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6 Things I Wouldn't Do If I Were President
From filling the Reflecting Pool with algae to creating a mess of the global economy by invading Iran, some of President Trump's choices have been questionable to say the least.
Jul 15, 2026
The first thing I swear I won’t do, if the American people were to elect me (at 82 years of age) president of these (dis)United States of ours is to put any more algae in the Lincoln Memorial Reflecting Pool in Washington, DC, or, for that matter, any more millions of (our tax) dollars into making it ever greener (as Donald Trump has already done with $16.4 million of them).
Oh, and talking about that presidential algae, there may be a second thing (not) to do if Donald Trump manages to take away birthright citizenship from Washington’s algae, or for that matter if he manages somehow to get congressional Republicans to do the same for children born of immigrants to this country (despite the Supreme Court and our Constitution). Of course, that document couldn’t be clearer on the subject, though obviously not clear enough for “our” president. (”All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.”)
As Trump put it recently, “Congress should start TODAY to work on ending expensive and unfair to our Country, Birthright Citizenship.” And it’s a good point, right? Who wants the kids of immigrants born here to become citizens? In fact, inspired by Trump, I should email my long dead immigrant grandfather, who came from what’s today Ukraine, in heaven (or, for all I know, hell) and tell him not to have my dad because Donald Trump would never have considered him a citizen of the United States and would have expelled him—and, had that happened, who knows where I might have been born (if I were born at all). Of course, the same could be said for Donald J. Trump, since his mother was indeed an immigrant and, had he had the chance, he might well have chucked her out of the country, too (though, since she was a white Scottish immigrant, given how he feels about white South African immigrants, maybe he would have welcomed her instead).
Oh, and sorry, but here’s a third thing that came to mind not to do (if I were president): It’s not just a matter of being born here, according to the United States Constitution. Plenty of American citizens of every imaginable sort are going to suffer miserably from the fact that “our” president and congressional Republicans have managed to cut an estimated $536 billion (or is it a full trillion dollars?) from Medicare over the next decade. Of course, what could possibly go wrong with that, since it’s estimated that less than 12 million Americans, a mere drop in the bucket, will lose their Medicaid coverage and a mere 5 million more their health insurance in the years to come?
And on that he’s been proven right, I guess. It’s not an endless war (not yet anyway), just an endless mess, imperiling the global economy, and what in the world could be the harm in that?
And let me add something else as the fourth thing I wouldn’t do (or in this case, wouldn’t have done): I wouldn’t have attacked Iran out of the blue and for no imaginable reason, ensuring that the Strait of Hormuz would be closed and the global economy sent into a fossil-fuelized free fall (even if that free fall has, at least, lent a hand to a future green economy). I mean, honestly, how dumb was that for the man who once swore that “under Trump, we will have no more wars, no more disruptions, and we will have prosperity and peace for all”? I’m talking about the fellow who not so long ago walked out of an interview with NBC’s Kristen Welker, when faced with such statements of his own, saying, “First of all, I didn’t guarantee no war.” (Yes, he did!) And then, when it came to his war on Iran, he added, “So when you say I promised—I didn’t promise anything. I don’t like these endless wars. This is not an endless war.”
And on that he’s been proven right, I guess. It’s not an endless war (not yet anyway), just an endless mess, imperiling the global economy, and what in the world could be the harm in that?
As for the fifth thing I wouldn’t do—that I wouldn’t, in fact, have been faintly capable of doing—as The New York Times recently reported, Donald J. Trump pulled in approximately $2.2 billion as president in 2025 from the Trump family’s cryptocurrency businesses, his real estate holdings, and who knows what else (more money, in short, than he had been making as a private citizen). As the Times noted, “One of his biggest hauls in 2025 came when an investment firm tied to the United Arab Emirates bought nearly half of the Trump family’s main crypto company, World Liberty Financial, a transaction that blurred the line between foreign policy and private enterprise.” Oh, and don’t forget those “hundreds of millions of dollars from sales of his $TRUMP memecoin and World Liberty’s sale of its own digital tokens.” Clearly, my problem is that I don’t own any cryptocurrency. In fact, I’m so old that, unlike Donald Trump, who just turned a youthful 80, I’m at a total disadvantage, since—and I just checked my pockets—I don’t seem to have a single bit of cryptocurrency around. Of course, since I basically don’t know what cryptocurrency is, I have no idea whether it could even be in my pocket. (Sigh.)
Oh, yes, and here’s one more thing, a final sixth thing I wouldn’t do as president: On a planet where Europe has been sweltering; the world’s ocean surface temperatures have hit record highs (and last year, as The Guardian reported, “the amount of heat being added to the oceans was equivalent to about... 11 Hiroshima explosions a second”); and Central Park in my own city of New York just officially hit 100°F as July began, I wouldn’t go out of my way to up the level of fossil-fuel use and take out after every windmill in sight.
But of course, that’s me and it’s true that I didn’t win the election of 2024 and become this country’s president a second time around. No such luck. So, of course, it matters not at all what I wouldn’t do on this distinctly imperiled planet of ours. Sigh...
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'Corruption, Plain and Simple': Trump Brags About Being Soft on Crypto Industry
"The Trump family has made over $5 BILLION in corrupt crypto deals," said Rep. Greg Casar. "Now Trump is openly bragging that his government won’t investigate cryptocurrency-related crimes."
Jul 06, 2026
President Donald Trump on Monday boasted about how lax his administration has been in pursuing investigations into the cryptocurrency industry.
Speaking at the White House, Trump attacked former President Joe Biden's administration for prosecuting cryptocurrency industry figures for a wide variety of crimes related to money laundering and fraud.
"They were very violently against [the crypto industry]," Trump said. "They were putting people in jail. What they were doing to the crypto world, it was horrible. It's amazing that it survived that onslaught, it was a weaponization of government."
Trump then explained how he drew support from the industry by coming out in favor of it during the 2024 presidential campaign, adding that "every time I see a crypto guy where they dropped an investigation, I said, 'You're lucky I'm president.'"
Trump: "Every time I see a crypto guy where they dropped an investigation, I said, 'You're lucky I'm president.'" pic.twitter.com/7Jgg0ffgq7
— Aaron Rupar (@atrupar) July 6, 2026
During his second term, Trump has not only taken a hands-off approach to the crypto industry, but also pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, who pleaded guilty to money-laundering charges in 2023.
This pardon drew allegations of corruption given that Binance has been a major financial booster of World Liberty Financial, the crypto venture backed by the Trump family that has added billions of dollars to their total wealth.
Even as Trump has personally raked in money from selling his own memecoin, many of his supporters who invested in it have lost significant sums of money.
A Sunday report in The New York Times revealed that nearly 1 million people who invested in the Trump memecoin have recorded losses totaling $3.8 billion since its launch in 2025.
As the Times noted, "Trump profited whether the price of his memecoin went up or down" because he "collected returns whenever anyone traded the tokens, as he repeatedly pushed his followers to do, using his Truth Social account to promote the coin."
Rep. Greg Casar (D-Texas), chair of the Congressional Progressive Caucus, ripped the president for openly boasting about going easy on the industry that he's personally profiting from.
"The Trump family has made over $5 BILLION in corrupt crypto deals," Casar wrote in a social media post. "Now Trump is openly bragging that his government won’t investigate cryptocurrency-related crimes. Corruption, plain and simple."
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Trump: Grifter in Chief
The administration has endeavored to negotiate every peace deal, trade agreement, investment arrangement, and mineral pact in such a way as to deliver Trump, his family, and their circle of close supporters a good chunk of change.
Jul 02, 2026
The Trump administration concluded a recent mineral deal with Kazakhstan that, not surprisingly, enriches not only President Donald Trump’s own family but that of his secretary of commerce, Howard Lutnick. Trump’s two eldest sons, part owners of Dominari Securities, are set to profit from the Kazakh tungsten deal. So is Cantor Fitzgerald, the investment firm run by Lutnick’s two sons.
As The New York Times pointed out in its investigation of the scheme, “Their sons were soon doing business with partners in a deal that their fathers were negotiating, continuing a pattern of self-enrichment in the second Trump administration that has few precedents in American history.”
The phrases “self-enrichment” and “few precedents” are interesting ways of characterizing this latest instance of the administration’s corruption. Isn’t self-enrichment a good thing, in the sense of profiting from your own hard work? By contrast, the article doesn’t mention the word “corruption” at all. Perhaps the Times is worried about getting hit by yet another Trump legal challenge (in October last year, Trump refiled a $15 billion defamation suit against the paper for its coverage of his 2024 presidential campaign).
There are indeed several precedents in American history for what Trump is doing. These previous corruption scandals—Credit Mobilier, Whiskey Ring, Teapot Dome—wrecked the reputations of presidents and cast long shadows over American politics. They also helped to produce the kind of safeguards that Trump is now destroying.
Foreign policy is a tool by which the administration levies a toll on any entity that has the temerity to be a country other than the United States.
As with much of Trump’s disrespect for norms, his corruption has been massive and largely in full view. The two outstanding questions are: Will Trump and company ever be held accountable for their graft and will this corruption have an enduring impact on political institutions in the United States?
Tracking the Damage
If scandalous behavior unfolds in full view of everyone, is it still a scandal? “Scandal” suggests something hidden, something whispered about, something revealed. Trump’s actions are full frontal. They are both brazen and matter-of-fact.
According to the Trump administration and its extended family, the money skimmed off the top of economic transactions is just smart politics. The administration has endeavored to negotiate every peace deal, trade agreement, investment arrangement, and mineral pact in such a way as to deliver Trump, his family, and their circle of close supporters a good chunk of change.
This is Trump’s interpretation of the American dream: Folks would be downright foolish not to profit from their position. All the great tycoons made their money, from railroads to AI, by being in the right place at the right time with the right amount of ruthlessness. In Trump’s case, however, he is using taxpayer money to cover the risk. And most the time, given the terms of the arrangement, there is hardly any risk because Trump is using his presidential power to game the system. That’s what he really means by the “art of the deal.” Trump only deals from a marked deck of cards.
The Center for American Progress runs Trump’s Take, which estimates that the president has received a little over $2.6 billion in cash and gifts since he took office in January 2025.
The graft is not secret, though sometimes the actual amounts involved are obscured by layers of complex finance. Trump’s recent mandatory financial disclosure offers some details. But thanks to a number of websites, it’s become quite easy to track in real time the growing amount of Trump’s slice of the pie.
The Center for American Progress runs Trump’s Take, which estimates that the president has received a little over $2.6 billion in cash and gifts since he took office in January 2025. Much of this money has come from various crypto schemes, including the Trump meme coin, but also such dubious ventures as the documentary about Melania Trump and a number of legal settlements (more colloquially known as shakedowns). Corruption Counter puts the value at $2.2 billion and includes such recent items as the $100 million savings for Trump from the recent effort to bar the Internal Revenue Service from auditing the president. (Courts blocked the overall $1.8 billion “settlement fund,” but the Justice Department is upholding the IRS amnesty.)
If you want to keep track just of the crypto deals, the Democrats on the House Oversight Committee maintain the Trump Family Digital Grift Wealth Tracker. Senator Chris Murphy (D-Conn.) keeps his own list, which highlights the insider trading around the Iran War and a defense contract with Dell after the president invested in the company. David Kirkpatrick, at The New Yorker, has been keeping a running total of Trump’s ballooning assets. In January, he updated his total to $4 billion, which details, among other things, the Gulf money flowing into Trump pockets. Meanwhile, at RepresentUS, you can find a timeline of shady deals, from the no-bid contract to a presidential supporter for the Reflecting Pool “upgrade” to an Air Force contract for drones awarded to a company backed by Trump’s eldest sons.
In May, Campaign Legal Center published a rundown of influence peddling—what Trump supporters get in return for their contributions—that includes Elon Musk’s DOGE appointment, Immigration and Customs Enforcement contracts for the Trump-supporting GEO Group, and the cessation of various lawsuits for Trump-friendly entities (Gemini, Robinhood, Coinbase). Citizens for Responsibility and Ethics in Washington has its own tracker that keeps up with the number of major events held at Trump’s properties and the number of Trump-branded foreign projects developed during his second term (with a new Trump Tower planned for Tbilisi, Georgia, it’s now up to 25).
Sometimes it seems as though Trump administration policy is just a front for making money, much as a shell company provides a legitimate façade for organized crime.
Getting His Percentage
One of the sticking points in the current war with Iran is the latter’s attempt to control shipping in and out of the Strait of Hormuz. Tehran wants to charge a toll on ships passing through the Strait. Given that the strait is an international waterway—and not a canal—Iran’s bid violates international law.
Trump has opposed Iran’s gambit not so much because it violates the Law of the Seas but because Iran has borrowed a page from the Trump playbook. How dare they try to trump Trump! Indeed, the president has threatened a toll of his own if the ceasefire doesn’t hold: a take of 20% of regional revenues if the United States becomes “the guardian of the Middle East” by using military force to protect shipping in the region.
Foreign policy is a tool by which the administration levies a toll on any entity that has the temerity to be a country other than the United States. The Kazakh deal on tungsten is but one of several ways that the administration has cashed in on critical minerals. The Trump sons have a financial interest in 14 companies working with the US government on mineral deals that involve nearly $9 billion in federal funding. This includes $620 million Pentagon loan, fast-tracked by the White House, to a North Carolina rare-earth magnet company in which Donald Trump Jr.’s venture capital firm has invested. Several Trump associates stand to gain from any future deal involving Greenland minerals.
Trump has used tariffs to extract various concessions. In some cases, countries have responded by appealing to Trump’s self-interest. Vietnam, for instance, approved a Trump golf course and received a tariff reduction. Switzerland also enjoyed such treatment when it gifted Trump “a special Rolex desktop clock, a 1-kilogram personalized gold bar, and loads of flattery.” The message is clear: US trade policy is for sale.
Even peace agreements are not immune from the Trump treatment. The Gaza peace deal offers potentially lucrative opportunities for outside businesses to profit from the reconstruction of the rubble-strewn area. “Everybody and their brother is trying to get a piece of this,” one long-time contractor told The Guardian. “People are treating this like another Iraq or Afghanistan. And they’re trying to get, you know, rich off of it.” The executive board of Trump’s Board of Peace is dominated by titans of industry—Marc Rowan, Steve Witkoff, Jared Kushner—all salivating at the prospect of using their insider position to profit (though, with progress stalled on the ground, the Board of Peace may end up doing corruption the old-fashioned way by just siphoning off the money up front and granting itself legal immunity to escape the consequences).
The deal that created a “Trump corridor” between Armenia and Azerbaijan was similarly projected to provide commercial opportunities to Trump cronies. But it has yet to get off the ground, another victim of Trump’s propensity to make a big splash with his agreements and neglect to secure the follow-through. Trump’s peace deal with Russia, negotiated on the backs of the Ukrainians, would have also meant a huge windfall for Trump cronies—in opportunities for reconstruction contracts in Ukraine and even larger profits for the commercial reengagement with Russia.
In The Atlantic, several months after Trump took office, David Frum summed up the corrupt activities of the administration this way:
Nothing like this has been attempted or even imagined in the history of the American presidency. Throw away the history books; discard feeble comparisons to scandals of the past. There is no analogy with any previous action by any past president. The brazenness of the self-enrichment resembles nothing seen in any earlier White House. This is American corruption on the scale of a post-Soviet republic or a postcolonial African dictatorship.
Frum served in the George W. Bush White House. A NeverTrumper, he nevertheless knows a little something about corrupt conservatives. Upwards of $20 billion of post-war reconstruction aid for Iraq disappeared into the ether of corruption (and the pockets of US firms, including Halliburton). Trump stands on the shoulders of giants.
Immunity and Impact
Donald Trump knows that he is a living, breathing violation of the law. That’s why he has gone to such lengths to ensure immunity—the Supreme Court decision providing presidents with immunity from criminal prosecution for their official acts, the attempt to secure exemption from IRS audits. Trump has also promised to pardon preemptively “everyone who has come within 200 feet of the Oval Office.”
Let’s tackle Trump first. His immunity is not absolute. First, it does not cover “unofficial acts.” Depending on how courts define this category, Trump (and certainly his family) could be prosecuted for corrupt business dealings that are deemed “private.” Second, immunity doesn’t apply if it can be demonstrated that criminal prosecution poses no “dangers of intrusion on the authority and functions of the Executive Branch.” That’s another tough one to parse, and it will probably fall to future courts to define. But if something is demonstrably corrupt, then it should by definition fall outside the legitimate authority and functions of the Executive Branch.
Trump has already used his broad powers to pardon the January 6 rioters and other malefactors, including 22 corrupt politicians. Trump cronies must look at this record and feel pretty safe from future prosecution.
Donald Trump knows that he is a living, breathing violation of the law.
But presidential pardons also have their limits. Such pardons can’t violate the Constitution or criminal law—though Trump has challenged these strictures—and they don’t cover future crimes. More to the point, Trump’s pardons only apply to federal prosecution. Individuals can still be tried in various states (and overseas if their misconduct took place in other countries).
The impact of Trump’s misconduct is directly related to this question of immunity. If the president and his coterie “get away with it,” then the corruption they initiated will be much harder to root out of political institutions. Unprosecuted acts can harden into precedents. Throwing Trump and company into prison would be satisfying. Ditto clawing back their ill-gotten gains. From the point of view of democracy, however, even a plea bargain in which the malefactors stay out of jail and pay a nominal penalty in exchange for pleading guilty would be a victory.
It’s best to think of Trump as an aberration, however much his behavior can be traced to past scandals, the authoritarian tendencies of previous presidents, and the oft-corrupt workings of American capitalism. Democracy, like any fiction, requires the willing suspension of disbelief. Trump’s truly an unbelievable character. Once he’s gone, it will be time to pretend that the monster has been vanquished and the rule of law restored. Only in this way will America escape its semiquincentennial with its clothing muddied but its presumably good intentions intact.
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'Brazen Crypto Corruption' Helps Trump Pocket $2.2 Billion During First Year Back in Office
One expert who has studied presidential wealth called Trump's windfall "completely unprecedented" in American history.
Jul 01, 2026
Annual financial disclosures released Tuesday reveal that US President Donald Trump pocketed at least $2.2 billion—more than half of it from his family's crypto grift—during his first year back in the White House, a windfall that experts say is without precedent in American history.
The disclosure report shows that Trump pulled in $635 million in royalties from Celebration Coins, an entity linked to the president's meme coin. The president also disclosed around $527 million in proceeds from token sales by World Liberty Financial, the Trump family crypto venture spearheaded by Eric Trump and Donald Trump Jr.
“It is completely unprecedented,” Megan Gorman, a tax attorney who has studied the history of presidential wealth, told The New York Times of the president's windfall.
Robert Weissman, co-president of the consumer advocacy group Public Citizen, said in a statement that "Trump’s obscene income is driven by various cryptocurrency schemes, leveraging his political position to exploit a scam-driven industry that he once said was nothing more than a racket."
"In doing so, he’s ripping off investors—to the tune of billions—who want to get in on the game with him, or think that buying his crypto products is an innocent means to show their support," said Weissman. "Most troubling, Trump’s personal profit interest has now aligned him with the crypto industry, paving the way for dangerous legislation that will facilitate mass rip-offs and even threaten financial system stability."
Trump's massive profits from an industry he's tasked with regulating represent what the watchdog group Campaign Legal Center (CLC) described as an "unprecedented" conflict of interest, notwithstanding the White House's laughable claim that "neither the president nor his family has ever engaged—or will ever engage—in conflicts of interest."
"We have never seen a president have direct conflicts of interest with his financial holdings and the policies he supports, and it’s another example why we need widespread ethics reform now," Kedric Payne, CLC's senior director of ethics, told The Wall Street Journal.
The Journal noted that, in addition to crypto profits, "Trump reported $4.7 million in income last year from Trump-branded watches, as well as $1.9 million in royalties from his 'Save America' book."
"Multimillion-dollar licensing deals linked to real-estate developers stretched from Romania to India to across the Middle East. A $6,484-a-month pension from the Screen Actors Guild continued paying out," the newspaper observed.
The disclosures also include tens of million dollars in legal settlements stemming from Trump's lawsuits against major companies, including ABC, CBS, and Meta.
Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, said Tuesday that lawmakers must add language to the upper chamber's crypto legislation that prevents "the president, vice president, senior administration officials, members of Congress, and their families from profiting off the crypto industry."
"If it does not," the senator warned, "it will only turbocharge Donald Trump’s brazen crypto corruption."
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'A Disaster for Democracy': Report Shows Surging Corporate Spending in 2026 Elections
"The intense escalation of corporate spending we are now seeing shows that it is well past time for salvaging American democracy to be treated with the urgency that it deserves."
Jun 30, 2026
As the right-wing majority on the US Supreme Court on Tuesday handed down a 6-3 ruling that campaign finance reform advocates warned would give special interest groups and rich donors yet another way to curry favor with politicians, a new report from government watchdog Public Citizen revealed how "corporate supremacist" groups have already set records for spending in this year's midterm elections.
There are still more than four months to go until the general election, but according to "The Rise of Corporate Supremacist Super PACs,” by research director Rick Claypool, this campaign cycle accounts for nearly one-third of all corporate political spending since the 2010 Citizens United v. Federal Election Commission (FEC) ruling.
That decision has enabled corporations and groups including super political action committees (PACs) to spend unlimited money on elections, and in the 2026 cycle alone, they have already spent $517 million—"a figure sure to soar as the November general election approaches," said Public Citizen.
"These totals reference disclosed political spending, not any contributions from dark money organizations that keep donors secret," the group emphasized.
The amount spent this year by Big Tech, fossil fuel companies, the cryptocurrency industry, and other sectors whose bottom lines could benefit from lax government regulations represents a sizable chunk of the $1.58 billion that corporations have spent on federal elections since 2010.
The 2024 election cycle saw $461 million poured into campaigns by corporations, a sum that dwarfed previous corporate political spending.
Public Citizen released its report as the Supreme Court ruled in National Republican Senatorial Committee v. FEC, striking down regulations that for decades have restricted political parties from coordinating campaign spending with candidates.
The report offered more evidence that the high court "has reorganized America for the worse," said law professor Zephyr Teachout.
Four industries—crypto, artificial intelligence, Big Tech, and online betting companies—have spent $294 million collectively to influence the elections, said Public Citizen, accounting for 57% of the corporate spending.
In 2024, the crypto sector pioneered the playbook corporations are using this year—"prioritizing corporate priorities over parties or candidates and using their financial power to discipline sitting lawmakers and candidates."
PACs including the pro-AI Leading the Future and the sports betting industry-backed Win for America PAC are some of the top recipients of the corporate case, taking $50.1 million and $43 million, respectively.
A Win for America spokesperson told Axios in April that the super PAC's backers "seek candidates who will thoughtfully approach regulation and ensure legal sports betting can continue to support communities through billions in tax revenue and jobs across America," while Josh Vlasto of the pro-crypto PAC Fairshake said in 2025 that the committee is "building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country.”
Claypool said the report shows that "a decade and a half after Citizens United, corporations are starting to spend on politics like never before."
"This corporate spending is a disaster for democracy," he said. "If the current, broken campaign finance system remains unchallenged—and corporate spending is allowed to drown out the voices of real voters and real people—these corporate campaigns will keep multiplying, even as voting rights for individual Americans face escalating attacks.”
Behind the "corporate supremacist super PACs," reads the report, the biggest beneficiary of corporate spending is the President Donald Trump-supporting MAGA Inc., which has received $120.6 million in direct contributions from companies including Crypto.com, UnitedHealthcare, and Energy Transfer Partners.
The report comes two weeks after campaigners in Montana announced they had collected signatures that far exceeded the minimum requirement to force a statewide vote on a ballot measure that, if passed, would block corporations from pouring money into elections.
"Time and time again, Americans have demonstrated they want elected officials who are willing to stand up for them against the powerful and predatory corporations that attempt to dominate our daily lives," reads the Public Citizen report. "Lawmakers can demonstrate their fearlessness and independence from corporate influence by passing legislation that empowers the public while reducing the influence of Big Business demands to prioritize profit-maximization over Americans’ health, safety, and democracy."
The group called on Congress to pass the "Abolish Super PACs Act, the DISCLOSE Act, and, ultimately, a constitutional amendment to overturn Citizens United."
"The intense escalation of corporate spending we are now seeing," concludes the report, "shows that it is well past time for salvaging American democracy to be treated with the urgency that it deserves."
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Watchdog Warns Crypto Bill Could Be Major Tax Giveaway to Ultrarich—Including Trump Family
“The cryptocurrency industry has facilitated the Trump family’s corruption at every turn. Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry."
Jun 22, 2026
A government watchdog is warning that new cryptocurrency policies being considered in the House of Representatives would be a major boon to the ultrawealthy, including President Donald Trump's family.
In an analysis published on Monday, the Revolving Door Project (RDP) highlighted new crypto-related tax bills being discussed in the House Ways and Means Committee, including one that "would create a functional subsidy for cryptocurrency firms by allowing them to defer taxes owed on their mined coins indefinitely and without interest, so long as the firms do not sell the coins."
This would allow coin owners to raise money by borrowing against these assets without having paid a cent of taxes on them, the analysis explains, which could be particularly beneficial for Trump's two eldest sons.
"Eric and Donald Trump Jr. reportedly hold a 20% stake in the bitcoin mining firm American Bitcoin, which mined 817 bitcoin in Q1 of 2026 alone," RDP writes. "At current prices, this represents a value of more than $50 million, while the company has stated that it already intends to hold assets it mines. If passed, this loophole could mean millions of dollars in taxes owed by the Trump sons’ firm could be deferred endlessly."
RDP also published a list of crypto donations to lawmakers on the House Ways and Means Committee. Rep. Steven Horsford (D-Nev.) has received nearly $2 million in support from the industry since 2023, more than any other committee member.
Other top recipients of crypto cash include Reps. Tom Suozzi (D-NY), Jimmy Gomez (D-Calif.), Adrian Smith (R-Neb.), and Jason Smith (R-Mo.), chairman of the committee.
Jeff Hauser, executive director of RDP, said that the bills currently under consideration in the House are essentially a return on the crypto industry's investment in political campaigns.
"The cryptocurrency industry believes it is owed massive tax loopholes and functional subsidies," said Hauser, "because it has bought the president, paid for his ballroom project, and has funded dozens of congressional campaigns. The lack of campaign finance reform is the principal reason that the ludicrously corrupt Trump family is set to enjoy yet another tax loophole to exploit."
Timi Iwayemi, assistant director at RDP, said that "the cryptocurrency industry has facilitated the Trump family's corruption at every turn," while warning members of Congress against doing the industry's bidding.
"Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry," said Iwayemi. "Rewarding this behavior will embolden the crypto industry and other corporate lobbies eager to seize on our elected representatives’ prioritization of donor interests at public expense."
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We Are Better Than This
President Donald Trump used the White House lawn to host a 21st-century cockfighting match where the birds were human beings. Is this rock bottom?
Jun 17, 2026
On Sunday night, President Donald Trump brought the country to a new low. The question is whether the nation has finally bottomed out—and realizes it.
On the White House lawn, Trump hosted Ultimate Fighting Championship (UFC) mixed martial arts cage matches. Fighters attacked each other with their fists, feet, knees, and elbows. Blood spewed everywhere; that was the point.
It wasn’t boxing; the combatants wore gloves with much less padding. It wasn’t professional wrestling; the injuries inflicted were real. It was billed as a sporting event, but as commentators observed, it was really 21st-century cockfighting where the birds are human beings.
Follow the Money
The UFC said that private funding totaling $60 million paid for the event. But it’s not clear that any private money covered the monumental work of the hundreds of staff from seven federal government agencies, or the estimated $10 to $12 million in supplemental security that the District of Columbia incurred (to be reimbursed from federally appropriated funds for federal events).
Fighters used the Executive Office Building and rooms in the White House as locker rooms. If not sacrilegious, it was something close.
Beyond the abuse of taxpayers’ dollars, Trump’s profiteering was pervasive.
- “Ultimate Fighting Championship” is a promotional company owned and operated by TKO Group Holdings. Trump owns stock in TKO Group Holdings.
- A day before the fights, Trump’s super PAC MAGA, Inc. held a $1 million-a-plate fundraiser at Trump’s Virginia golf club.
- Trump sold a line of Trump-branded UFC medallions for hundreds and—in some cases—thousands of dollars.
- World Liberty Financial was an official sponsor of the event. It’s a Trump-family-created crypto company and issued the stablecoins that some fighters received as bonuses.
- Other corporate sponsors included Crypto.com (its name appeared on each step leading into the cage), Bud Light, Polymarket, Monster Energy, Starlink, EasyPost, and Stake.
- Paramount Skydance, the media company owned by Larry and David Ellison, who are friendly with Trump, live streamed the event (behind a paywall). A few days earlier, Trump’s Justice Department approved Paramount’s merger with Warner Bros. Discovery, thereby bringing CBS, CNN, Paramount+, HBO Max, and a vast film and television studio under David Ellison’s control.
In a post-fight interview, a UFC winner yelled: “Michelle Obama is a man. Am I right America?”
How Far We Have Fallen
Worse than the event itself and Trump’s profiteering is the fact that it happened on White House grounds. While construction was underway, Marine One—the presidential helicopter—could not land on the South Lawn, its usual location. Fighters used the Executive Office Building and rooms in the White House as locker rooms. If not sacrilegious, it was something close.
President Thomas Jefferson first opened the White House lawn in 1801 when he invited the US Marine Corps Band to perform. Since then, it has been the scene of children’s Easter Egg Rolls (begun by President Rutherford B. Hayes in 1878), a tennis court (President Theodore Roosevelt in 1902), a performing arts venue (President Lyndon B. Johnson in 1965), Willie Nelson’s performance (President Jimmy Carter in 1980), the Beach Boys’ South Lawn Beach Party (President Ronald Reagan in 1983), youth T-ball games (President George H.W. Bush in 2001), and a collaborative arts festival (President Barack Obama in 2016).
The good news is that a recent Reuters poll revealed that only 16% of Americans—including one-third of Republicans—said that holding UFC events on the White House lawn was appropriate.
Determined to make his mark, Trump did not care that it would be an ugly blemish on White House history—or another reflection of how far the nation has descended into Trump’s abyss.
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'This Has to Be Stopped': Alarm As Trump's Crypto Firm Set to Get Federal Banking Privileges
"For the first time in history, a president is leaning on a bank regulator to give his private enterprise the implicit backing of the federal government," said one critic.
Jun 16, 2026
Critics expressed alarm on Tuesday amid a new report suggesting that President Donald Trump's cryptocurrency firm is about to get federal banking privileges.
As reported by NOTUS, the Office of the Comptroller of the Currency (OCC) in the coming weeks is expected to approve a national trust bank charter for World Liberty Financial, the crypto startup founded by members of the Trump family and the family of Trump Middle East envoy Steve Witkoff.
Were it to receive the charter, NOTUS explained, World Liberty Financial would receive "significant legal and financial benefits," including being able "to settle financial transactions akin to Venmo or PayPal on the World Liberty Financial platform, through which the Trump family could receive a cut."
David Wachsman, a spokesperson for World Liberty Financial, dismissed concerns about conflicts of interest, telling NOTUS that "none of [the company's] leadership or employees work for the US government," even though the president and his entire family stand to personally benefit from the charter's approval.
Corey Frayer, director of investor protection for Consumer Federation of America, told NOTUS that here was simply no precedent for a sitting president being granted such privileges for a company he founded by a comptroller whom he personally appointed.
"For the first time in history, a president is leaning on a bank regulator to give his private enterprise the implicit backing of the federal government," Frayer explained. “It’s outrageous."
Diana Henriques, a veteran financial journalist best known for her extensive coverage of the Ponzi scheme run by disgraced financier Bernie Madoff, also expressed horror at the prospect of the OCC carrying out the president's bidding.
"The guardrails continue to fall," Henriques wrote. "It is functionally impossible to regulate a bank owned by the president. Yet it can imperil the entire banking system if it runs off the rails. For heaven's sake, this has to be stopped."
Derek Martin, vice president at Focal Point Strategy Group, wrote that there is "no other way to interpret" the NOTUS report "than Trump using the government to advance his own firm's interests."
"World Liberty Financial's entire brand—and reason for existence, basically—is 'We are affiliated with Trump,'" Martin added. "This is just the latest way they're leveraging it."
Government watchdogs for months have been raising alarms about the president having his own cryptocurrency firm, which has received massive investments from foreign governments since its founding in 2024.
According to NOTUS reporter Jeff Stein, Trump has reported personally earning $57 million from World Liberty Financial so far, a number that could get significantly higher if the firm is granted its charter.
An analysis published by Forbes last month estimated that Trump has nearly tripled his wealth since returning to office, going from a net worth of $2.3 billion in 2024 to $6.5 billion in 2026.
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Why Are Crypto Billionaires and AIPAC Spending $8+ Million to Elect Adrian Boafo?
Powerful interests recognize that this race represents a choice between maintaining the political status quo and building something different.
Jun 14, 2026
Every election tells us something about who holds power in America.
In Maryland's 5th Congressional District—the Democratic primary race to replace former House Majority Leader Steny Hoyer—that lesson is arriving in the form of an avalanche of outside money. According to recent federal filings as of June 12, 2026, more than $8 million has been spent by outside groups to boost Adrian Boafo's congressional campaign. Nearly $4.8 million comes from Protect Progress, a crypto-industry super PAC backed by some of the wealthiest interests in the cryptocurrency world. Another $2.8 million comes from United Democracy Project, the American Israel Public Affairs Committee (AIPAC's) super PAC. Add another $500,000 from political organizations tied to longtime Washington power brokers, and the total exceeds $8.1 million.
That amount is staggering. It dwarfs the direct fundraising of the candidates themselves. It raises a fundamental question: Why are national special interests willing to spend so much money on a single congressional primary in Maryland?
The answer is simple. They understand what is at stake.
While outside groups spend millions trying to shape this election, Blegay has built a grassroots campaign centered on Medicare for All, universal childcare, workers' rights, housing justice, and human rights abroad and at home.
Across the country, voters are demanding a break from politics dominated by corporate influence, lobbyists, and billionaire donors. They are demanding Medicare for All instead of an insurance industry that profits from illness. They are demanding affordable housing, universal childcare, stronger labor protections, and an economy that works for working people rather than Wall Street. They are demanding an end to endless war and blank checks for militarism. They are demanding elected officials who answer to their communities instead of powerful donors.
The flood of money into Adrian Boafo's campaign is not happening because crypto billionaires or AIPAC suddenly became concerned about the everyday struggles of Maryland families. It is happening because powerful interests recognize that this race represents a choice between maintaining the political status quo and building something different.
The involvement of crypto-industry super PACs should concern anyone who believes democracy should not be for sale. The cryptocurrency industry has spent unprecedented amounts of money in recent election cycles in an effort to shape federal policy. Their goal is not a secret. They want lawmakers who will be friendly to their interests and resistant to regulations that could affect their profits. When millions of dollars from a national crypto super PAC suddenly appear in a congressional primary, voters should ask themselves what those investors expect in return.
The same question applies to AIPAC's unprecedented spending. Across the country, AIPAC and its affiliated organizations have spent heavily to defeat candidates who support a more balanced US policy toward Israel and Palestine or who have criticized the Israeli government's actions in Gaza. Whether one agrees with those candidates or not, it is impossible to ignore the broader trend: Enormous sums of money are being deployed to shape the boundaries of acceptable political debate.
The result is a political system where ordinary voters increasingly feel that their voices are drowned out by wealthy interests. Many Americans already believe that government works better for corporations and donors than it does for working families. When more than $8 million floods into a single congressional primary, it becomes harder to argue that those concerns are misplaced.
That is what makes Wala Blegay's candidacy so important.
While outside groups spend millions trying to shape this election, Blegay has built a grassroots campaign centered on Medicare for All, universal childcare, workers' rights, housing justice, and human rights abroad and at home. Long before she became a congressional candidate, she was organizing in her community, advocating for workers, and fighting for policies that put people ahead of corporate profits. She has been a consistent supporter of Medicare for All when many elected officials were unwilling to take that position. During the height of the devastation in Gaza, she stood publicly for a ceasefire and Palestinian human rights when doing so carried significant political risk.
Whether voters agree with every position she takes is beside the point. What matters is that she represents a vision of politics fundamentally different from the one being financed by outside interests. Her campaign is built on the belief that elected officials should answer to the people who elect them—not to super PACs, corporate donors, or wealthy political networks.
This election is about more than two candidates. It is about what kind of democracy we want to have. Do we want a system where a handful of powerful organizations can spend millions of dollars to shape local elections? Or do we want a system where ideas, organizing, and community support matter more than the size of a donor's bank account?
The fact that more than $8 million is being spent to influence this race tells us everything we need to know: Powerful interests are paying attention. They understand the stakes. They understand that the outcome of this election could help determine whether the next generation of Democratic leadership will answer to entrenched interests or to ordinary people.
The question now is whether voters are paying attention too.
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'Harmful to American Workers': Warren, Sanders Lead Charge Against Trump Crypto Scheme for 401Ks
“This would strip long-held investor protections from retirement savers and encourage the use of more risky, complex, and expensive investments."
Jun 02, 2026
Two progressive US senators are leading the charge against a new Trump administration scheme that would allow Americans' retirement funds to invest in cryptocurrencies.
As reported by The Guardian on Tuesday, Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), along with Rep. Bobby Scott (D-Va.), sent a letter to the US Department of Labor (DOL) warning against enacting a proposed rule change that would allow 401(k) investments to include crypto.
Cryptocurrencies have long proven to be volatile assets that have been involved in multiple fraud schemes, which the FBI estimates cost Americans more than $20 billion in 2025 alone.
“This would strip long-held investor protections from retirement savers and encourage the use of more risky, complex, and expensive investments,” states the letter. “The proposed rule is harmful to American workers.”
Offering an example of the dangers of investing in crypto, the letter cites President Donald Trump's personal meme coin, whose value has cratered since its peak in January 2025.
The push to let 401(k)s invest in crypto has also drawn criticism from Americans for Financial Reform (AFR), which on Monday released a white paper outlining how the plan would put Americans' retirement savings at risk while also serving as a boon to the private equity industry.
Oscar Valdés Viera, senior policy analyst for private equity and capital markets at AFR, accused the DOL of handing over US retirement savings to "the worst Wall Street predators and crypto scammers."
"This proposal would use 401(k)s to bail out a struggling industry and advance the administration’s push to embed crypto deeper into the financial system," Valdés Viera explained. "Driving workers into the arms of private equity firms and crypto insiders would let the president’s Wall Street and crypto cronies pocket billions at the expense of families’ retirement security."
Democracy Defenders Fund (DDF) last week noted that Trump and his family, who have major ties to the cryptocurrency industry, would stand to personally profit from the DOL's proposed rule change.
"President Trump stands to benefit if ordinary people can use their employer-sponsored retirement plans to invest in crypto," said Virginia Canter, chief counsel and director of ethics and anti-corruption at DDF. "The administration claims the proposed rule would 'relieve regulatory burdens,' but it looks more like self-dealing."
In addition to allowing 401(k)s to invest in cryptocurrencies, the proposed DOL rule change would also allow them to invest in private credit assets, which are typically loans negotiated with non-bank lenders.
Benjamin Schiffrin, director of securities policy for Better Markets, said on Tuesday that letting 401(k)s invest in these assets would be a similarly risky bet to letting them invest in crypto.
"This is exactly the wrong approach at the wrong time," said Schiffrin. "There could hardly be a proposal more dangerous to Americans’ retirement security. Investors already in private credit are currently running for the exits. DOL’s proposal means that one day millions of Americans with 401(k)s may have to do the same."
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