Donald Trump’s unexpected enthusiasm for crypto, a marketing gimmick? Or, might it actually be a shrewd, predatory move that endangers American national security? That’s the million—billion—dollar question that everybody should be asking. And frankly, the answer scares me.

We’re not just talking about any other politician – we’re talking about a man who, in his first term, was an outspoken enemy of cryptocurrency. All of a sudden, though, he’s pledging to make the US the world’s “crypto capital.” He’s gone as far as proposing the establishment of strategic crypto reserve. What changed? Is it the promise of those billions, perhaps secreted away in projects such as the $TRUMP and the $MELANIA tokens?

Quid Pro Quo Crypto Chaos?

Let’s be brutally honest. We’re excited to see the proposed “End Crypto Corruption Act,” led by Senators Merkley and Schumer, go further than mere ethics. Trump’s illegal crypto dealings are this time stoking real fears. This lack of scrutiny and transference further cuts the risk environment for conflicts of interests and, even more troubling, foreign influence.

Think about it. He’s inviting crypto donors and meme coin millionaires to fancy dinners—dinners that can bring in millions of dollars. He’s deeply enmeshed in a billion-dollar business venture with an influential foreign crypto company. Doesn't that raise alarm bells?

This isn't just about potential financial impropriety. It's about national security vulnerabilities. We’re talking about a former president who is perhaps on the cusp of regaining his old job in the Oval Office. He could be blackmailed by foreign powers due to his crypto holdings. This isn’t just a hypothetical threat, it’s a reality we are facing today.

Echoes From Southeast Asia's Playbook?

Coming from Southeast Asia, I’ve seen firsthand how easily vulnerabilities within political systems can be exploited for personal and political gain. We've seen instances where financial incentives – often shrouded in complex business deals – have swayed policy decisions and undermined national interests.

The parallels are unsettling. While Trump’s new-found crypto love is certainly surprising, it shouldn’t be. It helps his business interests, and it creates the potential for huge foreign investment, similar to many loopholes that bad actors in Southeast Asia are so quick to take advantage of. Are we truly prepared to let the same weaknesses seep into America? Are we really going to allow America to be yet again another geopolitical chess ground with DC’s digital dollar as one of the pawns?

  • Lack of Transparency: Crypto's often opaque nature makes it difficult to track the flow of funds and identify potential sources of influence.
  • Weak Regulations: The evolving regulatory landscape of crypto leaves room for exploitation, particularly by those with the resources to navigate complex legal structures.
  • Political Polarization: Deep divisions within the US political system can be exploited to push through agendas that benefit specific individuals or groups, even at the expense of national security.

Trust Eroded, Nation Endangered?

The crux of the matter hasn’t been Trump’s billionaire status, but rather the corrosive effect it has had in undermining faith in government. When high-ranking officials are perceived to be profiting from ventures that could potentially compromise their judgment, it undermines the very foundation of our democracy.

According to a recent report, Trump’s crypto holdings account for almost 40% of his net worth—about $2.9 billion. Whether accurate or not, that perception in itself is toxic. How can the American public have any faith that he is above this kind of behavior and making decisions in the best interest of the country? Given the degree to which his wealth is concentrated in a risky and possibly uncollateralized, fragile asset class, this is horrifying.

What does that say to the world? If the US allows its policymakers to enrich themselves in their pursuit of creating favorable crypto policy, the US is taking a big risk. This would seriously undermine its credibility on the world stage. It invites a hypocrite charge and sows the seeds of distrust and resentment.

Whether or not the “End Crypto Corruption Act” passes, the point is not the legislation itself. The debate it sparks is crucial. Here’s what’s at stake if you allow high-ranking officials to profit from crypto. These elected officials are uniquely positioned to influence the rule-making process on behalf of their constituents and define the rules that regulate the industry, posing deeply consequential ethical questions.

This isn’t Democratic vs Republican, this is national security. It’s about ensuring that our leaders are acting in the best interests of the country, not their own financial gain. We need to insist on transparency, accountability, and a clear line between money and political power. Because if we don’t, Trump’s crypto empire will most certainly turn into a ticking time bomb for the United States.