Americans Frown at Trump's $1.4B Crypto Jackpot as Elon Musk Explores Stablecoins
Welcome to another edition of your favorite weekly news round-up, guys… It’s been a while since we said welcome like that. 🙂
Guess some things never change. Last week gave that vibe and feeling of checking crypto Twitter at 8am and immediately regretting it. It’s not even because the market crashed or because some obscure L2 got exploited for $400 million.
Apparently, some Americans think the president should not be making ridiculous billions from crypto, while two Binance employees had to find out the hard way that the UAE takes fraud investigations seriously.
Elsewhere, or somewhere in SpaceX, Elon Musk is cooking, and it looks like he’s gonna serve influencers in stablecoins. This kinda sounds like the future and a new way to avoid accounting.
Here are the highlights:
- Trump Crypto Profits of $1.4 Billion Draw Disapproval From 63% of Americans
- Two Binance Workers Held at UAE Airports Amid Fraud Inquiries
- Elon Musk's X is exploring stablecoins to pay influencers and content providers
- Pakistan gives crypto platforms a September 5 deadline to comply or leave
Trump Crypto Profits of $1.4 Billion Draw Disapproval From 63% of Americans
Most Americans view President Donald Trump’s crypto earnings as improper, according to a Reuters/Ipsos poll in which 63% of respondents called the profits his family drew from digital assets inappropriate. The same survey found that 69% believe his private business interests shape his presidential decisions. Half of Republican respondents shared that view. The online survey covered 1,166 US adults between August 14 and August 17. It carried a margin of error of 3 percentage points for all Americans and 5 points for each party group. About 32% of respondents defended the family’s crypto earnings. Among Republicans, roughly 69% described it as appropriate, while 27% did not.
Two Binance Workers Held at UAE Airports Amid Fraud Inquiries
Emirati police pulled two Binance employees aside at airports in recent weeks during a fraud investigation into money moving through the exchange, The New York Times reported Aug. 20. A third Binance official, who runs the company’s Dubai subsidiary, was questioned at a police station in July. All three have since been released. Binance’s main regulator is based in the Emirates. One of the two, a mid-level employee, was held overnight at a Sharjah police station this month after being stopped at the airport, according to people familiar with the inquiries. The other employee was stopped by police at a different Emirati airport around the same time.
Elon Musk's X is Exploring Stablecoins to Pay Influencers and Content Providers
Social media platform X is in talks to explore how stablecoins, such as Circle Internet’s USDC, can be used to pay royalties to influential users for uploading content, according to a person familiar with the plans. The conversations with X are ongoing, said the person, who also works with other social media platforms testing stablecoins as a way to pay commissions to influencers. Media representatives of X did not immediately respond to requests for comment. Stablecoins, which boast a collective market cap of over $300 billion, have become a staple for blockchain payments, facilitating faster, cheaper cross-border transactions for everyone from small businesses to multinationals moving large amounts of money between subsidiaries.
Pakistan Gives Crypto Platforms a September 5 Deadline to Comply or Leave
Pakistan has given crypto platforms until Sept. 5 to enter its new licensing regime or stop serving the market, moving the country from broad crypto policy toward formal supervision. The Pakistan Virtual Assets Regulatory Authority, or PVARA, opened a licensing portal on Aug. 22 after issuing final virtual-asset service regulations a day earlier. Bilal Bin Saqib, PVARA's Chairman, said: “This market [previously] existed without a clear regulatory pathway. Today, that changes. We now have the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure. Today we built the rules. Now we build the opportunity.”
Other Highlights Worth Mentioning
FTX’s Caroline Ellison and Gary Wang hit with five-year trading ban – Protos
Standard Chartered to Distribute Regulated Hong Kong Dollar Stablecoin – KuCoin
Crypto card spending tps $1 billion as stablecoins move into everyday purchases – CoinDesk
Trump Team Pulls Millions From TRUMP Memecoin Liquidity Pools During Price Rally – Be in Crypto
COINIGY FACT OF THE DAY
On this day in August 24, 2025, Ethereum pushed deeper into price discovery, climbing as high as $4,945 and setting a fresh all-time high.
On August 24, 2025, Ethereum climbed as high as $4,945, surpassing its previous all-time high of roughly $4,878, which had stood since November 2021. ETH had already broken that four-year-old record two days earlier, but August 24 saw it push even further into new territory. The rally came amid growing expectations of U.S. interest-rate cuts following Federal Reserve Chair Jerome Powell's Jackson Hole speech.
COINIGY MEME OF THE WEEK
