Crypto and Power

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At Donald Trump’s second inauguration, cameras panned to a plutocratic array of Tim Cook (CEO of Apple), Shou Zi Chew (CEO of TikTok), Mark Zuckerberg (CEO of Meta), and Elon Musk (CEO of X, SpaceX, and Tesla), now serving as head of the newly formed Department of Government Efficiency. These figures represented a growing faction within the Trumpian coalition: the techno-libertarians.

In a broad sense, techno-libertarians champion minimal government regulation, open markets, and rapid technological expansion—forces that they argue will facilitate the free flow of capital in modern economies. They continuously seek unregulated markets like privatized energy production, space exploration, and, notably, cryptocurrency.

They wield two essential sources of power: attention and money. Owning the largest social media platforms allows them to dominate public discourse, while powerful crypto-backed PACs have achieved remarkable electoral success—winning all 48 races they funded in the last election cycle (Akinnibi & Carson). 

With the support of techno-libertarians, Trump has pledged widespread deregulation across various financial sectors, and has promised to drop antitrust suits against CEOs of social media and cryptocurrency firms (Godoy). Additionally, President Trump has been personally involved in some of these enterprises. During his campaign and even after his election, he not only advocated for cryptocurrency deregulation but also personally benefited from the lack of regulation in the sector.

Once an outspoken critic of cryptocurrency—calling Bitcoin a ‘scam’ during his first term—President Trump has since become one of its most prominent promoters. Last fall, he pledged to make America “the crypto capital of the world” (The White House). As part of his push for a crypto-driven future, Trump’s three sons, along with billionaire Middle East envoy Steve Witkoff, established Work Liberty Financial (WLF), a private crypto investment banking platform. 

According to the WLF website, President Trump serves as its “Chief Crypto Advocate.” However, an unreviewed SEC report reports that Trump acts solely as a promoter of WLF (SEC). Despite this, President Trump retains control over DT Marks DEFI LLC, a corporation that holds a majority stake in the group. Since its launch on October 15, 2024, WLF has generated $550 million in profit through two token sales—digital assets that grant buyers access to the platform—including its proprietary cryptocurrency, $WLFI (Sigalos). 

Then, on January 17th—after the election but before taking office—Trump released a cryptocurrency of his own, $TRUMP. 80% of the $TRUMP asset is retained by two organizations affiliated with Trump (Massa). The tokens are set for gradual release over the next three years (Warren & Auchincloss). Initially priced at 18 cents, $TRUMP skyrocketed to $75 per coin within two days (Lipton & Yaffe-Bellany). On that peak day, January 19th, his wife, Melania, introduced her own coin, $MELANIA. The LLCs controlling these coins, all associated with the Trump family, profited by $100 million in transaction fees alone (‌Nicas & Yaffe-Bellany). 

Once in office, President Trump followed through on his crypto-friendly promises. He replaced the chair of the Securities and Exchange Commission (SEC) with Paul Atkins, a staunch free-market advocate, appointed David Sacks, a tech investor and prominent booster of Trump’s campaign, as the administration’s newly created position of 'AI and Crypto Czar,' and signed an executive order to establish a federal Bitcoin reserve (Stone)(The White House). 

Whether as a means to appease techno-libertarians or as a personal avenue for profit and influence, Trump has emerged as a powerful advocate for cryptocurrency. Like others in his circle, he has recognized its largely unregulated potential, allowing it to be leveraged with minimal oversight. In terms of Trump’s crypto dealings, former diplomat Norm Eisen has described them as “the single worst conflict of interest in the modern history of the presidency,” (Warren & Auchincloss). Through indirect holdings, such as WLF, Trump and his family have already profited from his crypto business pursuits while in office. With his own coin, he has effectively monetized his likeness, and more concerningly, created a medium for interest groups to anonymously gain access to the Trump circle.

Meanwhile, another free-market libertarian and close Trump ally, Argentine President Javier Milei, has taken a similarly enthusiastic approach to cryptocurrency. Even before his election, Milei was an outspoken supporter of digital currencies, frequently touting their benefits, especially as a means to deregulate the Argentine economy (Feliba).

In February, President Milei posted about the launch of a new crypto coin called $LIBRA on his social media accounts. After the endorsement, the coin surged in value before collapsing within an hour, causing investors to collectively lose $250 million (‌Nicas & Yaffe-Bellany). Quickly, Milei deleted his posts and denied any connection to the coin or gaining any profits off his promotion (Buschschlüter). Accusations of a ‘rug pull’ followed, and Milei now faces legal scrutiny in both the U.S. and Argentina. Then, in a public defense of his actions, he wrote on X: “If you go to a casino and lose money, what’s your complaint?”

But unlike President Milei’s analogy, crypto is not a casino. It is a largely lawless domain where power is both concentrated among those who control and manage major crypto corporations and decentralized, lacking any collective governing body to regulate its use. This absence of oversight allows for unchecked market manipulation and an evasion of accountability, allowing cryptocurrency to become a tool for political influence, financial control, and illicit activities.

As demonstrated by President Trump and Milei, the techno-libertarian dream of a decentralized, crypto-driven world appears less like a progressive future and more like a means of increasing, unscrutinized economic and political dominance by the already-powerful. Yet, cryptocurrency is not the only way to bypass economic and legal regulations. The techno-libertarian movement has consistently sought out new unregulated markets to exploit and control. Cloaked in the promise of a more efficient future, these spaces of free-flowing capital further entrench an unequal and dominant global economic structure.

Sources:

Akinnibi, F., & Carson, B. (November 8, 2024). Crypto’s $135 Million Campaign Is Undefeated in 48 Races So Far. Bloomberg.com website: https://www.bloomberg.com/news/articles/2024-11-08/crypto-s-135-million-campaign-is-undefeated-in-48-races-so-far?sref=qYiz2hd0

Buschschlüter, V. (February 18, 2025). Argentina’s President Milei denies crypto fraud allegations. Bbc.com website: https://www.bbc.com/news/articles/c1w07nq8qqqo

Feliba, D. (February 5, 2024). Milei’s deregulation agenda sparks optimism for Argentine crypto. From Fintech Nexus website: https://www.fintechnexus.com/rental-contracts-crypto-milei-agenda-sparks-sector-optimism-argentina/

Godoy, J. (March 7, 2025). US drops bid to make Google sell AI investments in antitrust case. Reuters website: https://www.reuters.com/technology/us-drops-bid-make-google-sell-ai-investments-antitrust-case-2025-03-07/

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‌Nicas, J., & Yaffe-Bellany, D. (February 28, 2025). Argentina’s Crypto Scandal Swindled Thousands. What Did Javier Milei Know? The New York Times. https://www.nytimes.com/2025/02/28/world/americas/argentina-crypto-scandal-president.html

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Warren, E., & Auchincloss, J. (January 23, 2025). Warren, Auchincloss Investigate Trump Meme Coins; Raise Concerns about Consumer Ripoffs, Foreign Influence-Peddling, Conflicts of Interest | United States Committee on Banking, Housing, and Urban Affairs. Senate.gov website: https://www.banking.senate.gov/newsroom/minority/warren-auchincloss-investigate-trump-meme-coins-raise-concerns-about-consumer-ripoffs-foreign-influence-peddling-conflicts-of-interest

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