Donald Trump and his family continue to cash in on cryptocurrencies from entities that hope to influence with the president and his administration while working to relax the industry.
At a crypto conference in the United Arab Emirates, Eric Trump and Zach Witkoff announced that the Trump family’s Stablecoin (USD1 of World Free Finance Corporation) will become a tool for state-backed Emirati investment firm MGX MGX, investing $2 billion in Binance, the world’s largest cryptocurrency exchange.
The news comes after Binance founder and former CEO Changpeng Zhao claimed “there is no discussion about Binance US dealing with you…well, no one has discussed it for weeks.”
The transaction comes with many ethical luggage. First, World Free Finance (inspired by Donald J. Trump”) was co-founded and managed by Trump’s family, and the operation of Trump’s Middle East Middle East envoy Steve Witkoff, who has been operating like a shadow minister of shadows, and will now be like a financial link in November 2023, including people commemorating money, including financial finance, which is a financial relationship that the company will operate. The exchange is subject to serious restrictions on movement within the U.S. and, most importantly, the deal involves a foreign government with a clear political interest in the U.S.. Just as Trump used his hotel as a vehicle for a foreign entity to take on a presidential career courtship, the signal that World Free Finance played is that Trump is open to investment.
Although the president himself does not hold a position in the world’s free finances, he is clearly involved in the crypto ambitions of his family. A few days before the inauguration, Trump announced the launch of $Trump, a meme coin that caused him to crash him within a few days overnight. Last month, the president announced that he would host an exclusive dinner with about 200 of the largest investors in coins at his Mar-A-Lago Golf Club.
according to Washington Post The announcement of the dinner led to Trump's price exceeding 30%, with the largest investor going to spend more than $24 million on coins. Dozens of buyers are willing to dump seven-figure money into coins, probably in exchange for direct access with the president. In the world's free finances, this model is not only about individual investors, but also about the country.
according to The New York Times, World Liberty Financial has sold over $550 million in sales, and its Stablecoin and WLFI tokens have sold over $550 million. this era World Free Finance emphasizes its connection with the president in terms of investors of potential investors.
"They kept telling us, 'We were like, we were very close to Trump.'" era. World Liberty Financial, also said with the German cryptocurrency group (Dominik Schiener) that they found their stadium “very dishonest”.
Nevertheless, some people accepted the offer. World Liberal Finance has established profitable partnerships with crypto companies located in Hong Kong, Israel and the United Arab Emirates.
“Obviously (they) think they’re going to make money because it’s a formally recognized Trump project,” Soniclabs founder Andre Cronje told The The The The The The The The The The The The The The The The The The The The The era They rejected the company's promotion. “This is a dark spot in our industry.”
American lawmakers are paying attention. When the president takes tough measures to abandon cryptocurrencies, it is hard to ignore how domestic growth in the industry will benefit him and his family directly.
Senator Elizabeth Warren (D-Mass.) responded to the news that World Free Finance will participate in the graduation transaction agreement in a book written on Thursday, “a dark fund supported by foreign governments has just announced a $2 billion deal using Trump Stablecoins. The Senate is preparing to pass Stablecoin legislation to make it easier for Trump’s family to be listed as Trump’s family. '''."
"It's corruption. No senator should support it," she added.
Earlier this week, Senator Chris Murphy (D-CT.) wrote that Trump’s connection to the world’s free finance and his other cryptocurrency businesses were “the biggest corruption scandal in the history of the U.S. presidential palace.”
"You probably don't have to dig deep into an instance where the president received a massive cash injection of his crypto coins from the CEO or foreign oligarch," the senator told MSNBC.
"The U.S. president should not run a backdoor bribery program, which is equivalent to posting your cash app on the White House webpage - and then we should make it clear that it is illegal," Murphy added. "If we are doing the work, we will pass legislation saying that any president can pass monetization by having a cryptocurrency to sell to the public through the official channels of the White House to the CEO, to the Saudi prince, and anyone else doing business before the U.S. Congress."