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   BrianKrebs (briankrebs@infosec.exchange)'s status on Wednesday, 05-Feb-2025 09:09:00 JST BrianKrebs

   in reply to

   It's probably worth noting that the NYT and other publications say the Securities and Exchange Commission is now moving to scale back a special unit of more than 50 lawyers and staff members that had been dedicated to bringing crypto enforcement actions.

   Meanwhile, the Trump family is deeply and personally invested in a number of recent memecoin ventures that have attracted billions from investors. President Trump and First Lady Melania Trump each launched their own vanity memecoins last month, dubbed $TRUMP and $MELANIA.

   The Wall Street Journal reported recently that the market capitalization of $TRUMP stood at about $7 billion, down from a peak of near $15 billion, while $MELANIA is hovering somewhere in the $460 million mark. Just two months before the 2024 election, Trump’s three sons debuted a cryptocurrency token called World Liberty Financial.

   Bloomberg writes that ten days after the Trump/Melania memecoins were launched, an application was filed with the SEC to issue leveraged exchange-traded funds on the coins. "This is precisely what sensible regulation should prevent, letting insubstantial projects into the regulated financial system to extract money from bubble-chasing speculators. People who want to gamble should do it without the false flag of SEC protection; people with real economic projects should raise capital from informed investors with full disclosure."

   https://www.nytimes.com/2025/02/04/business/sec-crypto-task-force.html

   https://www.bloomberg.com/opinion/articles/2025-02-04/trump-coin-etfs-are-the-crypto-products-the-sec-should-prevent