Post by Clara “idling forward” sparks

9d

Trump’s memecoin dinner happened on May 22, though the people who spent millions of dollars on $TRUMP memecoins to secure invitations were treated to mediocre food and only a brief appearance by the president.

#crypto #cryptocurrency #USpolitics #USpol

Memecoin dinner
Trump held his memecoin dinner on May 22, drawing a crowd of crypto elite who spent anywhere from $55,000 to nearly $38 million to secure a seat at the dinner table, with the event driving almost $150 million in token sales. Some of the attendees I’d previously identified indeed were there, including the leaderboard-topping Justin Sun, at least one delegate from MemeCore (who wore a mask throughout), and someone from LuckyFuture, an embryonic company that plans to launch an “AI-based ETF”.

Attending the dinner, crypto billionaire Justin Sun and a masked individual associated with a Singapore-based project called MemeCore

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Crypto executives were also in attendance, including Magic Eden’s Jack Lu, Wintermute’s Evgeny Gaevoy, Axie Infinity’s Jeffrey Zirlin, and Unstoppable Domains’ Sandy Carter. There was also former NBA player Lamar Odom, who just launched an “anti-addiction themed memecoin” where 5% of the token is allocated to supporting drug rehabilitation centers and mental health education (but only once the token hits $10 billion market cap). 20% goes to a “special allocation for the ‘Trump Dinner Program’”.10

Trump’s own attendance at the dinner was brief: precisely 23 minutes, according to one attendee.11 Trump disembarked from the Marine One helicopter; gave a characteristically rambling speech about transgender athletes, autopens, Joe Biden, and, eventually, his favors to the crypto industry; shuffled and pumped his fists to the beat of “Y.M.C.A.”; and then left without taking any pictures or speaking even to VIP attendees.1213 Attendees were served mediocre food and presented with “Fight Fight Fight” ballcaps and collectible plastic-sheathed trading cards.

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9d

The crypto industry is trying to ram through the CLARITY Act, a flawed market structure bill that reads like it was written by industry lobbyists.

#crypto #cryptocurrency #USpolitics #USpol

Someone (read: the crypto industry) also lit a fire under the ass of Congresspeople working on the crypto market structure bill, which has since received one of those kitschy acronyms Congress can’t seem to resist. Now known as the CLARITY Act, the bill seeks to establish a joint regulatory environment between the SEC and CFTC, carving out something called an “investment contract asset” to exempt some kinds of crypto assets from securities regulations. It’s a complex and convoluted bill, and it’s pretty clear to me from reading it that it was written by industry lobbyists. I don’t actually think, at least as drafted, that it’s likely to introduce that much in the way of “clarity” to crypto regulation: there are still weird and vague definitions that would still seem to require the same kinds of securities analyses that the industry has been trying to sidestep. However, the bill’s authors may be relying on the fact that, at least for now, the SEC doesn’t seem terribly interested in crypto enforcement.

The CLARITY Act also introduces a poorly defined concept of a “mature blockchain system”, which seems to be the evolution of FIT21’s “decentralized system” evaluations. However, under the bill, blockchain system developers need merely state that they “intend” to become a mature blockchain and they’re granted four years and allowed to raise up to $75 million without significant scrutiny. One need only take the briefest glance at Web3 is Going

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The bill is on a rocket schedule, with a hearing already held on June 4 and markup scheduled for June 10. The June 4 hearing featured as witnesses two crypto-friendly former regulators, and two members of the crypto industry.20 Ranking Member of the House Financial Services Committee Maxine Waters subsequently requested a Minority Day Hearing with a panel of witnesses selected by Democrats, which she said would discuss “President Trump’s crypto conflicts of interest and corruption...; the effects of H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025, on consumer and investor protection, national security, and existing securities and commodity futures regulation; and the potential effects of the proposed legislation on the digital asset industry and broader financial system.”21

The speed at which this bill is being pushed through is perhaps not surprising given the attention to crypto industry desires from the top echelons of government, and concern that changes need to happen fast while there’s enough concentration of power to force them through. JD Vance, speaking at the Bitcoin 2025 conference on May 28, was blunt: “I hope that our party is in charge for a long time, but nothing is ever guaranteed in politics. So the best way to ensure that crypto is part of the mainstream economy is through a market structure bill that champions and doesn’t restrict the extraordinary value that bitcoin and other digital assets represent.”22

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9d

@molly0xfff @dgoldsmith as a nymous Clarity, I find this gross and wrong >:o

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