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Today, my colleague Eric Lipton on what happens when the country's top crypto policymaker is himself a crypto entrepreneur. It's Thursday, May 1st. So, Eric, you have been extremely busy covering the business interests of the Trump family since the first Trump presidency.

Today, my colleague Eric Lipton on what happens when the country's top crypto policymaker is himself a crypto entrepreneur. It's Thursday, May 1st. So, Eric, you have been extremely busy covering the business interests of the Trump family since the first Trump presidency.

And back then, the focus really seemed like it was on Trump's real estate deals, like running a hotel in Washington, D.C., where people might try to stay to curry favor or trading on the Trump name in various ways while Trump was in office. But more recently, you have been looking at conflicts in the second term. And so I want to start by talking about

And back then, the focus really seemed like it was on Trump's real estate deals, like running a hotel in Washington, D.C., where people might try to stay to curry favor or trading on the Trump name in various ways while Trump was in office. But more recently, you have been looking at conflicts in the second term. And so I want to start by talking about

what you have found, but also how what you have found compares to the conflicts of the first term.

what you have found, but also how what you have found compares to the conflicts of the first term.

It is no longer theoretical, basically.

It is no longer theoretical, basically.

So we have talked on the show before about how Trump has really sort of changed direction on crypto. Originally, he actually seemed like kind of a skeptic about the industry. And obviously now, not only is he a booster, but he's actually in the business himself. So can you just talk a little bit?

So we have talked on the show before about how Trump has really sort of changed direction on crypto. Originally, he actually seemed like kind of a skeptic about the industry. And obviously now, not only is he a booster, but he's actually in the business himself. So can you just talk a little bit?

How did we go from Trump being sort of skeptical and then coming around to crypto and then to actually getting involved? Yeah.

How did we go from Trump being sort of skeptical and then coming around to crypto and then to actually getting involved? Yeah.

Okay, so we're going to get into what both of these things are. Let's start with... The meme coin, because that's the one I'm, I think, a little bit more familiar with. I'm thinking of the Doge coin, the picture of a dog on this coin that I think was sort of launched as a joke. But can you just explain to me and everybody else, like, what exactly is a meme coin?

Okay, so we're going to get into what both of these things are. Let's start with... The meme coin, because that's the one I'm, I think, a little bit more familiar with. I'm thinking of the Doge coin, the picture of a dog on this coin that I think was sort of launched as a joke. But can you just explain to me and everybody else, like, what exactly is a meme coin?

Do we know exactly like how they made money from these meme coins and how much money they made from them?

Do we know exactly like how they made money from these meme coins and how much money they made from them?

And is any of that illegal?

And is any of that illegal?

So Trump personally benefits from this thing that is an illegal gray area, this meme coin. Then he becomes president. And then under him, the agency that might have investigated him in an earlier administration, perhaps a more aggressive administration, puts out a statement that says nothing to see here.

So Trump personally benefits from this thing that is an illegal gray area, this meme coin. Then he becomes president. And then under him, the agency that might have investigated him in an earlier administration, perhaps a more aggressive administration, puts out a statement that says nothing to see here.