NEED TO KNOW
- Treasury Secretary Scott Bessent announced the Trump administration is “going big” on digital assets.
- This comes a day after Trump dined with top holders of his personal $TRUMP meme coin at his golf club.
- Critics say the administration is setting crypto policy while personally profiting from the tokens they’re regulating.
Regulatory Clarity or Conflict of Interest? Depends How Many $TRUMP Tokens You Hold
In a move so bold it almost read like satire, Treasury Secretary Scott Bessent took to X on Friday to declare the Trump administration’s full embrace of crypto. “We’re going big on digital assets,” he wrote, days after President Trump hosted a $1,000-a-plate dinner for the top 220 holders of his own meme coin, complete with laminated access cards and golden frames that may or may not be deductible.
The timing was not lost on anyone.
Critics, watchdogs, and anyone with an internet connection quickly noticed the coincidence: The same administration that just regulated dinner seating based on coin holdings is now promising “regulatory clarity” for the entire digital asset market.
Policy Now Powered by Personal Holdings
Bessent blamed the previous administration for nearly destroying the industry through what he called a “regulation-by-enforcement approach.” The Trump team, he says, will fix that, just as soon as they finish managing their personal NFT portfolios.
The tweet failed to mention that the president’s own meme coin, $TRUMP, is not just an internet joke but a financial instrument tied directly to campaign-style perks. Last week’s gala included halibut, chocolate lava cake, and subtle undertones of “SEC, don’t look at this.”
According to Bessent, the administration isn’t just fixing regulation. They’re leading it, from inside the industry. Literally.
From Token Dinner to Token Policy
The administration has also endorsed a new stablecoin bill, which critics say could further blur the line between governance and grift. Some worry that under Trump’s approach, crypto legislation may be drafted by the same folks minting “limited edition Trump Victory Tokens” on Tuesdays.
Sen. Chris Murphy called it “the most creative form of corruption we’ve seen since NFTs got Wi-Fi.” Even pro-crypto Republicans expressed concern, with one anonymous lawmaker whispering, “It’s like the Department of Transportation selling road signs on Etsy.”
Bessent insists everything is above board. “We’re just cutting through red tape,” he said. “And if the scissors happen to be paid for with meme coin profits, well, that’s what innovation looks like.”
Quote of the Moment
They’re not just regulating the market, they’re the market…
Campaign finance lawyer sobbing into his ledger
