Zeke Faux
speaker
126 appearances
2 recordings
2 series
first heard Feb 2025
last heard May 2025
Zeke Faux’s voice in public audio — every appearance, attributed to the second.
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Appearances
Now, so Trump's first crypto, World Liberty, was not an immediate success. And this was launched last year, around September, during the campaign. Now, Justin Sun, he's someone who I don't think would be allowed to donate to Trump's campaign. I'm not sure of his citizenship, but he doesn't regularly appear in the U.S., He bought initially $30 million of this World Liberty coin.
Part of the reason the deal wasn't successful initially was that the terms of World Liberty are that if you buy the coin... 75% of all the money you put in just goes to the Trumps as a licensing fee. So Sun ended up putting in another $40 million. So that's him giving the Trumps $56 million. But they get a 20% licensing fee.
for anything ever, right?
He's fighting it and he's saying it should be dropped. Crypto reform and all these cases are kind of on the table, right? And now he's saying, hey, maybe you should really think extra hard about my case. Here's $56 million. Again, I should say he denies that he's trying to influence anything with his purchase. But... Who wouldn't tonight?
After he made the investment, he was named an advisor to World Liberty. So he's kind of in business with the Trumps now on this crypto. And just a couple weeks after he made the investment, he was at this crypto conference in Abu Dhabi. And at the conference, he was spotted meeting with Steve Witkoff, the envoy, and Eric Trump, who was there to give a speech about how Bitcoin was going to the moon.
So... It's pretty hard to believe that he would not take an opportunity to mention his case.
Yeah, I mean, I obviously think it's pretty interesting. I'm with you.
earlier so even within the crypto world tethers had kind of a dodgy reputation for years it had to settle a lawsuit with new york's attorney general who had alleged that tether had lied about the dollars that were backing the coin and Because of this, Tether had a lot of trouble finding anyone to hold this giant pile of money, which is a key part of the business.
You need someone who has access to like the American financial system to hold your money. But Tether was based like nowhere in the world. It's one of those sort of stateless companies. And it was having issues with this. So Lutnick, who runs like a reputable New York investment bank called Cantor Fitzgerald, he stepped up and he offered to hold Tether's money.
And without that backing, it would have been a lot harder for Tether to keep growing and be as successful as it's been. And like we were saying before, this is a cryptocurrency company whose product has become really popular with criminals around the world. So what we've learned since that recently is that LUTNIC, as part of
agreeing to hold tether's money he also was able to purchase a stake in the company which is a big deal because tether it's incredibly profitable the company has like 100 employees and it makes more money than blackrock i think it made 13 billion dollars last year i mean this is a company that was dreamed up by a child actor from the mighty ducks which character from the mighty ducks
So not a main character. In the beginning, Gordon Bombay has a flashback and he plays like young Gordon Bombay who misses the penalty shot. Okay, young Gordon Bombay. All right. And it's run by this Italian guy who's a former plastic surgeon. who has never given an interview.
The guy who until recently was the CEO was so elusive that when I started looking into Tether a couple of years ago, people told me they thought the CEO didn't really exist. I tracked him down and he is real. This is like a very weird company that was really legitimized by Lutnik. And Lutnik started vouching for them publicly. He gave a
an interview to Bloomberg from Davos where he was like, hey, Tether, I've seen their money. They got the money. You can trust them, something like that. And that also was really helpful. So it was kind of controversial at his confirmation hearing. He got asked a lot of questions about his relationship with Tether and what he thinks about... It's used for money laundering.
And he kind of repeated his defense of the company and said, hey, Tether works with law enforcement. They're against crime. They want to stop it. You know, I've helped them improve their compliance. He just got confirmed. So he'll be the Commerce Secretary.
His crypto czar, David Sachs, is an investor in Solana, which is like the network that the meme coins run on. So with these meme coins, right, it seems pretty weird. Like, is the government going to do anything about this? It's like a question you might ask.
More or less. And he's come out and said, these are collectibles. These are digital collectibles, which is code for they should be unregulated.
Yeah, the Bitcoin Reserve is one of the craziest policies that has been put on the table here. And I saw Trump propose this at the Bitcoin conference in Nashville last year. And I was just shocked that he was repeating so many of the industry's talking points. And yeah, one Republican senator has sort of spelled out some details for this.
And she would have the US government spend $100 billion to buy... Bitcoin. And as I explained before, people are not using Bitcoin for anything. So the pitch now that Bitcoiners have is that this is digital gold. The idea with the Bitcoin Reserve is that The price of Bitcoin will inevitably go up. And therefore, if the government should get in early and make money by trading it.
And the thing to me is that this is a handout to anybody who already has Bitcoin. No one has any reason to buy Bitcoin like it's not used. You don't need it for anything. The point of Bitcoin now is the price going up. And so at this point, the price is very high. So like you or I buying Bitcoin is not going to do anything for the price. They need bigger like pools of money.
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