A Donald Trump win this presidential election could advance the long-stalled crypto market structure legislation forward, according to Katherine Dowling, chief compliance officer at Bitwise Asset Management.
During a recent Q&A session, she discussed the potential impact of the upcoming election on crypto regulation, where she specifically highlighted the importance of the Financial Innovation and Technology for the 21st Century Act (FIT21). This is a legislative proposal aiming to clarify regulatory oversight of digital assets.
FIT21 seeks to address the ambiguity surrounding crypto regulation by defining clear roles for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The bill proposes explicit definitions for different types of digital assets, determining which agency should regulate each category.
“It’s incredibly important. And it’s been lacking in the crypto space for a while,” Dowling said.
Is Donald Trump looking to endear himself further to the $2.5 trillion crypto industry with the launch of a new crypto token called “Trump Coin”?
That’s the buzz, according to crypto industry participants, as Trump ramps up his campaign for the November presidential election. Industry experts are trying to figure out the origins of a so-called meme token registered on the Solana blockchain platform under the symbol “DJT” and the moniker “Trump Coin.”
DJT, of course, is the stock symbol of Donald Trump’s social media platform called Truth Social. The stock itself has been a meme stock favorite since going public in March, with shares of DJT trading as high as $79.38. The stock currently trades around $35.
Like meme stocks, meme tokens are inspired by extraneous factors such as internet trends and pop culture references. Although some of the most famous meme coins, like Dogecoin and Shiba Inu, were originally created as a joke, their popularity and cult-like followings have accelerated the total meme coin market cap to a staggering $50 billion.
By launching on the Solana blockchain, Trump Coin will join the ranks of other popular Solana-based meme coin projects like “Dogwifhat,” a token associated with a meme of a dog wearing a pink knitted hat; “Jeo Boden,” a satirical cartoon of President Biden; and “Mother Iggy,” a meme coin launched last month by Australian rapper Iggy Azalea.
According to blockchain explorer SolScan, the token began trading on Solana this evening with the market cap currently sitting at $73 million.
FOX Business could not confirm if the token is directly or indirectly affiliated with Trump, but sources in the industry say people affiliated with the former president have been planning to launch a digital coin for at least two months.
Industry experts are trying to figure out the origins of a so-called meme token registered on the Solana blockchain platform under the symbol “DJT” and the moniker “Trump Coin,” according to the page created for the contract reviewed by FOX Business. (Anna Moneymaker/Getty Images)
A spokesperson for the Trump campaign didn’t return requests for comment. A spokesperson for Truth Social also didn’t return calls for comment.
When asked for comment on the Trump Coin launch, former GOP presidential candidate and adviser to President Trump, Vivek Ramaswamy, directed FOX Business to the Trump campaign but had this to say: “I’m glad President Trump and his campaign are leaning into crypto, including accepting it – he’s ahead of the curve. Embracing crypto will help Trump continue to bring libertarians and your not-typical Republicans into the fold – it’s a winning issue.”
Trump Coin is the latest of a handful of meme coins inspired by political candidates this election cycle. Other nonaffiliated Trump meme tokens are trading in the crypto landscape, including a token trading under the symbol MAGA, his “Make America Great Again” slogan with a cartoon of Trump and an American flag in the background.
“MAGA” coin, which operates under the ticker TRUMP, is currently the most popular political meme coin, trading at just over $9 with a market cap of over $400 million. The price of the token dropped on the news of the launch of Trump Coin.
Another Trump-inspired meme coin trades under the letters TROG; it accompanies a cartoon of a frog wearing a MAGA hat. Much smaller in comparison to MAGA, it has a market cap of $7.38 million and also fell on the news of the Trump Coin launch.
After the May 30, 2024, conviction of former President Donald Trump on 34 felony counts of falsifying business records in New York, what comes next?
Trump’s legal team will likely appeal the verdict. “We will fight for our Constitution,” Trump said following the jury’s announcement. “This is long from over.” A sentencing hearing for Trump is set for July 11.
The Conversation U.S.‘ politics and society editor Amy Lieberman spoke with Gabriel J. Chin, a scholar of criminal law and procedure, to better understand the verdict.
A courtroom sketch depicts Judge Juan Merchan, Donald Trump, prospective jurors and other court and legal personnel.Christine Cornell via AP Pool
1. Why were there so many different felony counts in this case?
The essence of the offenses Trump was convicted of is falsifying documents or records. Accordingly, each check, invoice or other document that the jury found had been falsified was a separate offense, which can be the basis of a separate count and punished separately. The prosecution wanted to make sure that the jury saw the full scope of the scheme it alleged had occurred – which is that Trump covered up the fact that he paid hush money to porn star Stormy Daniels by disguising the payment as a legal fee to his lawyer, Michael Cohen. Cohen then allegedly used Trump’s money to pay Daniels to stop her from talking about her alleged affair with Trump.
2. What is most important for people to understand about this conviction?
It is historic and groundbreaking for a former or future president to be convicted of felonies in the United States. There will be debate, and people will have to judge whether this prosecution is an example of the principle that no person is above the law, or whether this is an example of political persecution.
As a technical legal matter, this conviction has a significant effect on all of Trump’s other criminal and civil cases. At a minimum, it means that if Trump takes the stand to testify in any case, opposing lawyers will be able to attack his credibility with this conviction. Lawyers can argue that any witness with a felony conviction might well be lying.
Practically speaking, this verdict also means that Trump – who is registered to vote in Florida – cannot vote there until completion of his sentence, although there are many variables that could affect his ability to vote and legal experts appear somewhat divided on the question. Under federal law, he cannot possess a firearm. But he can still run for president and serve in office, because nothing in the Constitution disqualifies people with convictions – or who are in prison – from running for, or serving as, president.
Manhattan District Attorney Alvin Bragg speaks during a news conference about former President Donald Trump’s arraignment on April 4, 2023.Kena Betancur/Getty Images
3. What can we know, if anything, about what his sentence might look like?
New York judge Juan Merchan will decide the sentence alone, without a jury.
It is not surprising that sentencing has been set for July, rather than sooner. As in other cases, the probation office will prepare a report that lays out Trump’s background and history, and the facts and circumstances of this case. Trump has no criminal record, which is generally a favorable sentencing factor. On the other hand, he does have negative results from lawsuits, including a civil finding in 2023 that determined he committed sexual assault. One issue to look out for is whether the prosecution or the probation department argues that Trump’s other criminal charges and civil cases should be considered in sentencing.
One sentencing factor which sometimes comes into play is lack of remorse; it is often a reason judges impose a more severe sentence. It certainly does not seem that Trump has in any way acknowledged that he did something regrettable, or committed a crime. Trump’s violation of the gag orders in this case, which the judge has already punished him for, could also be a factor used to argue for or impose a higher sentence.
4. Given this verdict, is it likely that Trump will serve time in prison?
The offense of falsifying business records is deemed a “Class E” felony in New York state – and each felony has a potential sentence of up to four years. Probation is available instead of incarceration, or probation plus a short term of incarceration. Sentences may be imposed concurrently or consecutively, so theoretically Trump could get a sentence of 136 years if maximum sentences on all counts are imposed consecutively. But, while the sentence is up to the judge, based on past practice it is reasonable to speculate that Trump will not be sentenced to a long prison term, and may well receive no incarceration time at all.
A not-guilty verdict would have been final because of the Constitution’s prohibition against double jeopardy – meaning a person cannot be convicted, acquitted or punished more than once for the same offense.
This conviction will undoubtedly be challenged for years, and the appeals process could have at least two chances to get to the U.S. Supreme Court. Whether this case was appropriately tried in state court will also be an issue – federal authority over federal elections and election crimes is likely to be examined on appeal.
In other words, this case is not over by a long shot. It is likely that even were Trump sentenced to incarceration, he would be allowed to remain free, pending appeal. This practice is not uncommon in complex and high-profile cases, at least where there are reasonable legal claims of error.
5. What made the evidence so strong in this case that it persuaded jurors?
It is in part the breadth of the New York law which, unlike the law in many states, criminalizes falsifying internal business records even when they are private and not used to cheat the tax system or defraud anyone. But even in New York, generally falsifying private business records is a misdemeanor. It becomes a felony only if, as the jury found here, the actions are used to cover up or conceal a crime.
In this case, the jury may well have been persuaded by the prosecution’s argument that the crime covered up was essentially a scheme to defraud the American people by concealing information about the character and conduct of a presidential candidate.
Because Trump was alleged to have deceived voters, perhaps the jury was unwilling to simply shrug this off as business as usual. Another factor is the remarkable investigation that went into preparing this case. The prosecution had so many witnesses and documents that it could tell the story in highly specific detail.
This story was updated on May 31, 2024, to include more details about Trump’s ability to vote.
Prosecutors in the trial of Donald Trump will make a final pitch to the jury Tuesday, in their historic pursuit of the first ever criminal conviction of a former US president.
Less than six months before American voters choose whether to return Trump to the White House, the stakes riding on the verdict are hard to overstate — for the 77-year-old personally, but also for the country as a whole.
Trump is accused of falsifying business records to buy the silence of adult film star Stormy Daniels over a 2006 sexual encounter between them that could have damaged his 2016 presidential bid.
If convicted, he faces up to four years in prison on each of 34 counts, but legal experts say that as a first-time offender he is unlikely to get jail time.
Crucially, a conviction would not bar Trump from appearing on the ballot in November as the Republican presidential challenger to Democrat Joe Biden.
It has taken nearly five weeks, the testimony of more than 20 witnesses and a few courtroom fireworks to reach closing arguments — the last chance for the prosecution and defense to impress their case on the anonymous, 12-member jury.
As expected, Trump chose not to testify in his defense — a move that would have exposed him to unnecessary legal jeopardy and forensic cross-examination.
Instead, he was forced to sit and listen while Daniels recounted their alleged encounter in sometimes graphic detail.
Speaking to reporters before and after each day in court, Trump launched regular tirades against Judge Juan Merchan — calling him “corrupt” and a “tyrant” — and condemned the whole trial as “election interference” by Democrats intent on keeping him off the campaign trail.
The politics of the case were in full view in the final days when a coterie of leading Republicans — including several vice-presidential hopefuls — came to the court and stood behind Trump in a gesture of support as he spoke to the press.
– Unanimity required –
The judge has said he expects closing arguments to take up all of Tuesday.
He will then give his final instructions to the jury, who will likely begin their deliberations on Wednesday.
To return a guilty or not guilty verdict requires unanimity. Just one holdout means a hung jury and a mistrial.
Aside from Daniels, the key prosecution witness was Michael Cohen, Trump’s former “fixer” turned bitter foe who said he arranged the $130,000 hush money payment so her story “would not affect Mr Trump’s chances of becoming president of the United States.”
Trump’s defense team devoted most of their questioning trying to discredit Cohen, recalling that he had admitted lying to Congress and spent time in prison for tax fraud.
In addition to the New York case, Trump has been indicted in Washington and Georgia on charges of conspiring to overturn the results of the 2020 election.
He also faces charges in Florida of allegedly mishandling classified documents after leaving the White House.
None of those trials are expected to take place before the November election.
Donald Trump was booed repeatedly while addressing the Libertarian Party National Convention on Saturday night, with many in the crowd shouting insults and decrying him for things like his COVID-19 policies, running up towering federal deficits and lying about his political record.
When he took the stage, many jeered while some supporters clad in “Make America Great” hats and T-shirts cheered and chanted “USA! USA!” It was a rare moment of Trump coming face-to-face with open detractors, which is highly unusual for someone accustomed to staging rallies in front of ever-adoring crowds.
Libertarians, who prioritize small government and individual freedoms, are often skeptical of the former president, and his invitation to address the convention has divided the party. Trump tried to make light of that by referring to the four criminal indictments against him and joking, “If I wasn’t a Libertarian before, I sure as hell am a Libertarian now.”
Trump tried to praise “fierce champions of freedom in this room” and called President Joe Biden a “tyrant” and the “worst president in the history of the United States,” prompting some in the audience to scream back: “That’s you.”
Libertarian candidate Gary Johnson won about 3% of the national vote in 2016, but nominee Jo Jorgensen got only a bit more than 1% during 2020’s close contest.
Libertarians will pick their White House nominee during their convention, which wraps on Sunday. Trump’s appearance also gave him a chance to court voters who might otherwise support independent presidential candidate Robert F. Kennedy, Jr. who gave his own Libertarian convention speech on Friday.
Polls have shown for months that most voters do not want a 2020 rematch between Trump and President Joe Biden. That dynamic could potentially boost support for an alternative like the Libertarian nominee or Kennedy, whose candidacy has allies of Biden and Trump concerned that he could be a spoiler.
The Trump campaign announced Tuesday it will start accepting cryptocurrency donations, casting the move as one of solidarity with opponents of “socialistic government control” over the U.S. financial markets.
Supporters of former President Donald Trump can donate using “any cryptocurrency accepted through the Coinbase Commerce product,” his campaign said in a press release.
The announcement ties President Joe Biden, who is running for reelection against Trump, with Sen. Elizabeth Warren, D-Mass., a vocal crypto critic who has pushed to clamp down on the nascent industry.
“Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices,” the campaign said, referring to a reelection ad Warren posted on X in March 2023.
“MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!” the campaign said.
The move opens a new source of potential funds for the Trump campaign, which still lags Biden in cash on hand even as it outraised the Democratic incumbent in April.
Crypto donations will be reported as in-kind contributions, much like gifts of stock. The campaign can then decide to either liquidate the digital currency or hang on to it.
“Contribution limits and disclosure requirements for crypto donations will follow Federal Election Commission regulations,” the Trump campaign said.
The acceptance of crypto is just the latest in a string of Trump efforts to court the crypto community, which tends to skew younger and more male, according to April 2023 polling from Pew Research Center.