Trump doesn’t care about the national debt. He’s making billions from it!
Americans were shocked when Donald Trump told a reporter in 2018 that he “doesn’t care about the national debt” because “[he] won’t be here” when the day of reckoning arrives; they shouldn’t have been. Donald Trump always had a scheme in mind to leverage the national debt into a money-making opportunity that would rake in billions of dollars for himself, his family, his billionaire buddies, and a host of Republicans through legislation known as the GENIUS Act.
Though the losses suffered in 2020 by Trump and the Republicans put the scheme a little behind schedule, Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law in July 2025, and despite the claims being made at the time by the economic savior of the world and his Republican Party echo chamber to the contrary, this legislation would eventually make it possible for Trump to continue using the office of the presidency to rake in billions upon billions of dollars for himself (via Fortune.com):
After years of battling with regulators, the legislation represents a major victory for the crypto industry, which started in the wake of the 2008 financial crisis and was long viewed as an outlaw sector. Now, the stamp of approval from Congress—and the broad embrace by the Trump administration—casts new legitimacy on blockchain technology, with once-skeptical institutions like Big Tech companies and banks rushing in, especially as Bitcoin soars to record highs.
However, as Congress moves on to debate a second bill that would create regulations around cryptocurrencies and exchanges, critics warn that the passage of stablecoin legislation raises concerns about the increasing ties between Trump’s business empire and blockchain interests. “That is a huge conflict of interest that society is just really not prepared for,” said Todd Phillips, a banking and administrative law professor at Georgia State University.
The “stablecoin” part of the legislation is key to Trump’s plans, and it creates a system that makes it easier for a government takeover of the financial sector because stablecoins are a cryptocurrency directly pegged to the U.S. dollar. The Trump family’s crypto firm, World Liberty Financial, were the issuers of the first USD1 stablecoin under the GENIUS ACT (via Fortune.com):
After years of battling with regulators, the legislation represents a major victory for the crypto industry, which started in the wake of the 2008 financial crisis and was long viewed as an outlaw sector. Now, the stamp of approval from Congress—and the broad embrace by the Trump administration—casts new legitimacy on blockchain technology, with once-skeptical institutions like Big Tech companies and banks rushing in, especially as Bitcoin soars to record highs.
However, as Congress moves on to debate a second bill that would create regulations around cryptocurrencies and exchanges, critics warn that the passage of stablecoin legislation raises concerns about the increasing ties between Trump’s business empire and blockchain interests. “That is a huge conflict of interest that society is just really not prepared for,” said Todd Phillips, a banking and administrative law professor at Georgia State University. (Emphasis mine)
Trump also signed an executive order shortly after his inauguration that allegedly banned Central Bank Digital Currency (CBDC), but the order required the establishment of a presidential working group to create a federal regulatory framework governing digital assets (including stablecoins) and evaluate the creation of a strategic national digital assets stockpile. In other words, government would control digital currency instead of the Federal Reserve. The tyranny is the same, only the name is different.
One practical example of how this is working for Trump is the so-called war in Iran, a situation that has put billions of dollars in his and his family’s pockets. And let’s not forget Trump’s so-called Board of Peace. As the man who has ultimate control of the board’s finances, Trump is using the $1 billion fee paid by members and the $10 billion “contribution” of US taxpayer money (an act that requires Congressional approval, but I don’t think he cares) as seed money for the family’s crypto business schemes.
The GENIUS Act and other legislation regulating digital currency are key to Trump’s scheme of leveraging the national debt into a multi-billion-dollar payday, but that’s not how the oligarchs in Washington are selling it. Instead, they’re selling it as a way for Republicans and Democrats to spend us into oblivion without worrying about destroying the US economy (via Equilibrium):
You have probably heard of the fiscal deficit problem, and people making huge profits by investing in crypto. But few people would have ever linked the two. The recently passed GENIUS Act aims to address the fiscal deficit issue with a dollar-based stablecoin. By requiring that the each issued coin be backed by an equivalent volume of U.S. T-bills (short-term debt securities), the act seeks to stabilize interest rates and ease the government’s debt burden.
Traditionally, the main buyers of U.S. Treasury securities have been the Federal Reserve, foreign central banks, and U.S. commercial banks. However, changing economic conditions have weakened their demand for Treasuries in recent years. The Federal Reserve has been reducing its holdings as part of quantitative tightening. Foreign central banks have also cut back, concerned about America’s swelling debt and rising geopolitical tensions. U.S. commercial banks, constrained by regulatory requirements such as Supplementary Leverage Ratio (SLR), have little capacity to expand their Treasury holdings.
Under the GENIUS Act, stablecoin issuers are required to back their coins with short-term U.S. Treasury securities, aiming to transform the stablecoin market into a new source of demand for U.S. government debt. Secretary Bessent expects the stablecoin market to reach roughly $2 trillion and emerge as a major buyer of U.S. Treasuries, easing the nation’s fiscal burden by broadening the demand base for Treasuries. (Emphasis mine)
Trump told us that the GENIUS Act was written to protect crypto consumers. In reality, it was passed to secure a massive, structural, institutional backstop for the $40+ trillion US national debt that allows Donald Trump to leverage the national debt into a multi-billion-dollar payday for himself, his family, his inner-circle of billionaire buddies, and the Trumpist Republican Party.
I’m sure glad America voted for the lesser of two evils in 2024.
David Leach is the owner of the Strident Conservative and the author of The New Axis of Evil: Exposing the Bipartisan War on Liberty. He holds people of every political stripe accountable for their failure to uphold conservative values, and he promotes those values instead of political parties.
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