Original Title: Teapot Dome. Watergate. They're Nothing Compared to This.

Original Author: Jacob Silverman (Author of "Golden Rage: Elon Musk and the Radicalization of Silicon Valley")

Original Translation: Kaori, Peggy, BlockBeats

Editor's Note: In American political history, no president has intertwined national power, personal brand, and financial speculation on a global scale quite like Trump.

The fusion of money and power is nothing new, but when this fusion takes the form of a "token," when the image of a head of state becomes a tradable asset, when political influence can freely flow on the blockchain, what we are facing is no longer traditional corruption but a systemic restructuring.

The account documented in this article is not just a single scandal but a paradigm shift: the president is no longer just a political figure but the largest holder in a decentralized economy; diplomatic relations are no longer achieved through discreet talks but through linked wallet addresses. Technology, once seen as a safeguard of transparency and fairness, could now become a new power broker.

As cryptocurrency enters the White House, as the digital shadow of the dollar intertwines with national will, we must reconsider one question: in this era of "on-chain sovereignty," do the boundaries of power still exist?

Below is the original content.

The New Power Wallet: How Cryptocurrency Entered the White House

If you are an authoritarian leader trying to influence another country's head of state, you might gift him a lavishly equipped Boeing 747 jet; you might indulge in his hotel, or invest in the many businesses owned by him and his children; you might even purchase his branded sneakers, NFTs, and other brand products.

However, in the case of President Trump, potential "power brokers" have a more diverse menu of options.

But now, all of this seems superfluous.

During the campaign, Trump announced his cryptocurrency plan—World Liberty Financial—and launched a "meme coin" named after himself just days before taking office. Anyone who buys World Liberty's token can indirectly channel funds to the Trump family enterprises. Through a crypto project controlled by the president, his son, and family friends, the Trump family has amassed billions in paper wealth.

World Liberty has become a powerful channel of influence: anyone — whether it's you, me, or a prince of the UAE — can simply purchase tokens issued by the company to fill Trump's wallet.

The key lies in this "convenience." For those seeking influence, cash-filled briefcases and Swiss bank accounts have been replaced by cryptocurrency tokens that can be quickly transferred between wallets and exchanges. And more sophisticated crypto users — nation-state actors, hacker groups, money laundering syndicates — can even cloak transaction traces through tools like "mixers."

It is this convenience that has made cryptocurrency the preferred tool of criminal organizations and sanctions evaders.

The Illusion of Transparency: When Corruption Happens in the Name of "Decentralization"

This is unprecedented in American political history.

Looking back at scandals in past administrations — the corruption around President Grant, the Teapot Dome scandal during Harding's term involving oil lease bribes, and even Nixon's Watergate — none have seen someone like Trump so extensively intertwine personal and government interests, nor have they seen anyone profit to such a huge extent.

There is nothing innovative here. The only "novel" aspect lies in the current president openly using his name, image, and social media influence to promote a cryptocurrency token hardly different from countless other products on the market. To MAGA supporters and ordinary speculators, buying these tokens may mean risking everything; and a president leading political supporters into such high-risk investments is condemnable in itself.

But the bigger risk is that powerful foreign actors may use this as a means to channel huge amounts of money to Trump.

For any head of state, purchasing Trump's tokens or investing in his crypto project has become a direct political speculative act.

This is the abnormal incentive created by Trump's "crypto donation box."

Take, for example, two recent multi-billion-dollar transactions involving one of the most influential figures in the UAE, Sheikh Tahnoon bin Zayed Al Nahyan, and Trump's Middle East envoy Steve Witkoff:

In the first transaction, a state-controlled investment fund led by Tahnoon pledged a $20 billion investment in the world's largest crypto exchange, Binance, using USD1, a stablecoin issued by World Liberty Financial. (A stablecoin aims to maintain a stable value and serve as a substitute for the "digital dollar.")

It is worth noting that Binance founder Changpeng Zhao, after admitting to money laundering, is currently seeking a pardon from Trump.

In the second transaction, Vitalikov facilitated a deal with David Sacks, the "AI and Cryptocurrency Czar" appointed by Trump—a venture capitalist—who arranged for the UAE to purchase hundreds of thousands of high-end AI chips for data center construction. These chips are highly sought after in the global AI race and are subject to strict export controls. Experts are concerned that the UAE may resell or share these chips with Chinese companies.

While there is no concrete evidence of a direct "quid pro quo" in these two transactions, the participants have extensive overlapping interests, and a pattern of blurred lines between public and private interests has become a hallmark of the Trump administration.

Tahnoon's use of a $2 billion USD1 stablecoin is intriguing in itself.

If his sole purpose was to invest in Binance, a direct wire transfer would have sufficed.

Choosing to use World Liberty Financial's USD1 stablecoin as an "intermediary" is essentially enabling a company that directly benefits Vitalikov and Trump to "create value" out of thin air.

Despite the scandalous nature of these activities, Trump's crypto endeavors mostly unfolded in a relatively open environment.

Some notorious figures in the crypto community even openly boasted on social media about purchasing tens of millions of dollars' worth of WLFI tokens.

One of the most active in this regard is Chinese crypto entrepreneur Justin Sun—who frequently showcases his substantial holdings of World Liberty and Trump meme coins on social media and positions himself as a key supporter of Trump's crypto empire.

In February of this year, the U.S. Securities and Exchange Commission (SEC) requested a federal judge to pause civil fraud proceedings against Justin Sun, a request that the court granted. In May, Justin Sun, as one of the top holders of Trump meme coins, was invited to a dinner at the Trump National Golf Club in Virginia, where he received a gold watch as a gift from the President.

In the past (meaning just a few years ago), if a president was involved in such blatant conflicts of interest, Congress would have already held hearings, and law enforcement agencies would have launched investigations.

However, a recent Supreme Court ruling on "presidential immunity" has rendered these oversight mechanisms almost toothless.

The Department of Justice will not prosecute a sitting president.

At the beginning of his new term, Trump fired 18 inspectors general—key figures who could have potentially exposed and investigated government encryption activities. In February of this year, he also ordered the Department of Justice to temporarily suspend the enforcement of the Foreign Corrupt Practices Act (which prohibits bribing foreign officials), only to resume it four months later.

Meanwhile, regulatory agencies have been withdrawing their focus from the cryptocurrency field, while the Trump administration has helped advance the legislative agenda favored by the crypto industry.

Trump's and his offspring's accumulation of crypto wealth seems poised to continue expanding during his term.

Currently, there is no visible "ceiling" to halt the continued inflow of foreign capital. This wide-open door paves the way for a form of top-tier corruption unseen in America before. We must confront the dark possibilities it brings.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia