Jared Kushner floated the idea of creating federal cryptocurrency documents. The proposal came after Kushner advocated for the digital dollar and divested his company Thrive Capital. In an email to Steven Mnuchin, Kushner urged him to look into cryptocurrency. But, no response was forthcoming.
Jared Kushner floated idea of federal cryptocurrency documents
Former US president Donald Trump’s son-in-law Jared Kushner is making waves in the crypto industry by floating the idea of a federal digital currency. Kushner, then a senior advisor in the White House, wrote an email requesting a brainstorming session on the subject. It was sent to Steven Mnuchin, the US Treasury Secretary at the time. The email was obtained by CoinDesk through a Freedom of Information Act request.
In his email, Kushner argues that using cryptocurrencies would reduce fraud and waste and lower transaction prices. However, it is unclear whether a meeting actually took place. Moreover, there are no documents to prove whether Mnuchin or Kushner had a response to Kushner’s proposal.
Kushner and the crown prince’s relationship dates back to 2016. The relationship was particularly flourished during the Trump administration. In fact, Kushner set up meetings between his father-in-law and the prince at the White House. Even after the murder of Saudi journalist Jamal Khashoggi, Kushner and the prince continued discussions. American intelligence agencies have blamed Prince Mohammed for the killing of Khashoggi. However, the $2 billion investment deal did not go as smoothly as planned. In fact, some of the prince’s fund members were hesitant to participate.
Jared Kushner advocated for digital dollar
The documents were obtained through a Freedom of Information Act request by CoinDesk. They provide a glimpse into the challenges faced by the crypto industry. They also shed light on the controversy surrounding Mnuchin’s user-controlled wallet proposal. The documents also feature some unintended comedy. Kushner was ahead of the curve in considering a digital dollar, but discussions on central bank digital currencies did not become widely discussed until late 2019. Then, Facebook started talking about a digital yuan, which met with ferocious backlash.
The emails do not reveal whether Mnuchin responded to Kushner’s proposal. They also don’t reveal whether the meeting actually took place. However, it is worth noting that he discussed the idea for months with Marc Benioff, CEO of Salesforce Inc.
Kushner’s decision to join the Trump administration raises several ethical questions. First, he would violate the federal anti-nepotism law. Second, he could face legal challenges and political backlash. Third, his role would conflict with the duties of his father and brother-in-law.
Jared Kushner divested from Thrive Capital
Thrive Capital, the venture fund run by Jared Kushner’s brother Joshua, has been a lightning rod for controversy since its founding. Thrive has invested in Slack, online payments company Stripe, and Oscar, which sells Affordable Care Act insurance. The firm has ties to billionaire Peter Thiel, who was a major investor in Thrive before Kushner became president. Another Thrive-related company, Cadre, is a questionable real-estate firm that is well-known for its ties to offshore tax havens. Although Jared Kushner originally planned to divest from Cadre, he changed his mind and is still an investor.
The two brothers previously had $30 million in Thrive. While Jared’s involvement was limited, Joshua’s involvement is a big part of his business interests. His investments include Thrive Capital, Cadre, and Glossier, a popular makeup brand. Cadre enables accredited investors to purchase stakes in buildings.
Jared Kushner emailed Steven Mnuchin about cryptocurrency
Former White House adviser Jared Kushner has reportedly emailed Treasury Secretary Steven Mnuchin about cryptocurrency. The emails came to light as part of a Freedom of Information Act request by CoinDesk. They reveal that Kushner is an advocate of digital currencies and sought a brainstorming session with Mnuchin about cryptocurrency regulations.
During a meeting with the Congressional Oversight Commission on December 10, Mnuchin expressed interest in the crypto industry. He also seemed particularly interested in Venezuela’s recent announcement to use cryptocurrencies in order to circumvent U.S. sanctions, which have largely isolated the country from the global economy. The emails also reveal that Mnuchin and his team have met with cryptocurrency companies, such as Coinbase, Block and Xapo Financial institution.
The emails also reveal that Kushner has been advocating for the creation of a U.S. digital currency that would be different from those used by foreign countries. The digital currency would be called the US Digital Currency and would not be created by the American government. The goal would be to reduce waste, fraud, and transaction costs. The emails do not reveal how Mnuchin reacted to the proposal.