Despite their reservations about the impacts of crypto on consumers and the financial system, Democratic Party operatives and crypto industry advocates are secretly coordinating to push Democratic senators to back the pro-crypto GENIUS Act.
Most of us sense cryptocurrency is a scam. But some boosters claim progressives shouldn’t abandon crypto. Examine those claims closely, however, and you won’t find much — perhaps because there really isn’t an argument for crypto from the Left.
Kyrsten Sinema accepted tens of thousands of dollars from crypto companies while in Congress. Now she’s leveraging those ties as a new adviser to Coinbase, the $73 billion crypto exchange platform.
The Trump administration has issued a blanket ethics waiver to venture capitalist David Sacks, the president’s new special advisor for AI and crypto. The waiver clears Sacks to work on regulatory issues directly related to his financial holdings.
Recent reports from federal regulators warning about crypto’s volatility and lack of regulation echo alerts about the subprime mortgage industry before the 2008 financial crisis.
Pro-crypto candidates in the 2024 election cycle are enjoying a major funding boost from the $2.5 trillion cryptocurrency industry, which is fighting hard to reverse regulatory measures put in place by government agencies like the SEC.
Last September, California governor Gavin Newsom vetoed a bill that would have imposed rules and transparency on the state’s largely unregulated cryptocurrency industry. The move came after the crypto industry spent more than $400,000 on lobbying Newsom.
The cryptocurrency exchange FTX recently collapsed in spectacular fashion. Yet a lawsuit linked to the exchange is currently attempting to force crypto into the retirement market.
Sam Bankman-Fried, founder of FTX cryptocurrency exchange, rose swiftly as a Democratic mega-donor, rubbing shoulders with elites as he lobbied for crypto-friendly regulation. With FTX collapsing now, it’s clear his politicking demanded scrutiny long ago.
Former FTX head Sam Bankman-Fried is now on trial for massively defrauding his company’s customers and lenders. The lurid web of lies the trial is uncovering strengthens the case that crypto is a giant scam.
Advocates of crypto claimed that it would liberate ordinary people from the constraints of big finance and state-backed money. In reality, it’s become a vehicle for high-risk financial speculation, with the same narrow elite harvesting the gains.
There’s lots of breathless chatter out there about how cryptocurrency will reshape the world. But the truth about crypto is simple: capitalists are using it to get rich and screw the rest of us.
Donald Trump used the White House to pump crypto to unprecedented highs. It’s still collapsing.
Once-celebrated crypto mogul Sam Bankman-Fried is now sitting in a Brooklyn jail cell, awaiting trial for several counts of fraud and money laundering. But the scammy Silicon Valley capitalism he represents isn’t going anywhere.
In times of war, stocks in weapons companies have always been a safe investment. Russia’s invasion of Ukraine has shown that wars are also a big opportunity for crypto bros — another group of disaster capitalists profiting off other people’s misfortune.
How America got high on the crypto bubble — and lost it all.
As usual with the tech industry, cryptocurrencies weren’t just sold as a risky investment — they were framed as a social good. Now that the crash has ruined lives, those who promised societal transformation through crypto should be held accountable.
Cryptocurrencies like Bitcoin took huge nosedives this week. Unfortunately, we aren’t living through the end of crypto — but hopefully the talk of it being the money of the future that will make us all rich has been shown to be lies.
Wall Street and the crypto industry are engaged in a legislative battle over which business interests will get to fleece more of their customers’ money, with big banks hoping to close a loophole that allows cryptocurrencies to pay interest to investors.
Many low-income people invested in the now-disgraced crypto exchange FTX. That’s because the exchange allegedly targeted poor and underbanked people and convinced them that FTX was just as safe as a regular bank.