Analysts warn of ‘transactional US presidency’

At least thirty crypto and tech donors who handed more than $116 million to President Donald Trump’s political groups have received benefits from the White House, according to FT reporting. Some were pardoned, others got policy breaks or regulatory relief, and many saw investigations disappear just days after donating.

These donors are, of course, billionaires, insurance companies, tobacco producers, and even a medical bandage manufacturer using human tissue. All of them gave money either before or after Trump’s return to the presidency.

There’s no direct evidence of bribery, but analysts say the sheer number of favorable outcomes shows a pattern of transactional politics (money flowed, and soon after, decisions followed).

Trump’s campaign and affiliated funds have seen record donations ($240 million for his latest inauguration alone), and more than $92 million arrived even after he was barred from running again. Many payments went straight into MAGA Inc., a Super PAC that backs Trump’s campaigns and can cover legal bills or fund his presidential library.

Crypto tycoons saw cases vanish

Public filings from the FEC, SEC, and Justice Department show how pardons and dropped cases have trailed big checks, but the White House denies any wrongdoing. Abigail Jackson, the president’s spokesperson, said, “Any allegations of special treatment are false and lack any basis in reality.”

But Dylan Hedtler-Gaudette from the Project on Government Oversight said, “We’re in an unprecedented new world of financial conflicts of interest.”

Trump’s first action was dismantling the Justice Department’s crypto enforcement unit and appointing Paul Atkins to run the SEC, who said he would stop “regulation by enforcement.” Tim Draper, a longtime crypto investor, gave $1 million to MAGA Inc. and said he wanted “a more business-friendly SEC.” Soon after, enforcement actions against crypto firms started fading.

The Winklevoss twins, Tyler and Cameron, donated $3 million combined, and weeks later, the SEC closed its probe into their exchange Gemini, which is now listed on Nasdaq and worth about $2.5 billion. They later invested in American Bitcoin, a company co-founded by Donald Trump Jr. and Eric Trump, and launched a PAC to “support champions of President Trump’s crypto agenda.”

When Brian Quintenz, the nominee for CFTC chair, refused to intervene in Gemini’s old case, Tyler tried to get his nomination withdrawn, as Cryptopolitan previously reported. Quintenz later posted, “I believe these texts make it clear what they were after from me, and what I refused to promise.”

Coinbase’s Fred Ehrsam donated $1 million to Trump’s inauguration, while Marc Andreessen and Ben Horowitz poured nearly $14 million into Trump-linked PACs.

By February, the SEC abruptly dropped its lawsuit against Coinbase. Crypto.com, which gave $10 million, saw its own probe closed six weeks later, right before Trump’s media company signed a multi-billion-dollar deal to buy the company’s token.

Pardons, policy reversals, and big favors

Chinese-born Justin Sun, barred from donating as a foreign national, bought $75 million in tokens from World Liberty Financial, a crypto firm controlled by Trump’s family. The next month, the SEC paused its case against him.

Justin also bought millions worth of $TRUMP memecoins, called himself the “TOP fan of Trump,” and attended a White House dinner at Trump’s golf club. Justin’s blockchain, Tron, now mints the USD1 stablecoin for World Liberty, whose tokens were later “unreasonably frozen,” according to him.

Trevor Milton, the Nikola founder convicted of fraud, donated $920,000 in October 2024 and was pardoned in March, while the SEC dropped its case against him in September.

In another instance, Elizabeth Fago gave $1 million, and weeks later, her son was pardoned for tax crimes. Trump has now issued 1,600 pardons and commutations, with over 1,500 tied to supporters from the January 6 riot.

Meanwhile, Changpeng Zhao, known as CZ, the Binance founder, is still waiting for a pardon after serving four months in prison. In March, Binance got a $2 billion investment from Abu Dhabi’s MGX, paid entirely in USD1 stablecoins from World Liberty Financial.

After the deal, the SEC dropped its case against Binance. Lawyers denied any connection between the transaction and pardon requests.

The favors weren’t limited to crypto. Trump reversed Biden’s TikTok ban the same day Jeff Yass, a major ByteDance investor, gave $16 million to MAGA Inc. Later, Trump struck a TikTok deal giving ownership stakes to Yass, Bill Ford’s General Atlantic, and MGX.

RAI Services, a tobacco company, donated $10 million before the White House scrapped Biden’s menthol ban. UnitedHealthcare gave $5 million and soon received higher Medicare Advantage rates. Even Extremity Care, which produces human-tissue bandages, donated $15 million, and the White House delayed Medicare cuts to 2026.

At a White House fundraiser this week, attendees included Coinbase, Altria, RAI, and the Winklevoss brothers, celebrating in a ballroom that donors themselves helped finance — a fitting scene for what ethics lawyers call the most transactional presidency America has ever seen.

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