John Oliver returned to Last Week Tonight with a sharp critique of Donald Trump and his family's crypto ventures, labeling them as 'flagrantly corrupt and compromised.' The host joked that Trump looked like he was 'slowly turning into Mrs. Doubtfire' before diving into the main topic, calling him 'the first crypto president.'
Trump's Shift on Crypto
Oliver noted that Trump once called bitcoin 'a scam' but had a 'pretty significant change of heart' after seeing the industry's willingness to spend heavily to help him get elected. In his first year back in office, Trump made over $2.2 billion, with $1.4 billion from his family's crypto dealings, making it their dominant business interest.
Memecoin 'Pump and Dump' Schemes
Oliver focused on two ventures: 'the big one and the dumb one,' joking that this is how Trump refers to his sons Eric and Don Jr. The Trump memecoin, launched on social media, was described as a 'pump and dump scheme.' It once reached a $50 billion valuation but crashed 92% by the following November. Trump still made a $636 million payout from it.
In a bizarre move, Trump offered access to the White House in exchange for investments in his ventures. Although the special dinner was 'a bust,' the coin's value jumped 30%. 'It clearly doesn't look good for a president to be involved in something like that,' Oliver said. More than 1 million buyers lost money, which Oliver called 'pretty shitty' but only the tip of the iceberg.
World Liberty Financial and Potential Conflicts
Trump also launched World Liberty Financial, co-founded with his sons weeks before the 2024 election. The company is now worth more than any other family business. Oliver highlighted investments from Justin Sun, a Chinese millionaire who spent $75 million on tokens and $37.7 million on memecoins while fighting an SEC investigation. After Sun's investments, the SEC paused its probe and eventually settled, with both sides denying any quid pro quo.
Oliver noted that this is 'by no means a one-off,' citing an investment firm linked to the United Arab Emirates that poured money into Trump's company while the UAE sought advanced computer chips previously blocked by Biden. The deal was later approved, a link some called 'extraordinary.' About 49% of the company's funding came from a UAE royal referred to as the 'spy sheikh.'
Regulatory Changes and Concerns
Trump promised to replace SEC Chair Gary Gensler, seen as tough on crypto, with Paul Atkins, a pro-crypto figure. This led to 60% of related cases being eased. Trump moved crypto regulation from the SEC to a smaller agency with limited enforcement capacity, aiming to lock in a lax environment. He also pushed a 'Clarity Act,' a cryptocurrency regulatory measure facing Democratic opposition, which Oliver said 'should be worrying you.'
Oliver concluded that Trump looks 'flagrantly corrupt and compromised,' and any mention of his crypto dealings should imply that 'some shady shit is likely going down.'
