WASHINGTON – An international logistics company has purchased President Donald Trump’s Cryptocoin for $20 million, aiming to sway the administration’s trade policies.
Javier Selgas, CEO of Freight Technologies Inc., expressed in a statement on Wednesday that acquiring Trump coins would be a “effective way to support fair and balanced free trade between Mexico and the United States.”
This announcement coincided with a filing to the Securities and Exchange Commission, detailing why the company is issuing bonds. They mentioned, “The net revenue from this offering will be used to purchase Trump coins,” according to the SEC filing.
It seems that the company is trying to align itself publicly with Trump’s interests, as the Watchdog Group pointed out, noting it’s “just another day for Donald Trump to receive $20 million in connection to the Trump family’s property as they hope for tariff relief.” In some social media discussions, there’s a hint of boasting about it.
Freight Technologies is based in the British Virgin Islands, with its U.S. headquarters in Houston, and has received backing from various queries, though Trump’s White House officials did not respond to inquiries about this news.
On April 23, getTrumpmemes.com launched a contest rewarding the top 220 Trump Coin holders with a dinner with the president at a golf course in Sterling, Virginia, scheduled for May 22.
Norm Eisen, a former ethics lawyer in the Obama administration, commented, “Any company can prefer to taste Trump and curry for cash, and this dinner opens up more avenues for potential corruption.”
During his first term, Trump’s practices raised eyebrows, as he seemed to use his office for personal gain. His hotel, just a block from the White House, often hosted lobbyists, both foreign and domestic. Foreign delegations regularly booked numerous rooms for extended stays.
Additionally, Republican events frequently took place at Trump’s private club, Mar-a-Lago, while he even tried to host the G7 Summit at his Doral golf resort in Florida.
However, all these actions pale in comparison to his enthusiastic push for the Trump Cryptocoin. Three days before taking office, he announced it, and it quickly surged to nearly $75 per coin before plummeting. It even dropped to as low as $7.57 last month, just before the dinner contest was announced.
These cryptocoins, after all, hold no real value and aren’t physically existing anywhere. Notably, getTrumpmemes.com describes them as a way to express support for the ideals linked to the “$Trump” symbol.
Ethics experts highlighted that Trump’s coin could attract both domestic and foreign interests aiming to curry favor, enabling him to receive funds subtly. So far, Freight Technologies appears to be the only entity openly announcing a large purchase of these coins, which have gained notoriety for being a favorite among money launderers, making tracking difficult.
getTrumpmemes.com also posted a “Leaderboard” showcasing the top coin holders, revealing only usernames and wallet information. If Freight Technologies moves ahead with purchasing $20 million in Trump coins at the price of $12.97 as of Friday, there could be 1,542,020 Trump coins, allowing for a chance to meet Trump during the VIP reception before dinner on May 22.
Freight Technologies plays a critical role in transporting goods across the U.S.-Mexico border, a business facing significant challenges due to Trump’s trade initiatives. They aim to foster robust commerce between the two nations, with Mexico being a major trading partner for the U.S.
However, the company seems to hope management policy favors them in return for their hefty investments in Trump’s crypto endeavors, which raises questions about potential corruption for personal gain at public expense.
Ty Cobb, a former federal prosecutor from Trump’s first term, remarked that while federal law addresses bribery, Trump seems to have made it clear that such rules won’t be enforced as long as he’s in office.
Moreover, concerns are growing as some insiders assert that there’s a blatant disregard for ethics in this administration. The general atmosphere fosters an environment where legal lines are blurred, and corruption appears to thrive.
