Donald Trump and his family continue to take advantage of the cryptocurrency of entities that seek to arouse the influence of the president and his administration – who simultaneously works to deregulate the industry.
During a crypto conference in the United Arab Emirates, Eric Trump and Zach Witkoff announced that the stablecoin of the Trump family – World Liberty Financial’s USD1 – will be the vehicle of the largest Emirati investment company supported by the MGX state to invest $ 2 billion in Binance, the greatest exchange of crypto in the world.
The announcement comes from weeks after the founder and former CEO of Binance, Changpeng Zhao, said that he had “no discussion on a binance with which we are with … well, anyone”.
The transaction is delivered with a multitude of ethical luggage. For beginners, World Liberty Financial (a decentralized exchange “inspired by Donald J. Trump”), is co -created and managed by Trump’s family – as well as that of the Middle East Middle East, Steve Witkoff, who worked as a state secretary – and will now have direct financial links to Binance, who, in November, financiers, in particular washing machines, sanctions, sanctions, and to make licensees. The exchange was slapped strong restrictions on operations in the United States in addition to this, the transaction implies a foreign government with clear political interests in the United States. Just as Trump used his hotels as vehicles for foreign entities for dependent on the presidency, the signal released by World Liberty Financial is that the Trumps are open to investments.
Although the president himself does not technically hold a position in World Liberty Financial, he is clearly involved in the ambitions of family cryptography. A few days before its inauguration, Trump announced the launch of $ Trump, a piece of meme which made him billions of people overnight, then crashed in a few days. Last month, the president announced that he would organize an exclusive dinner for around 200 of the largest investors in the medal in his Mar-A-Lago golf club.
According to an analysis of The Washington Post, The announcement of the dinner led to an increase of more than 30% of the price of $ Trump, the largest investor pouring over $ 24 million in the medal. Several dozen buyers were ready to throw seven figures into the medal, perhaps in exchange for direct access to the president. In World Liberty Financial, the scheme is repeated not only with individual investors, but nations.
According to a survey of The New York Times, World Liberty Financial has collected more than $ 550 million in sale from their Stablecoin and WLFI token. THE Times noted that in their arguments to potential investors, World Liberty Financial underlined their links with the president.
“They kept saying to us:” We are like, we are very close to Trump “, said Mike Silagadze, Managing Director of the Crypto Startup Ether.fi, Times. Dominik Schiener, the founder of a German crypto group who was also approached by World Liberty Financial, added that they had found that their argument was “very dishonest”.
However, some took the offer. World Liberty Financial has established lucrative partnerships with cryptographic companies based in Hong Kong, Israel and the United Arab Emirates, among others.
“Obviously (they) think they will make money because it is the officially approved Trump project,” said Soniclabs founder Andre Cronje Times of land they have rejected from the company. “It’s a black place on our industry.”
Legislators in the United States take note. While the president takes drastic measures to deregulate the crypto, it is difficult to ignore the way in which the domestic growth of the industry will be directly beneficial and to his family.
Senator Elizabeth Warren (D-MASS.) Reacted to the news that World Liberty Financial would participate in the Binance agreement by writing Thursday that “a shaded fund supported by a foreign government announced an agreement of $ 2 billion using Trump Stablecoins.
“This is corruption. No senator should support him,” she added.
Earlier this week, Senator Chris Murphy (D -C.) wrote that Trump’s ties with World Liberty Financial – as well as his other Crypto companies – was the “biggest corruption scandal in the history of the American presidency”.
“You probably don’t have to scratch very deeply to find a case where the president received a huge silver infusion from his crypto piece of a CEO or a foreign oligarch who then asked for a favor by Donald Trump,” the senator told MSNBC.
“A President of the United States should not manage a rear door corruption program – the equivalent of publishing your application in cash on the White House web page – so we must be clear that it is illegal,” added Murphy. “If we were doing our job, we would adopt legislation saying that no president can monetize the White House by having a crypto room that he uses the official White House channels to sell to the public, to CEOs, Saudi princes and any other person who has business in front of the US Congress.”
