Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Trump’s strategy to control the regulators is also playing out over at the SEC, where the single remaining Democratic and crypto-cautious Commissioner Caroline Crenshaw has departed after her renomination vote was canceled in December 2024 after complaints from the crypto industry.22 In her last speech, she expressed concern that the SEC is “shrouding its policymaking in darkness, shunning public comments and, instead, relying on hidden voices to drive its agenda.”22 She summarized the past year: “The appetite to deregulate has been rapacious; the analysis of the costs and benefits of our policies has been non-existent; and, the repercussions, I would argue, could be dire. We live in an echo chamber where politicians and policymakers make their own truth through repetition. But, the markets have a way of correcting themselves—not always immediately, but over time. So, I think the true advisability of these policies will reveal themselves eventually. I certainly wouldn’t be alone in analogizing the trend toward deregulation in the current environment to the period prior to the stock market crash in 1929.”
Trump’s strategy to control the regulators is also playing out over at the SEC, where the single remaining Democratic and crypto-cautious Commissioner Caroline Crenshaw has departed after her renomination vote was canceled in December 2024 after complaints from the crypto industry.22 In her last speech, she expressed concern that the SEC is “shrouding its policymaking in darkness, shunning public comments and, instead, relying on hidden voices to drive its agenda.”22 She summarized the past year: “The appetite to deregulate has been rapacious; the analysis of the costs and benefits of our policies has been non-existent; and, the repercussions, I would argue, could be dire. We live in an echo chamber where politicians and policymakers make their own truth through repetition. But, the markets have a way of correcting themselves—not always immediately, but over time. So, I think the true advisability of these policies will reveal themselves eventually. I certainly wouldn’t be alone in analogizing the trend toward deregulation in the current environment to the period prior to the stock market crash in 1929.”
Trump’s strategy to control the regulators is also playing out over at the SEC, where the single remaining Democratic and crypto-cautious Commissioner Caroline Crenshaw has departed after her renomination vote was canceled in December 2024 after complaints from the crypto industry.22 In her last speech, she expressed concern that the SEC is “shrouding its policymaking in darkness, shunning public comments and, instead, relying on hidden voices to drive its agenda.”22 She summarized the past year: “The appetite to deregulate has been rapacious; the analysis of the costs and benefits of our policies has been non-existent; and, the repercussions, I would argue, could be dire. We live in an echo chamber where politicians and policymakers make their own truth through repetition. But, the markets have a way of correcting themselves—not always immediately, but over time. So, I think the true advisability of these policies will reveal themselves eventually. I certainly wouldn’t be alone in analogizing the trend toward deregulation in the current environment to the period prior to the stock market crash in 1929.”
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
The CFTC has a new Chairman now that the Senate has confirmed Michael Selig. Selig’s background is primarily in private practice representing crypto clients like Paradigm and eToro.20 In 2025, he briefly served as chief counsel for the SEC’s crypto task force, but besides that, Selig has extremely minimal regulatory experience — particularly in the many non-crypto markets the CFTC is expected to regulate. Selig is also the only commissioner at the normally five-person CFTC, as Trump has seized control of regulators by appointing his own loyalists without appointing replacements for departing commissioners. Acting Chair Caroline Pham had previously announced she planned to leave when a chairman was appointed, and she has followed through on that promise. She immediately rocketed through the revolving door right into the lap of the crypto firm MoonPay, where she is now chief legal and administrative officer.21 You might recognize MoonPay as a frequent Trump crypto partner, helping process payments for both the $TRUMP memecoin and for Melania Trump’s 2021 NFT projects. You also might remember that they snagged that lucrative Trump memecoin partnership only weeks after attempting to make a $250,000 contribution to Trump’s inaugural committee, but got scammed instead [I88].
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
The Trump family’s World Liberty Financial crypto company has announced that they have applied for a national trust bank charter with the Office of the Comptroller of the Currency, through a proposed entity called World Liberty Trust Company. Senator Elizabeth Warren quickly sent a letter to Comptroller of the Currency Jonathan Gould to urge him to delay the review of World Liberty Financial’s application “until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company.” She wrote:27 “If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company.”
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Days later, Representative Ritchie Torres (D-NY) introduced a bill seeking to prohibit elected officials and other politicians and staff from participating in prediction markets connected to “government policy, government action, or political outcomes” when they possess or could obtain inside information.30 Then, on January 14, Trump said in a press conference that “The leaker [on Venezuela] has been found and is in jail right now” and would likely face a long sentence. He also noted that “there could be some others”.31 The identity of the leaker, how they gained access to sensitive information, and whether they were also the person who placed the bet has not been disclosed, nor has the charge on which they’ve been jailed.
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
Table of closed Polymarket bets Maduro out by January 31, 2026? 436,759.6 Yes at 7¢ Total bet $32,537.28 Amount won $436,759.61 $404,222.33 (1,242.34%) Trump invokes War Powers against Venezuela by January 31? 5,371.7 Yes at 5¢ Total bet $249.99 Amount won $2,714.64 $2,464.65 (985.91%) Market icon Will the U.S. invade Venezuela by January 31, 2026? 17,857.9 Yes at 6¢ Total bet $999.99 Amount won $3,143.26 $2,143.27 (214.33%) US forces in Venezuela by January 31, 2026? 1,197.8 Yes at 12¢ Total bet $146.00 Amount won $1,197.77 $1,051.78 (720.4%)
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
In prediction markets After the US military kidnapped Venezuelan President Nicolás Maduro, observers were quick to notice that several Polymarket accounts had all placed large bets on a market pertaining to whether Maduro would be removed from power by the end of January, and other Venezuela-related markets. One account began placing bets in late December, and continued to add thousands of dollars to its positions right up to the day Maduro’s capture was announced, ultimately purchasing $32,000 in shares. The trader profited $410,000 when their predictions came to pass, leading many to believe they had access to inside information.29
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Meanwhile, Edward Cullen — whose Innovate NY PAC spent nearly $100,000 on AI-generated flyers and other materials to back Andrew Cuomo last October after his last-minute crypto industry appeal — is back. Cullen claims that he pitched the NYC Token idea to Adams last year, and that Adams stole it from him, then “butchered” it for “short-term gain”. Cullen is now threatening to sue, although I’m not sure on what grounds.40
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
Since then, Adams has been fighting off allegations that he “rug pulled” the token. It seems too early to tell on that front, as the unaccounted funds are still sitting in the crypto wallet — perhaps to be restored to the liquidity pool, or perhaps to be withdrawn once whoever controls the wallet thinks attention has moved elsewhere. Some have speculated that this was all a way for Adams to surreptitiously accept belated bribes, I guess by having a would-be briber purchase a large amount of the token, and then extracting the funds as we saw. This is certainly possible, I suppose — there are some wallets that spent tens or even hundreds of thousands of dollars to purchase the token. But with Adams out of office and no longer needing to file disclosures, I don’t see why he’d go about it this way rather than just quietly creating a wallet and having people transfer crypto to him directly. Neither Adams nor the NYC Token team responded to questions about the removal of liquidity, the automated buying strategy, or details about the token, its team, or its plans to follow through on its promises. However, shortly after I sent the questions, the automated token buys stopped.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
With all those red flags flapping in the wind, it’s perhaps no surprise that the token launch quickly turned into disaster [W3IGG]. Almost immediately after the token was launched, the project’s liquidity providerd withdrew more than $2.4 million in USDC from the one-sided liquidity pool,e causing the token price to plummet by about 85%. Though the project team later claimed they had been “rebalanc[ing]” liquidity, they only returned $1.5 million to the liquidity pool, with more than $900,000 of it left sitting in the LP wallet. That same wallet then began making automated purchases of $NYC every minute, which the team claimed is part of a TWAP (time-weighted average price) buying strategy. This is a strange explanation that doesn’t address why the third-party liquidity was withdrawn, why it was only partially returned, or why the remaining USDC is now being used in a way that seems intended to create the appearance of sustained demand without any new money actually coming in.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Former New York City Mayor Eric Adams launched “NYC Token”: half memecoin, half social experiment to determine how many glaring red flags you can stuff into one pitch and still convince people to buy. A figurehead who Trump had to rescue from federal bribery and corruption charges: check. An unidentified team running the project: check. Massive quantity of tokens to be held back in “reserve” with no details around custody, access control, or planned use: check. Pointers to documentation that doesn’t exist: check.c Lofty and numerous promises — educating kids about crypto, combatting “antisemitism” and “anti-Americanism” in NYC, and providing financial aid to students seeking higher education — with no specifics whatsoever about how they will fulfill them: check.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
This brazen display seems to have caused something of a power struggle between Coinbase and President Trump, who was reportedly infuriated by Coinbase’s surprise “rug pull”. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” a source close to the Trump administration told journalist Eleanor Terrett, adding that the White House was considering yanking its support for the bill if Coinbase can’t come up with a satisfactory compromise proposal on stablecoin yield.13 Armstrong later objected to Terrett’s reporting, claiming “The White House has been super constructive here”, but confirming that the White House had directed Coinbase to “go figure out a deal with the banks”.14
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp last week
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
In an alternate universe, Congress might be focused on passing laws that don’t elevate the interests of corporations and oligarchs above the everyman. Ones that ensure the stability of the American financial system, protect consumers, address officeholder ethics concerns, and prevent financial crimes. Sadly, in this universe, lawmakers are primarily concerned with satisfying the demands of their newest and most generous campaign contributors. Senate Banking Ranking Member Elizabeth Warren (D-MA) told Politico, “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”3 After a year of this Congress, it would be hard to argue they’re wrong.
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
This is nothing new — just the latest demonstration of the crypto industry’s power over Congress after it spent over $130 million installing allies in the 2024 election. Within weeks, House Agriculture Committee Chair GT Thompson (R-PA) made the new power dynamic explicit when he said how crypto legislation was being drafted in “tripartisan” fashion, with the crypto industry forming the new third political wing of Congress [I76].
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
While mainstream news sources are often hesitant to draw cause and effect between two suspiciously timed events, it was too overt even for them, with the New York Times writing that Coinbase had “scuttled” the vote.2 Coinbase further emphasized its degree of control over the Senate when CEO Brian Armstrong stated in an interview with CNBC, “We’ve got a chance to do a new draft and hopefully get back into a markup in a few weeks” — speaking as if Coinbase, not Congress, controlled both the drafting process and legislative calendar.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
Last Wednesday afternoon, Coinbase withdrew its support for the Senate’s draft market structure bill, citing concerns about limits on tokenized stocks and stablecoin rewards, burdensome requirements for defi protocols, and excessive authority granted to the SEC.1 Within hours, Senate Banking Committee Chair Tim Scott (R-SC) canceled the markup hearing scheduled for the following day.
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