By Declan Carney
America is a glittering city on a hill, a place where individuals are not trapped in the circumstances they were born, but they can build their own destiny through ambition and hard work.
It stood as a beacon of opportunity. There, freedom and self-determination promised a better future for everyone who sought to pursue it. Where democracy, capitalism and the rule of law have created the most powerful economy on the planet.
Fast forward to 2025, and the once-shining hill city has begun to discolor. Critics say the US government has turned into business. This is a business where influence is bought and sold, which serves the interests of Trump and his billionaire supporters, rather than the interests of the people of America.
Nowhere can this shift be as sharp as a state like New Jersey.
New Jersey spans a diverse economy, from pharmaceuticals and financial services to shipping and logistics, relying on stable, transparent markets and regulatory equity.
But Trump’s latest venture raises serious concerns.
Instead of selling steaks and fake college degrees, Trump sells cryptocurrency.
He launched his own digital token $Trump on January 17, 2025. According to a public report within three weeks, the project generated at least $350 million, with $314 million and $36 million in fees from token sales, all flowing into a Trump-controlled entity.
Good business you say except that we Americans don’t know who bought those tokens. Was it “everyday Americans” who really believed in Trump’s blockchain vision? Or was it something else or something dark?
Was the Russian oligarchs looking for a new back channel to curry favor with Trump? Was it a Chinese state-backed company that wanted to buy influence in Washington? Or perhaps a company with a federal agreement or are they using money to subsidize campaign contributions in a way that makes them look old-fashioned?
If you want to create a system where people can pay you to secure a contract, or if you can withdraw US support and aid from the countries they invaded, there is no better tool than your own cryptocurrency.
It has been reported that Anthony Scaramucci, Trump’s former White House communications director and current crypto investor, described the crypto as “ideamin level corruption.”
Welcome to the world’s first crypto president.
For New Jersey, this would be more than just political corruption, and would be an economic threat. State-based financial services companies, hedge funds and investment banks rely on fair competition rather than markets that are manipulated for personal gain.
The world’s largest state drug giant relies on predictable regulations rather than systems that allow access to the White House to be purchased through anonymous digital tokens.
After all, the beauty of cryptocurrency is that it is borderless and supports deregulation thanks to the recent Trump administration. In other words, Trump has just created a brand new, anonymous, hundreds of millions of dollars fund, and critics’ fears could be used for political or personal gain, and we never know who really meets it.
But that’s just the opening act. Real money play is even better. Trump has won 800 million tokens through his companies CIC Digital LLC and Fight Fight LLC. With Trump’s prices skyrocketing, the value of his personal holdings exceeded $20 billion within two days.
What else can you do to make cryptography more valuable?
Trump, who once called Bitcoin a scam, has announced that the US government will keep Bitcoin and Ethereum on the Federal Reserve balance sheet.
That alone will cause crypto prices to skyrocket and who will benefit?
Trump and his wealthy crypto campaign supporters who donated more than $100 million to his reelection campaign.
And what if there’s a code crash? Well, wouldn’t that be useful if the government, now the leading holder of cryptocurrency, must intervene to “stabilize” the market? If so, the head, Trump will win. Tail, Trump wins, American people have never been in the game
This is not capitalism. This seems like state-sponsored financial corruption.
One of the Trump administration’s first moves was to eliminate anti-money laundering regulations for crypto transactions, making it easier for Russian oligarchs, Chinese tycoons and American tax evaders to move money anonymously.
With further reduced surveillance, the administration closed the DOJ’s anti-creptocracy forces. So, the rest of us still need to report Venmo transactions to the IRS, but billionaires can move unlimited amounts of crypto across boundaries with zero surveillance.
And to remove another obstacle to accountability, the Trump administration will be hampered by the IRS. There are no more troubling audits, offshore account investigations, and tax enforcement for the super wealthy.
Think about this. All dollars spent on tax enforcement recover from $5 to $12 outstanding taxes. So, by reducing the IRS, Trump/Doge doesn’t reduce waste. Critics say he is giving himself and his billionaire allies a free pass on taxes.
And that’s back to us with a $350 million question. If foreign companies concentrate their money on Trump’s crypto empire, does he have a crush on them now?
Because in Washington it’s not just about money. It’s influence. Access. It’s power. And when the money is anonymous and untraceable, it’s not democracy, it’s much closer to a dark money financial coup.
That’s why I’m here. Many Americans fear that the US government is becoming a Trump business with Musk as his co-CEO. And shareholders? Critics say they know that not New Jersey businesses, not American people, but potentially foreign countries that manage policies, and potentially foreign countries, our taxes, and government infrastructure, make old-fashioned corruption look quaint.
The important issues remain. Will Republicans halt this destruction and join Democrats before it’s too late for New Jersey and the whole country?
Declan Kearney is a high-tech entrepreneur from Montclair and is a democratic representative of Essex County.
Local journalism needs your support. Subscribe at nj.com/supporter.
