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The Dictatorship

Trump’s meme coin represents a dangerous confluence of power

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Trump’s meme coin represents a dangerous confluence of power

American presidents throughout history have broken with precedent before, but for a president-elect to launch a crypto “meme coin” days before his inauguration is really out there on the bleeding edge of the untested. As Donald Trump returns to the White House following his 2024 electoral victory, his association with a meme coin launch represents an unprecedented convergence of presidential influence and speculative finance. Even Andrew Jacksonwho had a notorious appetite for gambling and financial risk, never displayed such brazenness as to promote an investment product on the eve of assuming office.

These are purely speculative instruments, unapologetically existing for no reason other than to enrich their creators.

While the value of established cryptocurrencies remains a subject of considerable debate among economists and technologistsother cryptocurrencies often peddle a narrative justification centered on utility. Proponents of bitcoin, for instance, suggest its potential as a digital analog to gold, or as a payment network; ethereum adherents point to so-called smart contracts. Whether such proposed applications ultimately prove viable remains highly questionable, and many critics argue that these narratives are fundamentally incoherent.

Meme coinsin contrast, dispense with the pretense of utility or narrative: These are purely speculative instrumentsunapologetically existing for no reason other than to enrich their creators.

The mechanics of meme coins are remarkably straightforward: Initial purchasers acquire tokens at a nominal cost. Publicity intensifies, often fueled by social media amplification and a fear of being left behind, and prices spike. Early investors can then sell their holdings to later buyers at a profit. This dynamic, however, is inherently unsustainable, and the inevitable result is that subsequent investors are left holding largely valueless digital tokens that are untethered from any asset or income. It’s a mathematical certainty that a majority of participants will incur financial losses — the only question is the precise distribution of those losses. The value of these tokens rests solely on their ability to induce successive purchasers to pay an inflated price, a characteristic that invites comparison to pyramid schemes without the overt promise of guaranteed returns.

The launch of the Trumps’ tokens just before the inauguration represents a troubling development in the realm of money in politics. It’s shocking to have the presidential office even tangentially connected to such a nakedly speculative financial undertaking at such a sensitive political moment. This timing seems to suggest that supporting the candidate and engaging in a risky financial gamble are somehow connected, a notion that raises significant ethical concerns about the influence of personal financial interests on political decision-making and could potentially lead to conflicts of interest.

The dangers surrounding meme coins arise not so much because they exist in a regulatory vacuum, but because some crypto businesses operate with a cynical disregard for the laws we already have. Traditional financial markets have rules that forbid predatory offerings and market manipulation and that require disclosures, but many crypto operations openly flout these regulations, knowing that regulators are often too underresourced to enforce them. The result is a perfect storm for market manipulation, with concentrated ownership and coordinated buying campaigns conducted openly on social media platforms.

This pattern of market behavior is eerily reminiscent of the “robber baron” era of the late 19th century. Before the advent of securities laws, powerful figures amassed fortunes through schemes that often left ordinary investors in financial ruin. That era, characterized by limited regulatory oversight, allowed many predatory schemes and abuses that ultimately led to the modern securities regulations that govern traditional finance today.

What’s particularly fraught about the present circumstance is the combination of a historically familiar pattern with the speed and reach of digital technology, and now the direct association with a presidential transition. Potential buyers may not understand that they’re not investing in anything real — they’re merely buying tokens in a digital game of hot potato, where the only way to win is to pass their holdings to someone else at a higher price before the music stops.

The overall rise of crypto reflects a deeper nihilism in American culture — a collective rejection of fundamental value and the premise of markets.

The overall rise of crypto reflects a deeper nihilism in American culture — a collective rejection of fundamental value and the premise of markets. In this worldview, if investing is a rigged game, why not embrace the absurdity? Such a cynical perspective approaches markets as a mere casino where the only things that matter are momentum and hype. That this mindset has become intertwined with the presidency, with tokens backed by nothing but vanity and political loyalty, reveals a profound loss of faith in institutions and the very concept of value itself.

For the public, the message should be unequivocal: Meme coins, irrespective of their branding or timing, are not legitimate investments. They are speculative gambles, more like lottery tickets than financial assets. When draped in political symbolism and launched at times of heightened public attention, they become an especially dangerous proposition: a chimera of political devotion and financial recklessness that is fraught with moral hazard and does not serve the public interest.

The launch of a personal meme coin by a president represents a dangerous confluence of political power and speculative finance that would be bad on its own. More fundamentally — and more troubling — it represents a betrayal of the duty of the office. Using the highest office of the land to promote a financial product designed to transfer wealth from the public to a private individual undermines the institutional integrity of the presidency itself.

The Trump meme coin may be just the latest chapter in this ongoing story, but it signals a troubling new direction in the use of political influence for financial gain.

Stephen Diehl

Stephen Diehl is a software engineer who often write about software, technology, and the future.

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The Dictatorship

President Trump orders divestment in $2.9 million chips deal to protect US security interests

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President Trump orders divestment in $2.9 million chips deal to protect US security interests

WASHINGTON (AP) — President Donald Trump on Friday ordered the unraveling of a $2.9 million computer chips deal that he concluded threatened U.S. security interests if the current owner, HieFo Corp., remained in control of the technology.

The executive order cast a spotlight on a business deal that drew scant attention when it was announced in May 2024 during President Joe Biden’s administration. The deal involved aerospace and defense specialist Emcore Corp. selling its computer chips and wafer fabrication operations to HieFo for $2.92 million — a price that included the assumption of about $1 million in liabilities.

But Trump is now demanding that HieFo divest that technology within 180 days, citing “credible evidence” that the current owner is a citizen of the People’s Republic of China.

HieFo was founded by Dr. Genzao Zhang and Harry Moore. According to a press release that came out after the deal closed, plans for the technology acquired from Emcore were to be overseen by largely the same team of employees in Alhambra, California.

Zhang, who was a vice president of engineering at Emcore before becoming HieFo’s CEO, pledged to “continue the pursuit of the most innovative and disruptive solutions” with technology designed for purposes that would include artificial intelligence.

HieFo didn’t immediately respond to a request for comment about Trump’s order.

Emcore was a publicly traded company at the time of the HieFo deal, but was taken private last year by the investment firm Charlesbank Capital Partner.

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Trump is planning to revamp the ‘president’s golf course’

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Trump is planning to revamp the ‘president’s golf course’

WEST PALM BEACH, Fla. (AP) — President Donald Trump has spent much of his two-week vacation in Florida golfing. But when he gets back to the White House, there’s a military golf course that he’s never played that he’s eyeing for a major construction project.

Long a favored getaway for presidents seeking a few hours’ solace from the stress of running the free world, the Courses at Andrews — inside the secure confines of Joint Base Andrews in Maryland, about 15 miles (24 kilometers) from the White House — are known as the “president’s golf course.” Gerald Ford, Ronald Reagan, George H.W. Bush, Bill Clinton, George W. Bush and Joe Biden have spent time there, and Barack Obama played it more frequently than any president, roughly 110 times in eight years.

President George H.W. Bush talks with tennis star Andre Agassi, left, and actor Kevin Costner, right, while playing the 18th hole at Andrews Air Force Base, Md., July 28, 1991. (AP Photo/Doug Mills, File)

President George H.W. Bush talks with tennis star Andre Agassi, left, and actor Kevin Costner, right, while playing the 18th hole at Andrews Air Force Base, Md., July 28, 1991. (AP Photo/Doug Mills, File)

Trump has always preferred the golf courses his family owns — spending about one of every four days of his second term at one of them. But he’s now enlisted golf champion Jack Nicklaus as the architect to overhaul the Courses at Andrews.

“It’s amazing that an individual has time to take a couple hours away from the world crises. And they’re people like everybody else,” said Michael Thomas, the former general manager of the course, who has golfed with many of the presidents visiting Andrews over the years.

Andrews, better known as the home of Air Force Onehas two 18-hole courses and a 9-hole one. Its facilities have undergone renovations in the past, including in 2018, when Congress approved funding to replace aging presidential aircraft and to build a new hangar and support facilities. That project was close enough to the courses that they had to be altered then, too.

Trump toured the base by helicopter before Thanksgiving with Nicklaus, who has designed top courses the world over. The president called Andrews “a great place, that’s been destroyed over the years, through lack of maintenance.”

Other golfers, though, describe Andrews’ grounds as in good shape, despite some dry patches. Online reviews praise the course’s mature trees, tricky roughs, and ponds and streams that serve as water hazards. The courses are mostly flat, but afford views of the surrounding base.

‘They all like to drive the cart’

The first president to golf at Andrews was Ford in 1974. Thomas began working there a couple years later, and was general manager from 1981 until he retired in 2019.

He said the Secret Service over the years used as many as 28 golf carts — as well as the president’s usual 30-car motorcade — to keep the perimeter secure.

“It’s a Cecil B. DeMille production every time,” said Thomas, who had the opportunity to play rounds with four different presidents, and with Biden when he was vice president.

He said the commanders in chief generally enjoyed their time out on the course in their own unique ways, but “they all like to drive the cart because they never get an opportunity to drive.”

“It’s like getting your driver’s license all over again,” Thomas laughed.

Michael Thomas, the former manager of the Courses at Andrews at Joint Base Andrews, stands with footballs autographed by several former presidents, Friday, Dec. 19, 2025, in Lothian, Md. (AP Photo/Mark Schiefelbein)

Michael Thomas, the former manager of the Courses at Andrews at Joint Base Andrews, stands with footballs autographed by several former presidents, Friday, Dec. 19, 2025, in Lothian, Md. (AP Photo/Mark Schiefelbein)

Trump golf most weekendsand as of Friday, has spent an estimated 93 days of his second term doing so, according to an Associated Press analysis of his schedules.

That tally includes days when Trump was playing courses his family owns in Virginia, around 30 miles (48 kilometers) from the White House, and near his Florida estate Mar-a-Lagowhere he’s spending the winter holidays. It also includes 10 days Trump spent staying at his golf club in Bedminster, New Jerseywhere his schedule allowed time for rounds of golf.

Trump has visited Andrews in the past, but the White House and base have no record of him playing the courses.

Another of Trump construction projects

Andrews’ military history dates to the Civil War, when Union troops used a church near Camp Springs, Maryland, as sleeping quarters. Its golf course opened in 1960.

The White House said the renovation will be the most significant in the history of Andrews. The courses and clubhouse need improvements due to age and wear, it said, and there are discussions about including a multifunctional event center as part of the project.

“President Trump is a champion-level golfer with an extraordinary eye for detail and design,” White House spokesman Davis Ingle said in a statement. “His vision to renovate and beautify Joint Base Andrews’ golf courses will bring much-needed improvements that service members and their families will be able to enjoy for generations to come.”

Plans are in the very early stages, and the cost of — and funding for — the project haven’t been determined, the White House said. Trump has said only that it will require “very little money.”

The Andrews improvements join a bevy of Trump construction projects, including demolishing the White House’s East Wing for a sprawling ballroom now expected to cost $400 millionredoing the bathroom attached to the Lincoln bedroom and replacing the Rose Garden’s lawn with a Mar-a-Lago-like patio area.

Outside the White House, Trump has led building projects at the Kennedy Center and wants to erect a Paris-style arch near the Lincoln Memorial, and has said he wants to rebuild Dulles International Airport in northern Virginia.

On Wednesday, meanwhile, the Trump administration ended a lease agreement with a non-profit for three public golf courses in Washington — which could allow the president to further shape golfing in the nation’s capital. The White House, however, said that move isn’t related to the plans for Andrews.

Presidential perks of golfing at Andrews

When the president is golfing, Andrews officials block off nine holes at a time so no one plays in front of him, allowing for extra security while also ensuring consistent speed-of-play, Thomas said.

That’s relatively easily done given that the courses aren’t open to the public. They’re usually reserved for active or retired members of the military and their families, as well as some Defense Department-linked federal employees.

Thomas remembers playing a round with the older President Bush, a World Golf Hall of Fame inductee known for fast play, while first lady Barbara Bush walked with Millie, the first couple’s English Springer Spaniel. George W. Bush also played fast, Thomas said, and got additional exercise by frequently riding his mountain bike before golfing.

President George W. Bush practices his swing as he prepares to tee off on the first hole at the golf course at Andrews Air Force Base, Md., July 3, 2002. (AP Photo/Pablo Martinez Monsivais, File)

President George W. Bush practices his swing as he prepares to tee off on the first hole at the golf course at Andrews Air Force Base, Md., July 3, 2002. (AP Photo/Pablo Martinez Monsivais, File)

When he wasn’t golfing at Andrews, Obama tried to recreate at least part of the experience back home. He had a White House golf simulator installed after then-first lady Michelle Obama asked Thomas how they might acquire a model that the president had seen advertised on the Golf Channel. Thomas gave her a contact at the network.

Obama famously cut short a round at Andrews after nine holes in 2011 to hustle back to the White House for what turned out to be a top-secret review of final preparations for a Navy SEAL raid on the compound of Osama bin Laden.

President Barack Obama, right, talks with former President Bill Clinton while playing a round of golf at Andrews Air Force Base Sept. 24, 2011, at Andrews Air Force Base, Md. (AP Photo/Evan Vucci, File)

President Barack Obama, right, talks with former President Bill Clinton while playing a round of golf at Andrews Air Force Base Sept. 24, 2011, at Andrews Air Force Base, Md. (AP Photo/Evan Vucci, File)

But, while Thomas was golfing with presidents, he said he never witnessed play interrupted by an important call or any major emergency that forced them off the course mid-hole. There also were never any rain-outs.

“If there was rain coming, they’d get the weather forecast before we would,” Thomas said. “They would cancel quick on that.”

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TRUMP AND TEHRAN EXCHANGE THREATS

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TRUMP AND TEHRAN EXCHANGE THREATS

DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump and top Iranian officials exchanged dueling threats Friday as widening protests swept across parts of the Islamic Republic, further escalating tensions between the countries after America bombed Iranian nuclear sites in June.

At least eight people have been killed so far in violence surrounding the demonstrations, which were sparked in part by the collapse of Iran’s rial currency but have increasingly seen crowds chanting anti-government slogans.

The protests, now in their sixth day, have become the biggest in Iran since 2022, when the death of 22-year-old Mahsa Amini in police custody triggered nationwide demonstrations. However, the protests have yet to be as widespread and intense as those surrounding the death of Amini, who was detained over not wearing her hijab, or headscarf, to the liking of authorities.

Trump post sparks quick Iranian response

Trump initially wrote on his Truth Social platform, warning Iran that if it “violently kills peaceful protesters,” the United States “will come to their rescue.”

“We are locked and loaded and ready to go,” Trump wrote, without elaborating.

Ali Larijani, a former parliament speaker who serves as the secretary of Iran’s Supreme National Security Council, alleged that Israel and the U.S. were stoking the demonstrations. He offered no evidence to support the allegation, which Iranian officials have repeatedly made during years of protests sweeping the country.

“Trump should know that intervention by the U.S. in the domestic problem corresponds to chaos in the entire region and the destruction of the U.S. interests,” Larijani wrote on X, which the Iranian government blocks. “The people of the U.S. should know that Trump began the adventurism. They should take care of their own soldiers.”

Larijani’s remarks likely referenced America’s wide military footprint in the region. Iran in June attacked Al Udeid Air Base in Qatar after the U.S. strikes on three nuclear sites during Israel’s 12-day war on the Islamic Republic. No one was injured, though a missile did hit a structure there.

As of Friday, no major changes had been made to U.S. troop levels in the Middle East or their preparations following Trump’s social media posts, said a U.S. official, who spoke on condition of anonymity to discuss sensitive military plans.

In a letter late Friday to United Nations Secretary-General António Guterres and the U.N. Security Council, Iran’s envoy asked the world body to condemn the rhetoric and reaffirm the country’s “inherent right to defend its sovereignty, territorial integrity, and national security, and to protect its people against any foreign interference.”

“The United States of America bears full responsibility for any consequences arising from these unlawful threats and any ensuing escalation,” said Amir Saeid Iravani, Iranian ambassador to the U.N.

Ali Shamkhani, an adviser to Supreme Leader Ayatollah Ali Khamenei who previously was the council’s secretary for years, separately warned that “any interventionist hand that gets too close to the security of Iran will be cut.”

US signals support for protesters

Trump’s online message marked a direct sign of support for the demonstrators, something other American presidents have avoided out of concern that activists would be accused of working with the West. During Iran’s 2009 Green Movement demonstrationsPresident Barack Obama held back from publicly backing the protests — something he said in 2022 “was a mistake.”

But such White House support still carries a risk.

“Though the grievances that fuel these and past protests are due to the Iranian government’s own policies, they are likely to use President Trump’s statement as proof that the unrest is driven by external actors,” said Naysan Rafati, an analyst at the International Crisis Group.

“But using that as a justification to crack down more violently risks inviting the very U.S. involvement Trump has hinted at,” he added.

Iran’s Foreign Ministry spokesperson Esmail Baghaei recently cited a list of Tehran’s longtime grievances regarding U.S. intervention, including a CIA-backed coup in 1953, the downing of a passenger jet in 1988 and the strikes in June.

Protests continue Friday

Protests continued Friday in various cities in the country, even as life largely continued unaffected in the capital, Tehran. Demonstrations have reached over 100 locations in 22 of Iran’s 31 provinces, the U.S.-based Human Rights Activists News Agency reported. It said the death toll in the demonstrations rose to eight with the death of a demonstrator in Marvdasht in Iran’s Fars province.

Demonstrators took to the streets in Zahedan in Iran’s restive Sistan and Baluchestan province on the border with Pakistan. The burials of several demonstrators killed in the protests also took place Friday, sparking marches.

Videos purported to show mourners chasing off security force members who attended the funeral of 21-year-old Amirhessam Khodayari. He was killed Wednesday in Kouhdasht, over 400 kilometers (250 miles) southwest of Tehran in Iran’s Lorestan province.

Footage also showed Khodayari’s father denying his son served in the all-volunteer Basij force of Iran’s paramilitary Revolutionary Guard, as authorities claimed. The semiofficial Fars news agency later reported that there were now questions about the government’s claims that he served.

Iran’s civilian government under reformist President Masoud Pezeshkian has been trying to signal it wants to negotiate with protesters. However, Pezeshkian has acknowledged there is not much he can do as Iran’s rial has rapidly depreciated, with $1 now costing some 1.4 million rials. That sparked the initial protests.

The protests, taking root in economic issues, have heard demonstrators chant against Iran’s theocracy as well. Tehran has had little luck in propping up its economy in the months since the June war.

Iran recently said it was no longer enriching uranium at any site in the country, trying to signal to the West that it remains open to potential negotiations over its atomic program to ease sanctions. However, those talks have yet to happen as Trump and Israeli Prime Minister Benjamin Netanyahu have warned Tehran against reconstituting its atomic program.

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Associated Press writers Konstantin Toropin in Washington and Farnoush Amiri in New York contributed to this report.

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