John Oliver returned to Last Week Tonight with a scathing takedown of Donald Trump's crypto dealings, calling the president "flagrantly corrupt and compromised." The episode focused on Trump's transformation from calling Bitcoin a "scam" to becoming "the first crypto president" after the industry poured money into his election campaign.
Trump's Crypto Empire
In his first year back in office, Trump made over $2.2 billion, with $1.4 billion coming from his family's crypto ventures. Oliver highlighted two key schemes: Trump memecoins and World Liberty Financial.
The Memecoin Pump and Dump
Trump launched his own memecoin, followed by Melania Trump's coin. Oliver described these as "pump and dump schemes" — spiking in value before crashing, with insiders selling at the peak. The coin once hit $50 billion in value but later crashed 92% . Trump personally pocketed $636 million from the scheme, while over 1 million buyers lost money.
World Liberty Financial: A Corruption Playground
Oliver exposed how Trump's crypto company, World Liberty Financial, became a vehicle for foreign influence. Justin Sun, the Chinese millionaire who ate a $6.2 million banana, invested $75 million in the company while under SEC investigation. After his investment, the SEC paused its probe and later settled. Similarly, a UAE royal linked to an investment firm poured money into Trump's company at the same time the UAE sought approval for advanced computer chips — which was granted after Biden-era restrictions.
Regulatory Capture
Trump promised to fire the SEC chair who was tough on crypto, and followed through by appointing Paul Atkins, a pro-crypto replacement. This led to 60% of crypto enforcement cases being eased. Trump is now pushing the Clarity Act, a bill that would move crypto regulation out of the SEC's hands, making these changes "hard to undo."
Conclusion
Oliver concluded that any mention of Trump and crypto should imply "some shady shit is likely going down." The episode serves as a stark warning about the intersection of political power and unregulated digital assets.
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!