First up, the vote on the so-called Sasse amendment to address concerns that some Americans would be getting paid more in unemployment benefits to not work than to work
BREAKING: The Sasse amendment to the $2 trillion coronavirus stimulus bill, which sought to correct the fact that some Americans might get paid more per hour to not work ($24/hr) than to work, needs 60 votes and is off to a hot start
I understand that people respond rationally to economic incentives, but the idea that workers might quit a job to take higher pay in unemployment or never seek one again just seems short sighted especially if you're entering a period of prolonged unemployment
I could be wrong
If this bill were truly about backstopping Americans most hard hit by the economic shutdown, I do wonder why we're having this vote
It is a "stimulus" bill which includes sending $1,200 to Americans, after all
Oh wow, Sen. Cory Gardner (R-CO) votes no on the Sasse Amendment
Sen. Richard Burr (R- NC) votes Yes on the Sasse Amendment.
Unclear if he sold any stocks ahead of this vote
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It’s *usually* illegal for anyone in government to profit from their office, but Trump is capitalizing on a new way to sell influence
If you follow the money, the $TRUMP memecoin looks like a head fake
THIS is the real Trump honeypot you can get in on (but probably shouldn’t)🧵
First, the obvious: As Rob Blagojevich learned, directly auctioning off an office will land you in prison
But what if you were less obvious about it?
Here's my theory on how President Trump is doing it with crypto (which he confirmed by re-tweeting) ⤵️
Trump, Eric, Don Jr., and even Barron are currently overseeing the build out of one of the largest projects in crypto
The DeFi platform, @worldlibertyfi has already raised close to half a billion dollars via a token sale and outside investors — including foreign nationals
SEC Commissioner Hester Peirce was just tapped to run the crypto task force at the SEC and that's so insanely bullish
When I interviewed her last month, she predicted three things would happen under a pro-crypto SEC
This was the first, the others are even better for crypto🧵
First off, the SEC has been regulating by enforcement with lawsuits based on the fact nobody knows the rules / how to be compliant
Today's announcement to set up a task force to finally establish clear rules confirms the "day one" changes she predicted
Commissioner Peirce is known as "crypto mom" because she understands the benefits of the tech
Her other hope was that she could work with builders to free the industry of fears the SEC would hit them with enforcement actions so they could build freely
There is a very important reason why the Trumps are launching $TRUMP and now $MELANIA so fast before the inauguration
And whether you love Trump or hate Trump, the fact is that waiting another day could've opened him up to Constitutional violations & impeachment (again) 🧵
As laid out in the Constitution, no President is allowed to abuse his office to enrich himself
Specifically, the Emoluments Clause prevents the president from receiving profits/gains from foreign governments
NEW: Terra Founder Do Kwon is now facing a maximum penalty of 130 years in prison after being extradited to the US
He appeared in US court for the first time to face extensive fraud charges that could impact all of crypto
Here's what happens next 🧵⬇️
The criminal charges detailed in the DOJ's 79-page indictment include new allegations that were not part of the SEC's civil trial
The criminal case goes into further detail as the DOJ must show Do Kwon acted with criminal intent
Prosecutors even cited my old interviews with Do:
The reason why this case is more interesting than the SBF/FTX case is because it more directly applies to crypto projects and founders experimenting in DeFi
We covered the difference between failure & fraud in our @coinage_media mini-doc with Do Kwon:
It was surreal to be back in court for Do Kwon's trial, just a few floors from where SBF was convicted
I was the first to interview Do after Terra's collapse, and went to SBF's home right before his trial. Here's why these cases are both extremely different and eerily similar 🧵
For starters, this is a civil fraud case against Do Kwon and Terraform Labs. There is no jail time associated with this ruling (though the DOJ was lingering around the courtroom today)
At the heart of the case is exactly what we explored in our interview — Failure vs. Fraud
The SEC has built their case around the climax of our piece on Terra's collapse. As we presented it more than a year ago, this was always going to come down to: