John Oliver used his return to Last Week Tonight to scrutinize Donald Trump and his family's involvement in various cryptocurrency schemes, labeling them all as 'corrupt and compromised.'
Trump's Crypto Pivot
Oliver joked that Trump appeared to be 'slowly turning into Mrs Doubtfire' before shifting focus to the night's main topic, dubbing him 'the first crypto president.' Trump previously called bitcoin 'a scam' but underwent a 'pretty significant change of heart' after seeing an industry 'willing to spend a shitload helping him get elected.'
In his first year back in office, Trump made over $2.2bn, with $1.4bn coming from his family's crypto dealings. This has become the family's most dominant business interest, with a 'truly absurd number of crypto-related ventures.' Oliver concentrated on two: 'the big one and the dumb one,' which he joked is how Trump refers to his sons Eric and Don Jr.
Memecoin Schemes
The first venture involves Trump memecoins, online jokes turned into real money focused on novelty. Oliver described them as 'pump and dump schemes' that spike in value then crash, with insiders selling at the peak. Trump announced his own memecoin on social media, soon followed by Melania. Some suspected the president's account was hacked, but Oliver noted the tell would be 'a normal coherent sentence without any randomly capitalized words.'
Trump's coin was once worth $50bn but crashed 92% from its peak by the following November. During that time, Trump received a $636m payout. In one 'weirder interludes,' Trump tried to boost the coin's value by offering White House access in exchange for investment. The special dinner was 'a bust for those who attended it,' but the value jumped 30%. 'It clearly doesn't look good for a president to be involved in something like that,' Oliver said. Over 1 million buyers lost money, which is 'pretty shitty' but only the tip of the iceberg.
World Liberty Financial
Trump also launched a crypto company called World Liberty Financial, co-founded with his sons weeks before the 2024 election. The company is now worth more than any other family business. Oliver suggested it was used to curry favor with the president through investments, including one by Justin Sun, the 'eccentric' Chinese millionaire who bought and ate a $6.2m banana. Sun spent $75m on World Liberty Financial tokens and $37.7m on memecoins while fighting an SEC investigation for defrauding investors. After investing in Trump's business, the SEC paused its investigation and later settled. Both sides denied any quid pro quo.
Oliver said it is 'by no means a one-off,' citing an investment firm linked to the UAE that also poured money into Trump's company while the UAE sought advanced US-made computer chips, previously blocked by Biden. The chips were later approved, a link some called 'extraordinary.' About 49% of the company's funds come from a UAE royal referred to as the 'spy sheikh,' which Oliver joked sounds like 'the title of a culturally insensitive 90s thriller starring Steven Seagal.'
Regulatory Concerns
After HBO's legal team contacted the White House, an email claimed Trump 'only acts in the best interests of the American public,' which Oliver said would be 'huge for this country if true.' Trump has said he doesn't know details because his sons handle the business. Oliver noted that 'in most cases I am willing to believe that Trump doesn't talk to his sons,' given that his 'wedding present to Don Jr was to not show up.' However, he added, 'it is really hard for me to believe that Trump is unaware,' as the company is 'exploiting crypto sketchiness for maximum profit' and 'making it much easier for others to do the same.'
Trump promised to appoint a head of the SEC perceived as too hard on crypto, earning cheers at a bitcoin conference. Former SEC chair Gary Gensler stepped down on Trump's first day back, replaced by pro-crypto Paul Atkins, leading to 60% of related cases being eased. Trump has tried to 'lock in that lax regulatory environment for the foreseeable future' by moving oversight from the SEC to a small agency with limited enforcement. These 'changes could be hard to undo' with a proposed Clarity Act, a cryptocurrency regulatory measure opposed by Democrats, that Trump is pushing—something Oliver said 'should be worrying you.' Oliver concluded that Trump looks 'flagrantly corrupt and compromised,' and any further mention of his crypto dealings should imply that 'some shady shit is likely going down.'
