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It seems like a triumph for a cryptocurrency industry that has long sought mainstream acceptance: Top investors in one of President Donald Trump’s crypto projects invited to dine with him at his luxury golf club in Northern Virginia on the heels of the Senate advancing key pro-crypto legislation and while bitcoin prices soar.But Thursday night’s dinner for the 220 biggest investors in the $TRUMP meme coin has raised uncomfortable questions about potentially shadowy buyers using the anonymity of the internet to buy access to the president.While Democrats charge that Trump is using the power of the presidency to boost profits for his family business, even some pro-Trump crypto enthusiasts worry that the president’s push into meme coins isn’t helping their efforts to establish the credibility, stability and legitimacy they had thought his administration would bring to their businesses.After feeling unfairly targeted by the Biden administration, the industry has quickly become a dominant political force, donating huge sums to help Trump and crypto-friendly lawmakers. But that’s also served to tether the industrysometimes uncomfortablyto a president who is using crypto as a platform to make money for his brand in unprecedented ways.“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures, who said the president is “hugging us to death” with his private crypto businesses. “We would much rather that he passes common-sense legislation and leave it at that.” Concerns about Trump’s crypto ventures predate Inauguration Day At the swanky Crypto Ball held down the street from the White House three days before he took office on Jan. 20, Trump announced the creation of the meme coin $TRUMP as a way for his supporters to “have fun.”Meme coins are the crypto sector’s black sheep. They are often created as a joke, with no real utility and prone to extremely wild price swings that tend to enrich a small group of insiders at the expense of less sophisticated investors.The president’s meme coin is different, however, and has a clear utility: access to Trump. The top 25 investors of $TRUMP are set to attend a private reception with the president Thursday, with the top four getting $100,000 crypto-themed and Trump-branded watches.Trump’s meme coin saw an initial spike in value, followed by a steep drop. The price saw a significant increase after the dinner contest was announced. Its creators, which include an entity controlled by the Trump Organization, have made hundreds of millions of dollars by collecting fees on trades.First lady Melania Trump has her own meme coin, and Trump’s sons, Eric and Don Jr.who are running the Trump Organization while their father is presidentannounced they are partnering with an existing firm to create a crypto mining company.The Trump family also holds about a 60% stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president’s relatives. World Liberty has launched its own stablecoin, USD1. The project got a boost recently when World Liberty announced an investment fund in the United Arab Emirates would be using $2 billion worth of USD1 to purchase a stake in Binance, the world’s largest cryptocurrency exchange.A rapidly growing form of crypto, stablecoins have values pegged to fixed assets like the U.S. dollar. Issuers profit by collecting the interest on the Treasury bonds and other assets used to back the stablecoins.Crypto is now one of the most significant sources of the Trump family’s wealth.“He’s becoming a salesman-in-chief,” said James Thurber, an American University professor emeritus who has long studied and taught about corruption around the world. “It allows for foreign influence easily. It allows for crypto lobbying going on at this dinner, and other ways. It allows for huge conflicts of interest.” How Trump changed his mind on crypto “I’m a big crypto fan,” Trump told reporters aboard Air Force One during last week’s trip to the Middle East. “I’ve been that from the beginning, right from the campaign.”That wasn’t always true. During his first term, Trump posted in July 2019 that cryptocurrencies were “not money” and had value that was “highly volatile and based on thin air.”“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade,” he added then. Even after leaving office in 2021, Trump told Fox Business Network that bitcoin, the world’s most popular cryptocurrency, “seems like a scam.”Trump began to shift during a crypto event at his Mar-a-Lago club in Florida in May 2024, receiving assurances that industry backers would spend lavishly to get him reelected. Another major milestone came last June, when Trump attended a high-dollar fundraiser at the San Francisco home of David Sacks.He further warmed to the industry weeks later, when Trump met at Mar-a-Lago with bitcoin miners. The following month, he addressed a major crypto conference in Nashville, promising to make the U.S. the “crypto capital of the planet.”Those close to Trump, including his sons and billionaire Elon Musk, helped further push his embrace of the industry. Sacks is now the Trump administration’s crypto czar, and many Cabinet membersincluding Commerce Secretary Howard Lutnick and Defense Secretary Pete Hegsethhave long been enthusiastic crypto boosters.“I don’t have faith in the dollar,” Transportation Secretary Sean Duffy said in a 2023 interview. “I’m bullish on bitcoin.” Trump + crypto: A political marriage of convenience Many top crypto backers were naturally wary of traditional politics, but gravitated toward Trump last year. They bristled at Democratic President Joe Biden ‘s Securities and Exchange Commission aggressively bringing civil suits against several major crypto companies.Since Trump took office, many such cases have been dropped or paused, including one alleging that Justin Sun, a China-born crypto entrepreneur, and his company engaged in market manipulation and paid celebrities for undisclosed promotions.Sun, who once paid $6.2 million for a piece of art involving a banana taped to a wall, and then ate the banana, helped the Trumps start World Liberty Financial with an early $75 million investment.Sun has disclosed on social media that he is the biggest holder of $TRUMP meme coins and is attending Thursday’s dinner.“I’m excited to connect with everyone, talk crypto, and discuss the future of our industry,” Sun said. Are Trump family profits hurting other crypto investors? Trump has signed execuive orders promoting the industry, including calls to create a government bitcoin reserve. In March, Trump convened the first cryptocurrency summit at the White House.But some of the industry’s biggest names, often brash and outspoken, have kept mostly mum on Trump’s meme coins and other projects.“It’s not my place to really comment on President Trump’s activity,” Coinbase CEO Brian Armstrong said at a recent public event.Meanwhile, a top legislative priority for crypto-backers, a bill clarifying how digital assets are to be regulated, has advanced in the Senate. But some Democrats have tried to stall other pro-crypto legislation over the president’s personal dealings.“Never in American history has a sitting president so blatantly violated the ethics laws,” Democratic Rep. Stephen Lynch of Massachusetts said during a contentious House hearing earlier this month.The White House referred questions about dinner attendees to the Trump Organization, which didn’t provide a list of who is coming.“The President is working to secure GOOD deals for the American people, not for himself,” White House spokeswoman Anna Kelly said in a statement.In addition to Sun, however, some attendees have publicized qualifying for the dinner. Another will be Sheldon Xia, the founder of a cryptocurrency exchange called BitMart that’s registered in the Cayman Islands.“Proud to support President Trump’s pro-crypto vision.” Xia wrote in both English and Chinese on social media.Thurber, the expert on government and ethics, said Trump’s “personal attention to crypto at this dinner helps the crypto industry.”“But also it’s risky,” he said, “because they could all lose a lot of money.” Will Weissert and Alan Suderman, Associated Press
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Walmart Inc. is laying off approximately 1,500 employees in the United States in a bid to restructure as it works to keep up with fast-moving technological changes. The job cuts will impact corporate staff at the companys headquarters in Bentonville, Arkansas, and other offices. Some workers losing their jobs include members of the global technology team, e-commerce fulfillment managers, and members of Walmart Connect, the companys advertising business. Reached for comment, a Walmart representative shared with Fast Company a copy of the memo that was sent to staff on Wednesday afternoon. We are reshaping some teams in our Global Tech and Walmart U.S. organizations where we have identified opportunities to remove layers and complexity, speed up decision-making, and help associates innovate rapidly. the memo said. This isnt the first report of layoffs for the big-box store this year. In February, Walmart laid off hundreds of workers and closed its North Carolina office. Some employers were asked to relocate to the retailers headquarters. Technology, not tariffs, cited for reason Many retailers are looking for ways to trim expenses to combat the rising cost of doing business due to tariffs. One way retailers are reacting is by passing on added costs to the consumer with price increases. Some companies are also reducing labor costs with layoffs, although Walmart told the Wall Street Journal that the current job cuts are not connected to tariffs. Rather, Walmarts memo says, The world of technology is evolving at an unprecedented pace, and reshaping our structure allows us to accelerate how we deliver and adapt to the changing environment around us.” At the same time, during Walmarts first-quarter earnings call for fiscal 2026, CEO Doug McMillon shared that some products would be impacted by price increases due to tariffs. Given the magnitude of the tariffs, even at the reduced levels announced this week, we arent able to absorb all the pressure given the reality of narrow retail margins, McMillon warned. Over the weekend, President Trump retaliated by lashing out on social media, suggesting that the company should absorb the costs instead of passing them onto consumers. Walmart employs approximately 1.6 million workers in the United States, making it the largest private employer in the country. The Wall Street Journal first reported the retailers plans to cut jobs on Wednesday. Walmart stock (NYSE: WMT) was mostly flat in late-morning trading on Thursday. Shares have increased roughly 6.77% year to date.
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The LA Art Book Fair returned this weekend with a new venue and a renewed sense of intention. Now in its eighth edition, the fair took over ArtCenter College of Designs South Campus in Pasadena, California, transforming classrooms, courtyards, and even the rooftop of a Subaru Outback into vibrant hubs of independent publishing. Produced remotely by Printed Matters New York team, the fair was made possible through deep collaboration with LAs creative community. Still reeling from Januarys wildfires, the citys small press scene showed up with resilience and purpose, supported by mutual aid efforts and fee waivers for affected publishers. At a time when book bans, cultural conservatism, and generative AI are reshaping the creative landscape, LAABF 2025 was a celebration of subculture, radical publishing, and the enduring power of print. Across more than 300 exhibitors from 26 countries, LAABF offered up hand-bound zines, risograph prints, speculative fiction, surreal artist books, and design ephemera, and was a welcome counterpoint to the algorithmic flattening of culture we currently view through our screens. Heres a roundup of our favorite finds from LAABF. [Cover Image: Hat & Beard Press] In Dreams Begin Responsibilities: A Jonathan Rosenbaum Reader, published by Hat & Beard Press Spanning film, literature, and jazz, this sweeping retrospective brings together 100 of Jonathan Rosenbaums sharpest essays from nearly six decades of cultural criticism. Published by Los Angeles-based indie press Hat & Beard, the collection reveals how these three art forms intertwine in Rosenbaums singular worldview. Best known for his influential film writing at the Chicago Reader, Rosenbaum also weaves in deep reflections on music and literature, building a kind of critical manifesto. Expect essays on Stanley Kubrick, Chantal Akerman, Thomas Pynchon, Duke Ellington, and beyond, all filtered through Rosenbaums iconoclastic lens. [Cover Image: Cult Classic] Cult Classic Magazine: 06 Magnetism Cult Classic issue 06 explores the unseen threads that bind creative culture. Centered on ideas of mirroring, manifestation, and momentum, the issue reflects on what draws us together, and what keeps us moving forward. With three cover variations to choose from, readers will find conversations with artists, musicians, designers, and writers who are shaping the future of culture. From underground music to indie fashion, Cult Classic continues to document the pulse of creative communities with depth, and eclectic vision. [Photo: Secret Headquarters] THE DOME: Throat Heart Mouth Earth, by Carly Jean Andrews; published by Secret Headquarters Secret Headquarters redefines the comic book store with a sharply curated, design-forward approach to graphic storytelling. Known for its focus on comic book culture, the shop showcases an exceptional selection of graphic novels, trade paperbacks, and monthly titles. One must-see title to debut at LAABF was THE DOME: Throat Heart Mouth Earth by LA-based illustrator Carly Jean Andrews, a kaleidoscopic, spiral-bound collection of self-portraits that blends vintage maximalist aesthetics with the artists signature explorations of the female form. Each copy comes with a silkscreened thong printed with one of Andrews original drawings in a surprise color. Time, Myth and Matter, by LD Deutsch; published by Sacred Bones Blending science, speculation, and storytelling, Time, Myth and Matter is the debut essay collection from LD Deutsch, published by Brooklyn-based record label Sacred Bones. Across five expansive essays, including revised versions of her cult zines and one never-before-published piece, Deutsch explores how we use both technology and myth to make sense of reality. Deutsch moves between the cosmic and the personal, drawing unexpected connections between consciousness, physics, and narrative. Its a genre-defying read that sits comfortably between philosophy, pp culture, and futurism. [Cover Image: Draw Down Books] A Toolkit for Gathering, by Rachel Berger, with Meg Bisineer, Sara Dean, and Janette Kim; published by Draw Down Books Tired of the same old conference formats? This inventive guide, created by Rachel Berger with Meg Bisineer, Sara Dean, and Janette Kim, offers a fresh take on how artists, designers, and thinkers can gather with more purpose and creativity. Originally developed during a two-day residency at This Will Take Time and later shaped through the uncertainty of the early days of the pandemic, the book is packed with tools, prompts, and strategies to help make professional meetups more meaningful, and a lot less boring. Think poetic icebreakers, alternative structures, and replicable ideas for reimagining how we come together. Newly updated with a foreword by Draw Down Books founders, Christopher and Kathleen Sleboda, this slim, beautifully designed volume is both practical and inspirational. [Cover Image: M12 Studio] LANDLINES: San Luis Valley (Journey Into the American West), by M12 studio; published by Spector Books Spanning a four-year engagement by M12 STUDIO, LANDLINES is a 400-page volume exploring Colorados San Luis Valley, a vast alpine basin shaped by diverse landscapes and layered histories. Situated over 10,000 feet above sea level between the Sangre de Cristo and San Juan mountain ranges, The Valley has long been a crossroads of intersecting worlds: indigenous lands, Spanish and Anglo settlements, and a surprising range of religious communities, from Catholic to Amish to Hindu. Its landscapes carry traces of adobe architecture, ancient waterways, potato and cannabis farms, volcanic remnants, and folklore swirling with cryptids, UFO sightings, and folk music. LANDLINES blends research-driven storytelling with evocative imagery, offering a rare and multifaceted portrait of the rural Southwest. [Photo: Current Editions] Organizing Power: Volume 1, by Jessalyn Aaland with Ana Fox-Hodess and Nat Naylor; published by Current Editions Organizing Power: Volume 1 is a pocket-size guide to starting a union at your workplace. Created by Jessalyn Aaland with Ana Fox-Hodess and Nat Naylor, this zine-style handbook has already helped workers organize institutions like the Philadelphia Museum of Art and the Wexner Center for the Arts. Originally developed during Aalands fellowship at Yerba Buena Center for the Arts, the saddle-stitched booklet adapts trusted labor organizing resources with added insights from the authors. The risograph cover design gives a nod to the Whole Earth Catalog aesthetic, grounding the project in a legacy of DIY empowerment. [Cover Image: Caboose] BUGUE – Issue No. 1, by Liana Jegers; published by Caboose Part field guide, part personal zine, Bugue is a tender love letter to the overlooked wonders of backyard nature. Created by Liana Jegers, this debut issue zooms in on the flora and fauna just outside her door, and offers meditations on the hidden world beneath our feet. Printed on soft newsprint and filled with lush photography and hand-drawn illustrations, Bugue brings a slow, observational approach to nature writing, grounded in the hyperlocal and the everyday.
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E-Commerce
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