Opinion
Trump’s love affair with crypto raises worries about presidential conflict and influence
Read more on post.
US president Donald Trump’s “meme coin” $TRUMP fell about 8% in five minutes in late September 2025, wiping millions off its value. Users can buy and sell this cryptocurrency, inspired by an internet meme, on the open market.
Shortly before retaking office, Trump had posted on X: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Below the post was a drawing of Trump with the words “FIGHT, FIGHT, FIGHT” – an allusion to his assassination attempt.
Soon after that announcement came the creation of the $MELANIA coin, named after the first lady, which also slid on the markets in late September 2025.
There are concerns that these and other crypto businesses the president and his family are involved with are creating an unprecedented ethical minefield – blurring the line between private profit and public office.
The personal profit Trump might receive from these meme coins is unclear. The website gettrumpmemes.com suggests that while the product is endorsed by the president, it has “nothing to do with any political campaign”. The Trump Organization, a holding company for Trump’s business ventures, and Fight Fight Fight LLC own 80% of the coins, it states.
But critics such as Democratic senator Elizabeth Warren worry that Trump could be leveraging the presidency to add to his family’s wealth. Norman Eisen, a former ethics adviser to President Barack Obama, has argued that Trump’s crypto dealings may be “the single worst conflict of interest in the modern history of the presidency”.
One inquiry by the New York Times into Trump’s budding crypto empire contended that it has “erased centuries-old presidential norms, eviscerating the boundary between private enterprise and government policy in a manner without precedent in modern American history”.
In response to allegations that Trump has profited off interests while in the Oval Office, his assistant press secretary, Anna Kelly, released a statement saying his assets are “in a trust managed by his children”, and that there was not a conflict of interest.
In May, Democratic senator Jeff Merkeley (Oregon) introduced a bill for an end crypto corruption act, which would ban the president and other senior officials from “issuing, endorsing or sponsoring crypto assets”. The bill is pending with mostly Democrat support, so it is unlikely to pass the Republican-controlled House and Senate.
A family affair
Trump’s forays into crypto are a family affair. His sons Don Jr, Eric and Barron founded World Liberty Financial (WLFI) in September 2024, months before Trump was inaugurated a second time.
The president was originally listed as its “chief crypto advocate”, although his title on the website has since changed to “co-founder emeritus”. The site states this happened when he took office.
Apart from his sons, WLFI includes in the team listed on its website Trump’s chief Middle East envoy and negotiator, Steven Witkoff, and Witkoff’s son Zach.
According to the Trumps, WLFI was founded as “the start of a financial revolution” destined to make crypto more user-friendly. Yet critics say it represents an opportunity for the president to benefit financially, because of his involvement with the firm.
More concerns were raised when its crypto coin, the WLFI token, started trading in September 2025, reaching a high of about 40 cents per coin – hugely expanding the Trump family’s wealth.
Eric Trump also recently founded American Bitcoin. According to a press release, this firm will mine and hoard the world’s most valuable cryptocurrency, bitcoin, as well as capitalise on “opportunistic bitcoin purchases”. Upon its stock debut, estimates were that the Trump sons’ stake in American Bitcoin totalled around US$1.5 billion (£1.12 billion).
Trump’s crypto history
Formerly a crypto sceptic, Trump once said he was “not a fan” of bitcoin. Yet just before re-taking office, he declared that he wanted to make the US “the crypto capital of the planet”.
An early sign of Trump’s interest in crypto came when he spoke to a standing-room only crowd at bitcoin’s annual conference in Nashville, Tennessee in July 2024, becoming the first major presidential candidate to do so.
As America’s chief law enforcement officer, Trump helps set and enforce crypto policy — precisely the arena where his family’s businesses now operate. According to one report, the Trump family’s wealth in crypto, at least on paper, has surpassed US$5 billion – a number that now exceeds Trump’s vast real estate portfolio.
The emoluments clauses were created in the US constitution in 1789 to protect presidents from corrupting influences, and prohibit US leaders from accepting gifts from foreign governments. But they are now considered by some to need updating.
This concern isn’t hypothetical. In May 2025, Freight Technologies (Fr8Tech), a Nasdaq-listed firm based in Mexico, announced it would raise as much as US$20 million to purchase $TRUMP meme coins.
Against the backdrop of the US raising tariffs on Mexico, Fr8Tech CEO Javier Selgas said the deal was both economically and politically advantageous, explaining: “We believe that the addition of the Official Trump tokens [is] an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”
By purchasing Trump’s meme coin, a firm such as Fr8Tech can both support the Trump family’s financial interests and hope to gain favourable treatment on trade policy. More concerns were raised when Trump hosted a black-tie dinner at his club in Virginia for the largest $TRUMP holders.
Trump’s crypto credentials
Trump has been the most crypto-friendly president ever. In March, he signed an executive order to create a national bitcoin strategic reserve – a government stockpile of the asset he has framed as a symbol of US dominance in the digital asset space. Moreover, Trump’s AI and crypto czar, David Sacks, has presided over historic pronouncements to improve the regulatory “rules of the road” for cryptocurrencies.
The US Securities and Exchange Commission, an executive branch agency that regulates markets, has moved to being pro-crypto under Trump, casting aside the approach of the Joe Biden era. This has included dropping legal suits against high-profile crypto firms such as Coinbase.
But while the Trump family benefits financially from its rising investment in crypto, this could yet prove a Pyrrhic victory. If Democrats wrest control of the House of Representatives in the 2026 midterms, they could use it to scrutinise the president’s crypto entanglements – and highlight concerns about presidential conflicts of interest.
Opinion
Labour’s plan to revitalise high streets is good – now it has to make sure people hear about it | Morgan Jones
Read more on post.
The government has launched its Pride in Place strategy, which sees significant investment in disadvantaged communities across the country. It is also, says the newly minted housing, communities and local government secretary, Steve Reed, “putting working families in control of their lives and their neighbourhood”. This follows the English Devolution and Community Empowerment bill, which ploughs a similar furrow, legislating for, among other things, communities’ right to buy and ensuring sports venues are automatically listed as assets of community value.
The strategy is being broadly understood as Labour’s answer to Boris Johnson’s much-touted “levelling up”. The investment, Keir Starmer has said, will “get rid of the boarded-up shops, shuttered youth clubs and crumbling parks that have become symbols of a system that stopped listening”. Neighbourhoods and high streets are the place where the “change” promised by Labour’s winning manifesto must first manifest. It’s not all about the fastest-growing GDP in the G7: the strategy starts by asserting that the government’s “measures of success cannot just be shifts in national statistics but must include change that people see and feel in their local community”.
Labour MPs are praising the direct investment the fund will bring to their communities. The funding allocations have been decided by, among other things, the index of multiple deprivation and the lesser-known community needs index, which measures quality of available services. When communicating the policy to their constituents and local media, they are generally leading with the cash amount being funnelled into their areas, as well they should. Money is what makes things real: policies about duties and responsibilities that cost nothing are cheap in all senses of the word.
People working in what might be understood as the “progressive communitarian” space (including organisations such as Power to Change, the Independent Commission on Neighbourhoods, Locality and the Co-operative party) want to critique that narrative, however. They argue that Labour’s plans are different from the levelling-up funds because of the structures by which the money will be spent. It provides money and power.
“Nothing destroys political trust like money that comes and goes,” says Caitlin Prowle, head of politics at the Co-operative party, drawing a direct contrast with Johnson’s plan: “This isn’t just about investment in communities, it’s about a genuine shift in power and ownership. This money comes with new powers to shape and own community assets, so that even when funding fades, the community owns those places and can determine their future.”
As with the provisions of the English Devolution and Community Empowerment bill (but more so), it is being framed by Labour as a response to decreasing trust in politics – and, of course, to Reform UK. Farage’s party placed second to Labour in a great many of the areas that will now receive funding. “This is our alternative to the forces trying to pull us apart,” says Reed in his introduction to the strategy. There are no prizes for guessing who he means.
The theory of change here is based on ideas about political trust, understanding Reform as a manifestation of anti-politics. First, it argues that people want to see real delivery in their local areas – and that at this level it is possible to give it and make people believe politics is responsive to their lives. Second, it seeks to build up trust and positive feeling, from where it is strong at a local level, so that its benefits might apply to national politics.
Steve Reed is a Labour and Co-operative MP, and before entering parliament was leader of Lambeth council, in which time he set up the Co-operative Councils Innovation Network. In 2011, in his contribution to the Purple Book (an attempt at intellectually revitalising the Labour right after the 2010 defeat, featuring contributions from no fewer than five current cabinet ministers), he wrote about “handing more power to communities and the people who use public services”, something which requires turning the “traditional model upside down”.
Reed is a long-term believer in the politics he is now attempting to put into practice; this background probably goes some of the way to explaining why this programme is the most fleshed-out iteration of Labour’s localism-against-Reform playbook thus far. Whether it is successful, however, depends on how well Labour can communicate the agenda and authentically own the changes that will be brought about by this shift of money and power. Reform is, many people acknowledge, significantly ahead of Labour when it comes to community organising (something no doubt due in part to the difficult legacy of the Corbyn-era Labour community organising unit, shuttered early in the Starmer years, which became for many on the then ascendent right of the party a byword for a kind of lefty excess that was both out of touch and insufficiently electorally minded). But the potential rewards are huge: a rebuke to the argument that politicians are removed from people’s real lives, and an injection of cash and autonomy to places that sorely need both.
-
Morgan Jones is the co-editor of Renewal: A Journal of Social Democracy
Opinion
Most of gen Z watch TV with the subtitles on – and I understand why | Isabel Brooks
Read more on post.
I used to think there were two types of people: the ones who only use subtitles when necessary, and the unappreciative philistines who use them for no good reason. I was willing to die on this hill, arguing that they distracted from the purity of the audiovisual experience: the cinematographer’s attention to detail, the glimpse of a tear in an actor’s eye, the punchline of an expertly timed joke, and so on.
But I have been forced to recognise just how alone I am on this hill: in 2021, a survey found that 80% of 18-25-year-olds used subtitles all or some of the time, while a new survey run by streaming service U found that 87% of young Britons are using subtitles more than they used to. There is no longer a debate about subtitles: among my peers, “two types” of people have given way to “mostly one type”. (Meanwhile, the 2021 survey found that less than a quarter of boomers used subtitles, despite the latter generation experiencing more hearing difficulties overall.)
Why is this practice so common among people my age? If you aren’t hearing-impaired and are fluent in the language of the dialogue, what is it about subtitles that makes them more appealing?
An easy assumption is that this is the result of a short attention span, passivity and a lazy nature, a failure of generation Zombie. But having experienced watching TV with and without subtitles, I’d say the former doesn’t beget lazy viewing so much as a quicker information download. The new status quo of “subtitles on” among the young reflects both a values shift and cultural conditioning as a result of big tech’s ever-encroaching impact on our entertainment experience.
For example, the small screen in our living room has to share the limelight with the micro screen in our lap. The U survey revealed that 80% of gen Z and millennials “double-screen” when they watch. With subtitles on, I find myself being able to quickly gather what one character has said, look down at my phone, react to a message, then look up before that character has even finished their line. The viewing experience thus becomes multifaceted and efficient. The subtitles allow us to go on our phone but still absorb the content and gist of the TV show. Of course, that means they also function as mini-spoilers: when watching a comedy sketch recently, I found myself half-heartedly chuckling at a joke before it had left David Mitchell’s mouth – because I had already read it on the screen.
I don’t need to use my little grey cells when watching most TV shows, but there are few, like Succession, where double-screening is a sad exercise. Even if I manage to successfully absorb each line in the script through reading, I’d be neglecting the exceptional acting. The same thing cannot be said for Love Island (although arguably the acting is of a high standard there, too).
And social media itself has encouraged the use of subtitles across the board. It is now a given that most creators add text captions to their videos – without the option to turn them off. This cultural shift may explain the generational gap between boomers and younger viewers, the latter only appeased by rapid-fire content and videos with faster cuts, absorbing lightweight content at a higher speed, which text captions allow us to do.
This isn’t simply a trend but a feature anchored in the algorithm itself. Text captions, rather than dialogue, encourage the video to crop up in the TikTok search engine, increasing reach and visibility as well as viewer retention and viewing time. It began as an accessibility improvement, but the rapidity with which it has caught on suggests it’s business-oriented and crucial to getting that sweet algorithm boost. The fact that 85% of social media visual content is now watched on mute (while commuting, cooking, on the treadmill at the gym or in houseshares), coupled with the ease with which AI can generate subtitles without the need for human transcription, means we’re living in a subtitled world – one that is often poorly translated, low-quality and error-ridden.
Seen this way, subtitles have been normalised as a result of our technology-infused lifestyle, rather than being something we have actively sought out or freely adopted. My flatmate, a keen TikToker, said she used to find subtitles distracting and annoying, then gradually started using them while watching TV. “I’ve felt very passive in it,” she said. “I don’t think I look at them most of the time.” Then why do you have the subtitles on, I asked. “I don’t know,” she said with a shrug.
Amazingly, subtitles have not been linked to improvements in young people learning to read, although other studies have shown that they can improve comprehension of what happened in a given programme. Subtitles arguably keep us following more effectively than non-subtitles. Our TV habits are now influenced by a need for efficiency ported over from our social-media habits, which mean we can quickly glean the necessary content and then move on. In a 2023 survey, 40% of Americans cited “enhanced comprehension” as the main reason they use subtitles.
I have to ask: are people now watching shows just to find out what happens, and to prove they’ve seen it? Since when did we finish work, sit down on the sofa, cuddle up and think “thank god, I can’t wait for a bit of comprehension tonight”? TV is supposed to be fun. Shouldn’t we be focused on enjoying it?
-
Isabel Brooks is a freelance writer
-
Politics5 days ago
European Parliament snubs Orbán with vote to shield Italian MEP from Hungarian arrest
-
Culture2 months ago
Fatal, flashy and indecent – the movies of Adrian Lyne revisited
-
Culture3 weeks ago
Life, loss, fame & family – the IFI Documentary Festival in focus
-
Environment1 week ago
Key oceans treaty crosses threshold to come into force
-
Health5 days ago
EU renews support for WHO’s Universal Health Coverage Partnership
-
Culture1 week ago
Farewell, Sundance – how Robert Redford changed cinema forever
-
Culture5 days ago
Twilight at 20: the many afterlives of Stephenie Meyer’s vampires
-
Culture4 weeks ago
What is KPop Demon Hunters, and why is everyone talking about it?