Big Government Inevitably Invites Corruption

Three days before his 2025 inauguration, Donald Trump launched a cryptocurrency called $TRUMP. That May, he dined with 220 of its largest holders, some of whom bought up the coin expressly to secure invitations. In October Mr. Trump pardoned Changpeng Zhao, a Binance co-founder who had been convicted of violating money-laundering laws. Binance had assigned a team to develop the stablecoin for World Liberty Financial, a crypto venture tied to the Trump family. The undertaking netted Mr. Trump hundreds of millions, part of $1 billion in crypto gains, while most token buyers lost money. Last year Paramount agreed to pay Mr. Trump $16 million—with some payments made to his future presidential library—to settle a lawsuit it had called meritless, and within weeks the government approved its $8 billion merger with Skydance.

Each episode has been reported, with people raising questions about Mr. Trump’s behavior. But what makes such conduct possible in the first place? Democrats blame the man.