/

THE US SECURITIES AND EXCHANGE COMMISSION (SEC) ANNOUNCED TUESDAY 6/17/2025,
THAT THEY WILL NOT REGULATE OR WATCHDOG BROKERS AND OTHERS SELLING CRYPTO
OR OTHER QUESTIONABLE FINANCIAL PRODUCTS...

https://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-crypto-asset-security-status-053125

https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/crypto-scams

https://www.sec.gov/newsroom/speeches-statements/joint-staff-statement-broker-dealer-custody-digital-asset-securities

THE GOLDEN AGE FOR GANGSTERS ??   SEE THE US TREASURY WEBSITE ... THIS IS A MUST READ ...

https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf

TIRED OF READING ??   READ ONLY ONE BOOK AT TREASURY...

https://home.treasury.gov/system/files/136/Digital-Asset-Action-Plan.pdf

SEE ALSO:
https://www.nytimes.com/2025/05/01/us/politics/trump-cryptocurrency-usd1-dubai-conference-announcement.html

https://www.axios.com/2025/04/10/trump-stablecoin-crypto-legislation

CONSUMER PROTECTION IS GONE AGAIN ?? 

Nearly 90% of Consumer Financial Protection Bureau cut with Trump's government agenda...

https://www.msn.com/en-us/money/financial-regulation/what-dramatic-cuts-at-the-consumer-financial-protection-bureau-could-mean-for-consumers/ar-AA1DQ6UH

https://www.nbcsandiego.com/news/business/money-report/what-dramatic-cuts-at-the-consumer-financial-protection-bureau-could-mean-for-consumers/3813897/

CFPB Warns Consumers About Bitcoin BUT TRUMP HAS GUTTED THE AGENCY THAT PROTECTS INVESTORS...
We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. 

https://www.consumerfinance.gov/about-us/the-bureau/

HOWEVER, PRESIDENT TRUMP HAS GUTTED Nearly 90% of Consumer Financial Protection Bureau WHICH INVESTIGATES FRAUDS LIKE CROOKED "COIN" DEALERS ... HOW CONVENIENT FOR TRUMP, ET ALIA

https://www.usa.gov/agencies/consumer-financial-protection-bureau

Donald Trump's administration has significantly deregulated the cryptocurrency industry, which has raised concerns about conflicts of interest and potential risks to investors. Critics argue that these actions could lead to increased fraud and money laundering within the crypto market.

https://www.forbes.com/sites/digital-assets/2025/04/16/trumps-crypto-revolution-promises-kept-and-controversies-ignited/

The Racketeer Influenced and Corrupt Organizations (RICO) Act is a United States federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.

RICO was enacted by Title IX of the Organized Crime Control Act of 1970 (Pub. L. 91–452, 84 Stat. 922, enacted October 15, 1970), and is codified at 18 U.S.C. ch. 96 as 18 U.S.C. §§ 1961–1968. 

THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT ( 18 USCS 1961-1968 ) 
IS TO BE READ BROADLY NOT ONLY BECAUSE OF CONGRESSIONAL EXPANSIVE LANGUAGE 
AND OVER-ALL APPROACH, BUT ALSO BECAUSE OF ITS EXPRESS ADMONITION THAT THE ACT 
IS TO BE LIBERALLY CONSTRUED TO EFFECTUATE ITS REMEDIAL PURPOSES...

The Racketeer Influenced and Corrupt Organizations (RICO) Act is a United States federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.

RICO was enacted by Title IX of the Organized Crime Control Act of 1970 (Pub. L. 91–452, 84 Stat. 922, enacted October 15, 1970), and is codified at 18 U.S.C. ch. 96 as 18 U.S.C. §§ 1961–1968. 
-
Sedima, S.P.R.L. v. Imrex Co., Inc., 473 U.S. 479 (1985) 
SEDIMA, S.F.R.L. V IMEX CO, 87 L ED 346, ( https://supreme.justia.com/cases/federal/us/473/479/) ...
THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT ( 18 USCS 1961-1968 ) IS TO BE READ BROADLY 
NOT ONLY BECAUSE OF CONGRESSIONAL EXPANSIVE LANGUAGE AND OVER-ALL APPROACH, BUT ALSO BECAUSE OF ITS 
EXPRESS ADMONITION THAT THE ACT IS TO BE LIBERALLY CONSTRUED TO EFFECTUATE ITS REMEDIAL PURPOSES...

CONGRESSIONAL: Congress' self-consciously expansive language and overall approach, see United States v. Turkette, 452 U. S. 576, 452 U. S. 586-587 (1981), but also of its express admonition that RICO is to "be liberally CONSTRUED to effectuate its remedial purposes...

In order to maintain an action for fraud, it is sufficient to show that the defendant was guilty of deceit with a design to deprive the plaintiff of some profit or advantage, and to acquire it for himself, whenever loss or damage has resulted from the deceit... Butler v. Watkins | 80 U.S. 456 (1871) - Justia Supreme Court Center

If a motive exist prompting to it particular line of conduct, and it be shown that in pursuing that line, a defendant has deceived and defrauded one person, it may be inferred that similar conduct towards another, at about the same time and in relation to a like subject, was actuated by the same spirit.
Butler v. Watkins | 80 U.S. 456 (1871) - Justia Supreme Court Center

CRIMINAL RICO:
18 U.S.C. §§1961-1968
A Manual For
Federal Prosecutors, ET ALIA...

In order to prove a pattern of racketeering activity, a plaintiff or prosecutor must show at least two racketeering predicates that are related and that amount to, or threaten the likelihood of, continued criminal activity. Proof of neither relationship nor continuity requires a showing that the racketeering predicates were committed in furtherance of multiple criminal schemes. 

https://www.justice.gov/criminal/criminal-fraud/file/1391311/dl?inline

AT THE HEART OF THE FIRST AMENDMENT IS THE NOTION THAT AN INDIVIDUAL
SHOULD BE FREE TO BELIEVE AS HE WILL, AND THAT IS A FREE SOCIETY, ONE'S
BELIEFS SHOULD BE SHAPED BY HIS MIND AND CONSCIENCE RATHER THAN COERCED
BY THE STATE; FREEDOM OF BELIEF IS NO INCIDENTAL OR SECONDARY ASPECT
OF THE FIRST AMENDMENT'S PROTECTIONS...
ABOOD V DETROIT BD OF EDUCATION, 52 L ED 261...431 U.S. 209 (1977)...

FREEDOM OF SPEECH, INTER ALIA...

https://law.justia.com/constitution/us/amendment-01/04-freedom-of-expression-speech-and-press.html

ALL I CAN DO IS WARN YOU... THE DECISION RESTS WITH YOU...

THANK YOU FOR YOUR TIME AND CONSIDERATION.
RESPECTFULLY YOURS,
humble3d