I think all those that tuned into the spaces would agree it was kind of thin on detail and specifics. A focus on Defi there will be the issuance of a token, but it will be for accredited investors only here in the United States at least. What did you learn? What's the main takeaway here, Amanda? Well, I think the sad thing is, is that everything he just said is right. I think what people in the industry are terrified is that he's the emissary saying it, because there's no doubt that the FBI is going to be, if not a pump and dump a rug pull. Everybody's watching in horror. Even Trump supporters are begging him not to do this because of the negative impact it could have on the industry long term. Amanda, can you give us real data or hard evidence? As someone who formerly worked for the government in this, as to why you think it's definitely going to be a rug pull.

or a pump and dump? Because many working on the project, I would think, would dispute that. Yeah, and I really try to be objective. But if you're looking at a project where the incentives are flipped, usually these projects, the organizers hold 20%, maybe less of the tokens. I think Ethereum kept maybe 16%. Cardano was 20%. The Trump organizers are keeping 70%. And even in the 30% that will be released to the public, they're going to make some profit off of that. That is a terrible sign in terms of how it's being structured. The other thing you have to look at is the motive of the people organizing it. Trump staring down the barrel of a $400 million collection in New York, and this would be personal funds that he could use to satisfy that. So the motives that they have here to make a bunch of money very quickly is unfortunately the worst aspect of crypto.

And it's the part of the industry that people do not want to continue. Amanda Bloom Banks states quite clearly in its report that the issuance of Wi-Fi is in sort of having a role in the governance of the business itself. I want to park that. The other narrative is that Trump thinks the United States of America needs to do this bigger approach because China's already doing it, and he wants America to be a leader in the field. How do you respond to that rationale? He's absolutely right. I wish that the Harris campaign was saying that. I think they're a little tired in terms of what they can say because a sitting vice president can't really talk about the sitting administration negatively. But everybody in the industry wants a pivot from the Dems, wants America to lead first. The sad thing is, is Trump is right. I think the sadder thing is this project might end up destroying the very thing

that he said that was accurate. When we think of China, though, we don't see China embracing all of crypto and projects. We think perhaps more of them entertaining the idea of stablecoins or indeed some sort of form of using within central bank coin. What of Defi more broadly, Amanda, and this project about sort of getting in the way of the intermediaries and it's all about loaning lending assets. Yeah. Look, there are great aspects of Defi, and I think that part of this project is the good part that the industry wants to talk about. Again, it's just that the emissary, if this ends up being a rug pull or a pump and dump, it's the worst part of Defi. But there are amazing Defi projects out there that the industry wants to highlight and showcase. This will not be one of them. And I don't know that China is necessarily the market that's leading on

Defi. There are other countries that I think are more pro-investing and are pro-regulating in those areas, areas like UAE, Singapore. Sometimes he doesn't get it quite right, which is unfortunate. But the fact that America needs to lead in Defi is correct. It is horrifying that this project may take us back ten years instead of advancing us the way that the industry would hope. Zeke Fox, reporter, did an amazing long, deep dive story on the people behind this project and do a project before that have been hacked. People who've come across them that they had responded saying basically an email address that he posted to saying we all see the picture you're trying to paint here and consider it at best grossly inaccurate. And they're saying they're confident of our results will speak for themselves. You talk of regulation, Amanda, What regulation could be put in place to ensure that projects being built like this don't have this question of whether it would be a rug pull?

Well, look, I mean, there are regulations that we could use and tried. I prosecuted countless people who stole money as asset managers and tried. So it's not a perfect system now. And a lot of times you're just reliant on doing your own due diligence or, as we say in crypto dialogue, do your own research. Are there? I think there are particular regulations in DEFI because it's making certain financial acts decentralized. That's a longer, complicated question.

Trump Unveils Crypto Project

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