Cryptocurrency companies have already spent $200 million to rig the midterms. If they get their way, crypto scammers will keep ripping off Americans and endangering your life savings.
Video by: Trevor Hayes and Addison Post, with additional reporting by Ben McKenzie
TRANSCRIPT
TREVOR HAYES, MORE PERFECT UNION: Just a few weeks ago, President Trump gathered a group of powerful cryptocurrency executives for a press conference:
CLIP OF TRUMP’S PRESS CONFERENCE: This is a group of very smart people that are on a committee to recommend what we do.
HAYES: He has good reason to be happy with these guys. Just in the last year, the Trump family made $1.4 billion off of their Cryptocurrency business, while their investors lost nearly $4 billion.
On its surface, the gap between those two numbers doesn’t look like the ‘democratized future of finance’ that cryptocurrency proponents have been promising for years. It looks much more like… a massive wealth transfer.
At the same time, the crypto industry, including the executives standing next to the president, are dumping nearly $200 million into midterm races so far.
CBS NEWS CLIP: The crypto industry now accounts for 37 percent of all tracked corporate political spending in this midterm cycle.
HAYES: I wanted to know why. What did they want? Why spend all this money? Well, the industry’s answer to that question is that they really want regulation: To regulate their own industry and do right by their retail investors.
But of course, that’s not the real story. It never is.
