President Donald Trump has a monumental task at hand in draining the federal swamp. As we learned during his first administration, personnel is policy. Many swamp rats were able to worm into the first administration, such former National Security Advisor John Bolton, former Chief of Staff John Kelly, former Secretary of State Mike Pompeo, former Defense Secretary James Mattis, former head of the Joint Chiefs of Staff Mark Milley and countless others. This fifth column of interlopers impeded the MAGA agenda immeasurably.
President Trump learned in his first term that the character of the individuals around him is paramount. Now, he has Chief of Staff Susie Wiles, Secretary of State Marco Rubio, Attorney General Pam Bondi, National Security Advisor Tulsi Gabbard, HHS Secretary Robert F. Kennedy Jr., FBI Director Kash Patel and others who are working in concert with the President, and although the system is far from perfect, the cohesive nature of the administration is seen in the results.
While the second administration has been drastically better in terms of personnel, MAGA must remain on guard against the subversive forces that are looking for any crevice that they can worm their way in through. Many of them have found safe haven within the bureaucracy, in important but less high-profile roles where they hope they can slither their way through without public recognition. One of these examples is SEC Director Enforcement Sam Waldon.
Waldon is a multi-time Biden/Harris donor, even donating to Harris just two days before Election Day in 2024. Despite his open political advocacy for Democrats, Waldon still masquerades as a neutral enforcer concerned only about the rule of law. This is how he has been able to maintain his position within the SEC. However, his role in engineering the cruel “Operation Chokepoint 2.0” policies that treated cryptocurrency entrepreneurs as if they were terrorists or drug traffickers underscores his deep support for big, centralized government.
Waldon was a key architect of the Biden-era assault by then-Chair Gary Gensler on the crypto industry. Under Waldon’s enforcement regime, Gensler initiated a policy to de-bank crypto entrepreneurs and treat them as if they were selling drugs or weapons. Recent revelations from the House Financial Services Committee confirm the existence of this program, showing that at least 30 firms were targeted during the time the Biden administration was in power.
Silicon Valley billionaire Marc Andreessen blew the whistle that the Biden policy was “full government control” over the crypto and tech industry with all startups and innovation snuffed out by the jack boot of the State. A nationalized tech sector enforcing Big Brother for woke aims was the goal of the Biden administration, dutifully enforced by Waldon and his SEC loyalists. Additionally, Waldon drove high-profile cases against Coinbase, Binance, and Justin Sun, weaponizing regulations to stifle innovation. Still, Waldon and Gensler’s efforts were unsuccessful as cryptocurrency only continued to surge throughout the Biden administration – with President Trump taking notice.
President Trump has quickly gone from being an opponent of cryptocurrency to one of the industry’s most successful and prominent entrepreneurs. The Trump Media and Technology Group (DJT) reportedly acquired $2 billion worth of Bitcoin in July with President Trump amassing holdings of up to $870 million in Bitcoin, making him one of the world’s largest investors in Bitcoin. President Trump also launched World Liberty Financial this year with his sons, adding $5 billion to his portfolio in part through the launch of the successful Trump coin and Melania coin.
President Trump also made it clear that he rejects the heavy-handed overreach of the Biden administration on crypto. He signed the GENIUS Act, creating a workable regulatory framework for digital assets that allows a free crypto market while creating common sense regulatory controls to ensure safety and security. The GENIUS Act allows for the issuance of stablecoins, pegging cryptocurrency to the dollar in order to harness the power of digital assets to enhance the dollar’s value. Stablecoins are also expected to allow for instantaneous payment processing and could provide a revolutionary boost to the economy.
“Just as I promised last year, the GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” President Trump said. “This could be, perhaps, the greatest revolution in financial technology since the birth of the Internet itself. A lot of people are saying that.”
“Let me say, the entire crypto community, for years, you were mocked and dismissed and counted out,” President Trump added. “You were counted out as little as a year and a half ago. But this signing is a massive validation.
Waldon, if he could, would likely throw President Trump in prison for his wise crypto investments. He cannot be trusted to adhere to President Trump’s crypto vision any more than John Bolton could be trusted to uphold an America First foreign policy in term one. It is simply too risky of a proposition, with no reward, to keep Waldon in his enforcement position at the SEC. Waldon should be removed from the administration immediately and replaced in his important role with an individual who is firmly in line with the MAGA agenda.
