I got three Senate letters in the past coupla days. I'm doing my best and handling them one at a time.
First, is a letter from Pennsylvania Senator Dave McCormick. As always, I'll post the letter at the bottom of this blog page.
He's writing me about some cryptocurrency legislation and when I read it, I asked myself, "When did I write to McCormick about cryptocurrency?"
Apparently I wrote him about it on May 26, 2025.
In that blog post, after pointing to NYTimes reporting on an event at Mar-a-Lago where this happened:
Mr. Trump and his business partners organized the dinner to promote sales of his $TRUMP cryptocurrency, a memecoin launched just days before Mr. Trump’s inauguration.The Times also points out that the Trump family has already reportedly already made millions of dollars in fees off of this memecoin.
I asked the senator if he's ok with it. Any of it.
US Senator Dave McCormick responded by describing legislation signed into law by President Trump almost two months after the party at Mar-a-Lago and some legislation being drafted in the Senate similar to something already passed in the house.
The first legislation, S.1582 (the so-called "Genius Act"), deals with stablecoin, defined as:
Stablecoins are digital tokens explicitly designed to maintain a consistent value. Frequently pegged to a fiat currency like the U.S. dollar, stablecoins are generally reliable as a store of value.
On the other hand $Trump is a mem coin - a different entity altogether. Defined as:
Birthed by Internet culture, meme coins are cryptocurrency tokens that derive their value from shared humor or memes. Meme coins have no utility, no backing by other assets, and none of the price predictability of stablecoins. The meme coin is likely the riskiest type of digital token.
It's also far more volatile than stablecoins.
The House legislation, Digital Asset Market Clarity Act of 2025, similarly deals with stablecoin but not memecoin.
Senator McCormick, a hedgefund guy, must know the difference.
And yet he answered my question about Trump's obvious graft growing out of his memecoin currency with news of legislation regulating stablecoin currency.
So it supposed to look like an answer to my question but in reality it isn't. It's a diversion.
Sen. McCormick has to know this is a deception.
Did he think I wouldn't check?
McCormick's letter:
