MAKING CENTS OF IT ALL

Democrats are trying to stop the Trump family from making hundreds of millions from crypto. So far, it’s not going so hot.

• Democratic senators torpedoed legislation to regulate a type of cryptocurrency known as “stablecoins” yesterday, amid outrage over President Donald Trump’s expanding crypto empire. The good news: Everyone agrees there should be guardrails on digital currency. The bad news: GOP lawmakers don’t want to stop Trump’s kiddos from making shady deals and becoming even richer, Democrats say.

• How’d we get here? Last week, a state-backed United Arab Emirates investment firm announced that it would make a $2 billion business deal using digital currency affiliated with Trump’s family. There are so many glaring conflicts of interest here to unpack, and his family could make tens of millions off this deal alone.

• The bottom line: Trump unveiled a new crypto exchange, World Liberty Financial, in September 2024 — right before the election. The group was marketed as an internet bank, where people can borrow and lend money using crypto. As of late March, it had sold at least $550 million in crypto. (The White House claims Trump’s assets are in a trust managed by his children, so there’s no conflict of interest. But that hasn’t stopped them from using Trump’s persona to market the crypto.)

• Critics say mega-wealthy people will purchase tons of the Trump family’s cryptocurrency to gain access to the White House. It’s happening in plain sight: Trump is hosting private dinners for people who invest in his digital coins, including one event that costs $1.5 million to attend. One company publicly bragged about buying influence this week.

That brings us back to Capitol Hill, where Democrats blocked a crypto regulation bill because it wouldn’t stop Trump’s corruption.

• Democrats believe the GENIUS Act doesn’t do enough to stop elected officials from profiting off crypto — so the bill didn’t pass  yesterday due to the lack of Democratic support.

• Welcome to a classic Washington, D.C.-style lose-lose situation: There’s still nothing stopping Trump from making bank off crypto. But Democrats hope to pressure Republicans to include anti-corruption measures down the road.

• “The one helpful thing about President Trump is that he’s the most effective anti-crypto spokesperson — because he’s taking a lot of the problems in the industry and amplifying them,” Amanda Fischer, former SEC chief of staff in the Biden administration, told What A Day.

“He’s taking all of the worst things that we have a hunch about and just bringing them into the open,” Fischer added. I’ll take any silver linings I can get.

GAME OF GROANS

Last Friday, we played Washington, DC’s favorite game: Which Democrats will run for president in 2028?

As expected, dozens of What A Day readers have very strong opinions on who should succeed Donald Trump (God willing, he doesn’t run again!…). Here’s the run down.

Several readers were disappointed that I didn’t float Sen. Chris Murphy (D-CT), widely believed to be among the most ambitious politicians gunning for a future chance at the White House, or at least a cabinet spot, one day. His resume is strong, he’s a skilled orator, and he isn’t a million years old.

“He’s young, passionate, and charismatic. Just sayin’,” Reid wrote.

Rep. Alexandria Ocasio-Cortez (D-NY) is another candidate that many readers said they want to see.

“She’s a generational leader, an orator rivaling Obama AND she’s authentic and won’t bow to anyone,” Mike wrote.

A few other names were brought up once or twice: Wisconsin Democratic Party Chair Ben Wikler, Rep. Greg Casar (D-TX), Rep. Jasmine Crockett (D-TX), Sen. Mark Kelly (D-AZ), Sen. Jon Ossoff (D-GA), former State Rep. Stacey Abrams, former Rep. Stacy Abrams… and even Sen. John Fetterman (D-PA), whose health is in the spotlight right now.

And, of course, former President Barack Obama… “but only if Trump runs,” Meredith says. Amen!

(Note: The Constitution clearly states that “no person shall be elected to the office of the President more than twice.” That should bar both Trump and Obama, even if some Trump mega-fans like to fantasize about finding a loophole.)

NEWS NEWS NEWS

Authorities arrested Newark Mayor Ras Baraka after he was accused of trespassing inside an ICE detention center today. Baraka, who is running for governor, was protesting the center’s opening. He has “chosen to disregard the law,” interim U.S. Attorney for New Jersey Alina Habba said in a statement.

Gov. Phil Murphy (D-NJ) said he’s “outraged” by the “unjust arrest” and called for Baraka’s release.

Air traffic control radars went dark for 90 seconds at the Newark airport this morning. It’s the second time that’s happened at the location in the past two weeks. But commercial aviation remains remarkably safe, by the numbers… right, guys? Right, guys???…  

Donald Trump signalled that he’s willing to cut tariffs on China from 145 percent to 80 percent, ahead of talks between Chinese and U.S. officials in Switzerland this weekend. America first… to retreat!

Trump is giving mixed signals on whether he thinks Hill Republicans should raise taxes on the rich. He’s considering raising income taxes to 39.6 percent (from 37 percent) for those making over $2.5 million, the Wall Street Journal reports. But with Truth Social as his canvas, Trump is painting some pretty abstract shit: “In any event, Republicans should probably not do it, but I’m OK if they do!!!” he wrote. Uh… what? It’s like when you’re hoping the other guy orders appetizers at the restaurant, so you can just have a few.

Trump fired Librarian of Congress Carla Hayden, the first woman and first African American to hold that post. She had been criticized by conservative activists for being “woke” and anti-Trump… which, presumably, really just means she was good at, like, making the library more accessible. Reading is so damn woke!

Trump chose Fox News host Jeanine Pirro to serve as interim U.S. Attorney for Washington, D.C. after he pulled Ed Martin, his former pick. But that’s not the end for Martin, who represented January 6 rioters! He will serve as “the new Director of the Weaponization Working Group, Associate Deputy Attorney General, and Pardon Attorney,” Trump said. Wow, I couldn’t think of a worse person for this job! Honestly… impressive.

The Pentagon will begin purging some 1,000 transgender troops from its ranks, while providing others 30 days to self-identify. “No more pronouns,” Hegseth said during a military conference in Florida this week. “No more dudes in dresses. We’re done with that shit.” Maybe show some basic decency? What the hell kind of way is that to talk about the people who serve this country.

Amazon sells over 60% of all books in the US.

Read that again.

The majority of books—those treasured worlds we love so much—are arriving to readers via a retailer who has misery built into its supply chain. A retailer who exploits its workers, avoids its taxes, and is one of the biggest carbon polluters in the US. We don’t think Amazon should be in charge of our literary culture, do you?

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