Trump’s policies could aid terrorist and far-right groups who use cryptocurrency to help quietly finance their ends

Summary

Donald Trump’s potential loosening of cryptocurrency regulations as president could benefit extremist groups like neo-Nazis and terrorists who use crypto for anonymous fundraising.

Far-right groups, such as the Base, already solicit Bitcoin and Monero for training and supplies, exploiting crypto’s anonymity to evade financial scrutiny.

While Biden’s administration has cracked down on crypto over national security concerns, Trump’s pro-crypto policies and appointments could accelerate extremist financing.

Analysts warn that weak private sector oversight and a lack of regulatory enforcement enable such activities, raising concerns about future abuse of cryptocurrencies.

    • NotMyOldRedditName@lemmy.world
      3·
      4 hours ago

      Lots of companies (edit or parts of their products) have pulled out of the USA due to the lack of clarity in crypto rules. Many have been served with wells notices with the SEC claiming their breaking laws around securities, forcing settlements or making companies fight to stand up for not being a security. The ETFs took years to get approved, and it really only happened because a judge told the SEC to fuck off this year.

      The US has been crippling the US crypto industry for years. Whatever you see is happening in spite of that.

      Fuck Trump, but crypto regs are fucked in the US. Also fuck any crypto person who voted for Trump because of this. Even if he does what he says here, it’s not worth it

      Just yesterday an appeals judge finally ruled that a smart contract without admin keys (immutable code) is not property, while people are in jail or being jailed over writing them and being considered the owners.

      Edit: and even with the ETFs approved, the SEC still isn’t allowing the providers to offer them how they want. E.g they can’t stake part of the ethereum they hold to provide yield/interest even though it’s baked into how these blockchains work with proof of stake.

  • TimLovesTech (AuDHD)(he/him)@badatbeing.socialEnglish
    13·
    7 hours ago

    The important part of this is Trump launching his new crypto “lending” platform they can’t explain. It’s surely to be a vessel for bribes to flow into and out of the new administration, and for all his “friends” to try and do all their shady business dealings. Allowing him to keep his new platform/fake-crypto-bank (or even his kids to proxy) while also being able to have it regulated (well apparently deregulated - although it’s already the wild west) seems like a HUGE conflict of interest/liability.