Cryptocurrency Holdings of Trump Family Continue to Grow with Incoming Foreign Investments
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Holy smokes, it looks like President Donald Trump and his family are raking in some massive dough from the crypto world, alleges a new report from the State Democracy Defenders Action. This non-biased nonprofit organization, known for standing against autocracy, claims that a whopping 40% of Trump's wealth now stems from digital assets, adding up to around $2.9 billion.
The source of this crypto jackpot? Well, it's coming from Trump's personal memecoins – the Official Trump trump-4.69% and Melania memania-4.96%, and a hefty stake in World Liberty Financial (WLFI), a Trump-tied crypto exchange launched in 2024.
While the group behind the study brands itself as impartial, it's led by long-time Trump critics. Yet, the numbers are mind-blowing. Trump's crypto riches could soon swell even more, with World Liberty Financial announcing a $2 billion investment from MGX, a firm backed by Abu Dhabi, into the Trump-linked exchange by purchasing its new stablecoin, USD1.
World Liberty's website reveals just how cozy the Trumps are with the operation – a family-affiliated entity owns a 60% stake and holds 22.5 billion $WLF tokens. But it's not just a family affair. Trump's White House Crypto Czar, David Sacks, stands to profit from the USD1 stablecoin's custodial deal with BitGo – a company he still holds a stake in.
Sacks was granted a conflict-of-interest waiver on March 5 by the White House Counsel, allowing him to keep his BitGo ownership. He's not alone; Trump's Middle East Envoy, Steven Witkoff, is also listed as a co-founder of WLFI, alongside the president's sons. However, the details surrounding their financial involvement remain hazy.
On top of that, crypto mogul Justin Sun dropped $30 million on $WLFI just weeks after Trump won the 2024 presidential election, giving a Trump-affiliated holding company called DT Marks DEFI LLC 75% of the net protocol revenues. It's unclear just how much of the MGX deal will benefit Trump, but "a lot" seems like a safe bet.
As Trump's crypto dominion expands, so does the fear of conflicts of interest. Trump's administration has been under scrutiny for loosening oversight of the digital asset industry, raising questions about crypto cronyism and undermining financial regulation. So far, the Trump administration's U.S. Securities and Exchange Commission has dropped numerous lawsuits and investigations against crypto and blockchain companies, including Dragonchain, Coinbase, Gemini, Uniswa, and Ripple.
To put it simply, Trump's crypto game might be less about decentralization and more about consolidation – of wealth, influence, and prestigious dinner invitations to Mar-a-Lago.
Additional Insight:It's worth noting that Trump's promotion of his personal cryptocurrency and involvement in the crypto industry have been called into question due to potential conflicts of interest. This includes concerns about using public influence for personal gain and blurring the lines between his role as a public figure and his personal financial interests. Critics argue that these actions could undermine financial regulation and create an environment favorable to Trump's own crypto ventures.
- President Donald Trump's family is reportedly amassing a fortune from the crypto world, allegedly worth around $2.9 billion, primarily through memecoins like the Official Trump trump-4.69% and Melania memania-4.96%, and a stake in World Liberty Financial (WLFI), a Trump-tied crypto exchange.
- Apart from his memecoins, Trump's wealth also stems from World Liberty Financial, which recently received a $2 billion investment from MGX, a firm backed by Abu Dhabi, for its new stablecoin, USD1.
- Trump's White House Crypto Czar, David Sacks, stands to profit from the USD1 stablecoin's custodial deal with BitGo, a company he still holds a stake in, after being granted a conflict-of-interest waiver by the White House Counsel on March 5.
- Trump's Middle East Envoy, Steven Witkoff, is also listed as a co-founder of WLFI, alongside the president's sons, though the details surrounding their financial involvement remain unclear.
- Crypto mogul Justin Sun made a $30 million investment in WLFI shortly after Trump won the 2024 presidential election, granting a Trump-affiliated holding company called DT Marks DEFI LLC 75% of the net protocol revenues.
- Critics argue that Trump's promotion of his personal cryptocurrency and involvement in the crypto industry could blur the lines between his role as a public figure and his personal financial interests, potentially undermining financial regulation.
- Trump's administration has been under scrutiny for loosening oversight of the digital asset industry, raising questions about crypto cronyism, and dropping numerous lawsuits and investigations against crypto and blockchain companies like Dragonchain, Coinbase, Gemini, Uniswa, and Ripple.
