{"id":21711,"date":"2025-04-29T11:52:29","date_gmt":"2025-04-29T11:52:29","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/secret-deals-foreign-investments-presidential-policy-changes-the-rise-of-trumps-crypto-firm\/"},"modified":"2025-04-29T11:52:29","modified_gmt":"2025-04-29T11:52:29","slug":"secret-deals-foreign-investments-presidential-policy-changes-the-rise-of-trumps-crypto-firm","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/secret-deals-foreign-investments-presidential-policy-changes-the-rise-of-trumps-crypto-firm\/","title":{"rendered":"Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump\u2019s Crypto Firm"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The pitch from \u201cZMoney\u201d arrived on the encrypted messaging app Signal just days before Donald J. Trump\u2019s presidential inauguration.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cZMoney\u201d was Zachary Folkman, an entrepreneur who once ran a company called Date Hotter Girls and was now representing World Liberty Financial, the cryptocurrency firm that Mr. Trump and his sons had recently unveiled. Mr. Folkman was writing to a crypto startup in the Cayman Islands, offering a \u201cpartnership\u201d in which the firms would buy each other\u2019s digital coins, a deal that would bolster the startup\u2019s public profile.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But there was a catch, The New York Times found. For the privilege of associating with the Trumps, the startup would have to make, in effect, a secret multimillion dollar payment to World Liberty.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cEverything we do gets a lot of exposure and credibility,\u201d Mr. Folkman wrote, asserting that other business partners had committed between $10 million and $30 million to World Liberty.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The Cayman startup rejected the offer, as did several other firms that received a similar pitch from World Liberty, executives said. They considered the deal unethical, concluding that World Liberty was essentially selling an endorsement \u2014 and hiding the arrangement from the public.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">World Liberty\u2019s executives, who have maintained that they did nothing improper, were undeterred. They successfully pitched similar deals to other firms while also marketing their coin to buyers around the world, reaping more than $550 million in sales, with a large cut earmarked for the president\u2019s family.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s return to the White House has opened lucrative <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/12\/05\/us\/politics\/trump-organization-ethics-policy-foreign-deals.html\" title=\"\">new pathways for him to cash in on his power<\/a>, whether through his social media company or new overseas real estate deals. But none of the Trump family\u2019s other business endeavors pose conflicts of interest that compare to those that have emerged since the birth of World Liberty.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The firm, <a class=\"css-yywogo\" href=\"https:\/\/www.worldlibertyfinancial.com\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">largely<\/a> owned by a Trump <a class=\"css-yywogo\" href=\"https:\/\/static01.nyt.com\/newsgraphics\/documenttools\/8793b04e9c73c074\/273dbca8-full.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">family corporate entity<\/a>, has erased centuries-old presidential norms, eviscerating the boundary between private enterprise and government policy in a manner without precedent in modern American history.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump is now not only a major crypto dealer; he is also the industry\u2019s top policy maker. So far in his second term, Mr. Trump has leveraged his presidential powers in ways that have benefited the industry \u2014 and in some cases his own company \u2014 even though he had spent years deriding crypto as a haven for drug dealers and scammers.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">He has filled his administration with sympathizers to the crypto cause, including by appointing a former adviser to industry players as chairman of the Securities and Exchange Commission. In addition, the Justice Department recently disbanded a crypto crimes task force, continuing a broader unwinding of Biden-era scrutiny of the industry.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A Times examination of World Liberty\u2019s rapid ascent from fledgling startup to international force \u2014 and Mr. Trump\u2019s conversion from crypto skeptic to industry cheerleader \u2014 highlights the range of conflicts of interest trailing the company:<\/p>\n<ul class=\"css-1le37cb ez3869y0\">\n<li class=\"css-1i3ul0c eoqvrfo0\">\n<p class=\"css-1il0jfh evys1bk0\">World Liberty has directly benefited from Mr. Trump\u2019s official actions, such as his announcement of a federal crypto stockpile that would include a digital currency the firm has invested in. The president\u2019s announcement caused a temporary jump in the value of World Liberty\u2019s holdings.<\/p>\n<\/li>\n<li class=\"css-1i3ul0c eoqvrfo0\">\n<p class=\"css-1il0jfh evys1bk0\">World Liberty has sold its cryptocurrency to investors abroad, including in Israel and Hong Kong, according to interviews and<span class=\"css-8l6xbc evw5hdy0\">  <\/span>data obtained by The Times, establishing a new avenue for foreign businesses to try to curry favor with Mr. Trump.<\/p>\n<\/li>\n<li class=\"css-1i3ul0c eoqvrfo0\">\n<p class=\"css-1il0jfh evys1bk0\">Several investors in World Liberty\u2019s coin managed firms that the federal government accused of wrongdoing. They include an executive whose fraud case was suspended after he invested millions of dollars in World Liberty. Other investors and business partners, some of whom haven\u2019t been publicly identified before, are looking to expand in ways that will require the Trump administration\u2019s approval.<\/p>\n<\/li>\n<li class=\"css-1i3ul0c eoqvrfo0\">\n<p class=\"css-1il0jfh evys1bk0\">World Liberty proposed swapping cryptocurrencies with at least five start-ups, and often used the Trump name to solicit steep payments as part of the deals. Even in an industry with a disreputable history, the deals raised alarm among veteran executives.<\/p>\n<\/li>\n<\/ul>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s a black spot on our industry,\u201d said Andre Cronje, a founder of SonicLabs, a crypto firm that turned down World Liberty\u2019s pitch. Anyone who accepted would \u201cobviously think they\u2019re going to make money because it\u2019s the officially endorsed Trump project.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A spokesman for World Liberty, David Wachsman, disputed that any of the company\u2019s deals constituted a \u201cone-sided payment for services rendered.\u201d But he acknowledged that the company has engaged in \u201cmutual investment deals,\u201d and said that its deal-making had resulted in \u201cthoughtful, strategic exchanges between parties who stand to mutually benefit.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Wachsman also said it would be \u201cfalse, absurd and dangerous to suggest that investments or partnerships with World Liberty Financial were conducted as some sort of political quid pro quo.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cNever has an investor or partner requested any political favoritism,\u201d he said. \u201cNor would we ever entertain such a possibility.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Still, the company\u2019s deal-making benefits the president\u2019s family. A Trump business entity owns 60 percent of World Liberty, according to the company\u2019s <a class=\"css-yywogo\" href=\"https:\/\/www.worldlibertyfinancial.com\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">website,<\/a> and is entitled to 75 percent of certain revenue from coin sales, which could be converted into cash.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s one of the more successful things we\u2019ve ever done,\u201d Eric Trump, the president\u2019s son who runs the family business, said in an interview this month at the Trump Doral golf course in Florida.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">He and his older brother, Donald Trump Jr., are <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2043140\/000204314024000002\/xslFormDX01\/primary_doc.xml\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">actively involved<\/a> in World Liberty, though they rely on three partners to oversee the daily operations. Two of them, Mr. Folkman and Chase Herro, have a mixed track record in crypto. The other is Zach Witkoff, the son of Mr. Trump\u2019s envoy to the Middle East, Steve Witkoff, who is also a World Liberty <a class=\"css-yywogo\" href=\"https:\/\/static.worldlibertyfinancial.com\/docs\/intl\/gold-paper.pdf#page=10\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">founder.<\/a><\/p>\n<p class=\"css-at9mc1 evys1bk0\">In recent days, Zach Witkoff, Mr. Folkman and Mr. Herro were in Pakistan <a class=\"css-yywogo\" href=\"https:\/\/www.facebook.com\/ShehbazSharif\/posts\/a-delegation-of-the-american-financing-company-world-liberty-financial-called-on\/1290902729071968\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">meeting with the country\u2019s prime minister, Muhammad Shehbaz Sharif<\/a>, and other top government officials to discuss World Liberty. The trip, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/worldlibertyfi\/status\/1916854960399974419\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">complete with limousines<\/a>, a dance performance and police escorts, seamlessly blended the president\u2019s business interests with the trappings of a state visit. (Mr. Wachsman said no U.S. government officials were involved in the meetings.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">President Trump <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2016\/12\/07\/us\/politics\/trump-organization-ivanka-trump.html\" title=\"\">has noted<\/a> that conflict of interest laws do not apply to him, and that he has <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/03\/10\/us\/politics\/supreme-courts-immunity-ruling-echo.html\" title=\"\">broad immunity<\/a> for official actions he takes as president.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In a statement, a spokeswoman for President Trump noted that his \u201cassets are in a trust managed by his children,\u201d and that as a result, \u201cthere are no conflicts of interest.\u201d (The trust still benefits President Trump directly.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">World Liberty\u2019s supporters are unbothered by questions about conflicts.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cTrump wants to make a lot of money in crypto,\u201d Konstantin Kuznetsov, a Russian citizen living in Miami whose <a class=\"css-yywogo\" href=\"https:\/\/www.tenzor.capital\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Gibraltar-based firm<\/a> bought $1 million of World Liberty\u2019s coins, said in an interview. \u201cWe can join in this wave.\u201d<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-1c18eaf2\">Chief Crypto Advocate<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">As a businessman who made his name in the tactile world of real estate, Donald Trump never aspired to build a digital coin empire.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Indeed, at the end of his first term, Mr. Trump turned to social media to express disdain for cryptocurrencies.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">They \u201c<a class=\"css-yywogo\" href=\"https:\/\/x.com\/realDonaldTrump\/status\/1149472282584072192?lang=en\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">are not money<\/a>,\u201d he warned. Their \u201cvalue is highly volatile and based on thin air.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">By last year, his views had begun to shift.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">His older sons had become enthusiastic crypto proponents after the Jan. 6, 2021, attack on the Capitol effectively exiled the family business from the mainstream financial system.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe built and sold and held real estate forever. And for a long period of time, I had access to everyone in the world,\u201d Donald Trump Jr. explained in a live video appearance at a crypto conference in Washington last month. \u201cAll of a sudden that became really difficult. And I sort of realized very quickly just how much discrimination there is in the ordinary financial markets.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The change of heart also coincided with an influx of millions of dollars in campaign contributions from the crypto industry into the Trump re-election effort. Under the Biden administration, the industry had faced nearly 100 enforcement actions by the S.E.C., and crypto executives wanted a leader to champion their interests in Washington.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">During his campaign stumps, Mr. Trump\u2019s qualms about crypto appeared to vanish. At a Bitcoin conference in July, he vowed to turn the United States into the \u201ccrypto capital of the planet.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-798hid etfikam0\"><strong class=\"css-8qgvsz ebyp5n10\">Bitcoin<\/strong><\/p>\n<p class=\"css-798hid etfikam0\">Bitcoin is the original cryptocurrency and still the most valuable by far. At current prices, one Bitcoin is worth about $94,000.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-at9mc1 evys1bk0\">Two months later, Mr. Trump completed his conversion, announcing that he and his sons would enter the crypto marketplace with a new venture called World Liberty Financial.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump delivered the news in a livestream at his Mar-a-Lago estate in Florida, where he had gathered with Eric and Donald Jr., along with Mr. Herro and Mr. Folkman.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cCrypto is one of those things we have to do,\u201d Mr. Trump said. \u201cWhether we like it or not, I have to do it.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Herro and Mr. Folkman were unusual choices to partner with a president.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Folkman, who has short curly<span class=\"css-8l6xbc evw5hdy0\">  <\/span>hair and tattoos, ran a company in his 20s tutoring forlorn men on how to pick up women. In numerous podcast appearances, Mr. Herro has recounted his life\u2019s redemption arc, describing a wild youth in which he was charged with marijuana possession and spent a couple of weeks in a Wisconsin jail.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The two men had worked together for years, selling everything from colon cleanses to get-rich-quick advice, before pivoting to crypto with uneven results.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In 2022, Mr. Herro <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/10\/07\/us\/politics\/donald-trump-crypto-2024-campaign.html\" title=\"\">urged<\/a> a roomful of crypto enthusiasts to invest in the currency TerraUSD, calling it \u201cone of the coolest assets in history.\u201d The coin imploded a month later, erasing billions of dollars in wealth. Mr. Herro\u2019s most recent venture with Mr. Folkman was a crypto platform called Dough Finance, which was hacked in July, leading to the theft of $2 million.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It\u2019s not clear exactly how the pair earned the Trumps\u2019 trust. But Steve Witkoff said last year that he met them through his son, and then introduced them to the family.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On the livestream introducing World Liberty, Donald Trump Jr. hailed the men as first-class financial minds.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-9\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cYou could put them in a boardroom at Goldman Sachs, and they\u2019re going to smoke the people in the room,\u201d he said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-10\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In October, Mr. Herro and Mr. Folkman got to work on the company\u2019s first initiative \u2014 selling a new cryptocurrency, which it called $WLFI, with the goal of $300 million in sales.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">These coins would be different from <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/04\/23\/technology\/trump-private-dinner-crypto-memecoin.html\" title=\"\">$TRUMP<\/a> \u2014 the so-called memecoin that <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/09\/us\/politics\/trump-crypto-memecoin.html\" title=\"\">spiked<\/a> in January after Mr. Trump marketed it to his followers before it abruptly crashed.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-798hid etfikam0\"><strong class=\"css-8qgvsz ebyp5n10\">Memecoin<\/strong><\/p>\n<p class=\"css-798hid etfikam0\">A memecoin is a type of cryptocurrency based on an online joke or celebrity mascot. It has no practical function other than speculation. After $TRUMP\u2019s initial surge, its price plummeted, costing investors a cumulative $2 billion.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-11\">\n<div class=\"css-53u6y8\">\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-at9mc1 evys1bk0\">World Liberty, at least according to its marketing pitch, eventually plans to operate as a new type of internet bank that would allow customers to borrow and lend money in various digital currencies. Anyone who bought the $WLFI coins would get to vote on certain bank business decisions like shareholders in a traditional company.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump was at the core of the pitch. The company published a 13-page <a class=\"css-yywogo\" href=\"https:\/\/static.worldlibertyfinancial.com\/docs\/intl\/gold-paper.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">\u201cGold Paper\u201d<\/a> that described its mission and leadership team. On the cover was a portrait of Mr. Trump, styled to look as if gold paint had been splashed across the page.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">He would serve as the company\u2019s \u201cChief Crypto Advocate,\u201d the paper said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When World Liberty launched, the Trump family and its affiliates were given 22.5 billion units of the crypto coins \u2014<span class=\"css-8l6xbc evw5hdy0\">  <\/span>a stash now worth at least $1.1 billion on paper, depending on the various prices used in recent sales.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Under the company\u2019s rules, the Trumps and other World Liberty investors are not allowed to sell their coins on the open market, though the company <a class=\"css-yywogo\" href=\"https:\/\/static.worldlibertyfinancial.com\/docs\/intl\/gold-paper.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">has said<\/a> it might eventually lift that restriction if other buyers of the coin agree.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-12\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Initially, there were few buyers. By the end of October, World Liberty had <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2043140\/000204314024000002\/xslFormDX01\/primary_doc.xml\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">sold only<\/a> $2.7 million worth of the coins, a tiny fraction of its goal.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Election Day was a game changer.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-6faecbda\">A Flood of Investors<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">With polls closed in most of America and Mr. Trump on his way to victory, the World Liberty account on X <a class=\"css-yywogo\" href=\"https:\/\/x.com\/worldlibertyfi\/status\/1853993967332782143\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">posted<\/a> a celebratory message on Nov. 5: \u201cBig things on the horizon.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Soon a surge of investment flowed into World Liberty\u2019s cryptocurrency.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Most crypto purchases are recorded on a public ledger called the blockchain, with the buyers and sellers largely anonymized. But World Liberty has said it performs extensive checks on investors in its coin, so it knows who they are.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-798hid etfikam0\"><strong class=\"css-8qgvsz ebyp5n10\">Blockchain<\/strong><\/p>\n<p class=\"css-798hid etfikam0\">The blockchain<strong class=\"css-8qgvsz ebyp5n10\"> <\/strong>is the publicly viewable ledger of all cryptocurrency transactions. Every time someone spends money with a digital coin, it shows up as an entry, allowing investigators to track the flow of funds. In most cases, the identities of the buyers and sellers are concealed behind strings of letters and numbers.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/><\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-13\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">An analysis performed for The Times by the forensics firm Nansen, drawing on crypto industry data, showed that many of the investors were based abroad<span class=\"css-8l6xbc evw5hdy0\">  <\/span>in places like Singapore, South Korea, Hong Kong and the United Arab Emirates.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Federal law prevents foreigners from donating to presidential campaigns or inaugural funds, but World Liberty\u2019s coin sale offered a new, legal way to back Mr. Trump.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe main reason for purchasing such a token was to support Trump\u2019s inauguration, as he was the first crypto-friendly president of the United States,\u201d said Keer Lau, chief strategy officer at Orbiter Finance, a Hong Kong-based entity.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Some investors, domestic and overseas, have managed firms that ran afoul of U.S. regulations. One was Yoni Assia, an Israeli who founded eToro, an online trading platform whose U.S. subsidiary reached a $<a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-125\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">1.5 million<\/a> settlement with the S.E.C. last year for crypto-related violations. Troy Murray, a Puerto Rico-based investor, also bought World Liberty\u2019s coin. Before that, he had helped create BarnBridge, which in late 2023 agreed <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2023-258#:~:text=To%20settle%20the%20SEC%27s%20charges,pay%20a%20%24125%2C000%20civil%20penalties.\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">to pay the S.E.C. $1.7 million<\/a> to settle its own crypto-related accusations.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since Mr. Trump took office, some World Liberty investors have pushed the government for regulatory approvals, or are poised to interact with the administration as they try to build or expand businesses in the United States.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-14\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In March, Mr. Assia\u2019s company <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1493318\/000101376225001589\/ea0223534-08.htm\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">notified<\/a> the S.E.C. that it intended to go public in the United States. DWF Labs, a crypto firm based in the United Arab Emirates, <a class=\"css-yywogo\" href=\"https:\/\/www.dwf-labs.com\/news\/541-us-expansion-wlfi-crypto-investment-announcement?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=us_wlfi_investment\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> this month that it had bought $25 million of $WLFI \u2014 and that it was opening a New York office.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cOur visibility in the U.S. has been increased because of this deal,\u201d Andrei Grachev, the managing partner of DWF Labs, said in an interview. \u201cWe would like to have direct dialogue with the policymakers.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The crypto executive with perhaps the most to gain from his affiliation with World Liberty is Justin Sun, a Chinese billionaire who founded the crypto platform Tron.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-15\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Sun gained global attention late last year, when <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/20\/arts\/design\/cattelan-banana-sothebys-auction.html\" title=\"\">he spent $6.2 million<\/a> at an art auction to buy a banana that had been duct taped to a wall. Not long after, Mr. Sun made another headline-grabbing maneuver: He <a class=\"css-yywogo\" href=\"https:\/\/x.com\/justinsuntron\/status\/1861121947372773545\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">spent<\/a> $75 <a class=\"css-yywogo\" href=\"https:\/\/x.com\/justinsuntron\/status\/1881169556506546485\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">million<\/a> on $WLFI coins.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-16\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The investment <a class=\"css-yywogo\" href=\"https:\/\/www.warren.senate.gov\/imo\/media\/doc\/letter_to_trump_administration_on_corruption.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">drew widespread criticism<\/a> given that Mr. Sun had a clear incentive to gain favor with the Trump White House. During the Biden administration, the S.E.C. <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2023-59\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">sued<\/a> Mr. Sun, arguing that he had fraudulently inflated the price of a Tron cryptocurrency.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Sun has denied the S.E.C.\u2019s charges, and in a text message to The Times last year, he said his World Liberty investment was simply a vote of confidence in the Trump family\u2019s \u201cexcellent project.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In late February, <a class=\"css-yywogo\" href=\"https:\/\/www.courtlistener.com\/docket\/67071330\/82\/securities-and-exchange-commission-v-sun\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">the S.E.C.<\/a> asked a federal judge to halt proceedings in Mr. Sun\u2019s case: The agency said it was exploring \u201ca potential resolution.\u201d <a class=\"css-yywogo\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.596044\/gov.uscourts.nysd.596044.83.0_1.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">The judge granted the stay<\/a>.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-7f051c01\">The Stars Align<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Justin Sun gave World Liberty a big lift. But Mr. Trump\u2019s company wanted more money. Much more.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">So World Liberty executives soon announced what they called \u201ca <a class=\"css-yywogo\" href=\"https:\/\/x.com\/worldlibertyfi\/status\/1889429781512409346\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">transformative initiative<\/a>\u201d to partner with other crypto outfits and invest in their coins. The strategy, the executives said in February, would leverage World Liberty\u2019s growing clout to help their lesser-known partners.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-17\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s like taking care of your brother in the space,\u201d Mr. Herro said at a crypto event in New York that month.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But World Liberty\u2019s public pronouncements omitted a key aspect of its private pitch to several crypto startups, executives at these companies told The Times. World Liberty wanted to sell its own coin \u2014 not just to invest in others\u2019. It was proposing a currency swap.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Here is the deal World Liberty offered, according to executives at three crypto firms approached by the company: The startups would spend between $10 million and $30 million on a large chunk of World Liberty\u2019s coins. In return, World Liberty would buy a smaller amount of each startup\u2019s own cryptocurrency. World Liberty would keep the rest of the money for itself \u2014 a premium as high as 20 percent.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">World Liberty\u2019s purchases would signal to the market that Mr. Trump\u2019s firm had deemed the startups worthy of investment. But the market would have no way of knowing that World Liberty had been compensated for that endorsement. Some details of a similar pitch from World Liberty were previously reported by <a class=\"css-yywogo\" href=\"https:\/\/blockworks.co\/news\/trump-backed-project-token-swaps\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Blockworks<\/a>, an industry news outlet.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThey kept telling us, \u2018We\u2019re like, we\u2019re super close to Trump,\u2019\u201d said Mike Silagadze, the chief executive of Ether.Fi, a crypto startup that World Liberty approached.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-18\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe immediately rejected,\u201d said Dominik Schiener, who founded the IOTA Foundation, a Berlin-based group that also received the pitch. \u201cIt\u2019s a very dishonest approach.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-19\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In his statement, Mr. Wachsman, the World Liberty spokesman, said The Times\u2019s reporting contained \u201cfundamental misunderstandings about standard industry practices\u201d and called the company\u2019s business arrangements \u201cnot only common in the blockchain industry but essential for creating lasting economic alignments in business, generally.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThese arrangements establish skin in the game for all parties,\u201d he added.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The benefits of a partnership were enough to attract at least five crypto firms to strike other deals with World Liberty, without disclosing details of the financial arrangements, The Times found.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-20\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In one deal, the Sui Foundation, a U.S.-based group, <a class=\"css-yywogo\" href=\"https:\/\/blog.sui.io\/world-liberty-financial-strategic-token-reserve\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> that World Liberty would buy an unspecified amount of its cryptocurrency, prompting Sui\u2019s price to <a class=\"css-yywogo\" href=\"https:\/\/www.coindesk.com\/markets\/2025\/03\/06\/sui-surges-on-trump-affiliated-world-liberty-financial-reserve-asset-deal\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">jump<\/a> more than 10 percent. As part of the arrangement, the foundation was slated to receive World Liberty\u2019s coins in return, said two people familiar with the deal who requested anonymity to discuss private negotiations.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Other World Liberty partnerships have shown how Mr. Trump is mixing his official role with his business. In December, the company <a class=\"css-yywogo\" href=\"https:\/\/x.com\/worldlibertyfi\/status\/1869454093015760977\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> that it would use technology designed by a startup based in Lisbon, Ethena Labs. It also bought more than $5 million of Ethena\u2019s cryptocurrency.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">One of Ethena\u2019s <a class=\"css-yywogo\" href=\"https:\/\/www.coindesk.com\/business\/2023\/07\/17\/dragonfly-arthur-hayes-back-6m-round-for-new-stablecoin-ethena\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">investors<\/a> is Arthur Hayes, a crypto entrepreneur who pleaded guilty to violating the Bank Secrecy Act in 2022 and was sentenced to six months of home detention. Last month, Mr. Trump granted Mr. Hayes <a class=\"css-yywogo\" href=\"https:\/\/www.justice.gov\/pardon\/media\/1394991\/dl?inline\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">a pardon<\/a>. (A spokesman who represents both Ethena and Mr. Hayes declined to comment.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Another World Liberty <a class=\"css-yywogo\" href=\"https:\/\/x.com\/OndoFinance\/status\/1889675990055657623\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">partner<\/a> is Ondo Finance, a New York-based startup backed by Founders Fund, the conservative billionaire Peter Thiel\u2019s venture capital firm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">World Liberty made its first purchase of Ondo\u2019s coins in December, buying more than 130,000 of them. The transaction at least briefly helped drive up the price of Ondo\u2019s coin, drawing headlines in crypto news sites <a class=\"css-yywogo\" href=\"https:\/\/www.thecoinrepublic.com\/2024\/12\/17\/ondo-crypto-gets-a-major-boost-250k-purchase-from-wlfi\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">celebrating<\/a> World Liberty\u2019s bet.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-21\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In January, Ondo donated $<a class=\"css-yywogo\" href=\"https:\/\/docquery.fec.gov\/cgi-bin\/forms\/C00894162\/1889684\/f132\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">1 million<\/a> to Mr. Trump\u2019s <a class=\"css-yywogo\" href=\"https:\/\/x.com\/OndoFinance\/status\/1879592729069400369\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">inauguration,<\/a> securing an invite to a <a class=\"css-yywogo\" href=\"https:\/\/x.com\/nathanlallman\/status\/1881406036097307030\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">candlelight dinner<\/a> at the National Building Museum in Washington, where the guest list included several of Mr. Trump\u2019s cabinet nominees. Ondo also <a class=\"css-yywogo\" href=\"https:\/\/x.com\/OndoFinance\/status\/1879592729069400369\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">helped sponsor<\/a> an inauguration event called the Crypto Ball. Soon after, Donald Trump Jr. and World Liberty\u2019s management team were headliners at a conference Ondo organized in New York.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis is a moment we weren\u2019t sure was gonna happen,\u201d Ian De Bode, Ondo\u2019s chief strategy officer, said from the stage. \u201cBut sometimes the stars align.\u201d<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-65c262be\">\u2018Thank Me Later\u2019<\/h2>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-22\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In February, Eric Trump passed along some investment advice to his followers on Elon Musk\u2019s social media platform, X: \u201c<a class=\"css-yywogo\" href=\"https:\/\/static01.nyt.com\/newsgraphics\/documenttools\/045b1cd162ba1e49\/256473ef-full.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">In my opinion,<\/a> it\u2019s a great time to add $ETH.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It was the ticker symbol for a digital coin called Ether. \u201cYou can thank me later,\u201d he added, before <a class=\"css-yywogo\" href=\"https:\/\/x.com\/EricTrump\/status\/1886541132903133230?lang=en\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">deleting<\/a> that line.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-23\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">His advice proved prescient.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The next month, his father announced the creation of a \u201cU.S. Crypto Reserve\u201d \u2014 a Fort Knox-like repository of cryptocurrencies intended to help bolster the industry.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-798hid etfikam0\"><strong class=\"css-8qgvsz ebyp5n10\">Ether<\/strong><\/p>\n<p class=\"css-798hid etfikam0\">Ether is the second-most valuable cryptocurrency behind Bitcoin, worth about $1,800 at current prices. Many of the most influential crypto companies use the coin to conduct transactions and build financial applications.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s announcement included a list of digital currencies to go into the stockpile. Along with Bitcoin, he included Ether, saying it would be \u201cat the <a class=\"css-yywogo\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/114093946326587357\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">heart of the Reserve<\/a>.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Ether\u2019s price surged more than <a class=\"css-yywogo\" href=\"https:\/\/www.blockhead.co\/2025\/03\/03\/trumps-crypto-reserve-plan-triggers-bitcoin-surge\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">13 percent<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The spike had an immediate beneficiary: World Liberty. Over the previous few months, the company had bought $240 million worth of Ether, according to Arkham, a crypto data firm.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-24\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The day the president announced the crypto reserve, the value of World Liberty\u2019s Ether stash rose by $33 million, assuming it had not sold any of its holdings. That gain was later lost as Ether declined in value. <\/p>\n<p class=\"css-at9mc1 evys1bk0\">That same pattern \u2014 Mr. Trump making policy pronouncements or posting messages that intersected with World Liberty\u2019s business interests \u2014 occurred again in March.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In a video <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=3DYEnch-2is\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">feed<\/a> at a crypto conference in New York, Mr. Trump called on Congress to pass legislation governing stablecoins, a type of crypto designed to maintain a value of $1.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/>\n<p class=\"css-798hid etfikam0\"><strong class=\"css-8qgvsz ebyp5n10\">Stablecoin<\/strong><\/p>\n<p class=\"css-798hid etfikam0\">Stablecoins are a type of cryptocurrency that maintain a constant price of $1. They differ from traditional digital currencies like Bitcoin, which constantly fluctuate in price, making them easier to use for certain types of transactions. Companies that issue stablecoins operate similarly to banks: The issuers make money by taking deposits from investors, giving them coins in return and then investing those deposits to generate a yield that the companies keep.<\/p>\n<hr class=\"css-7ad88g e1mu4ftr0\"\/><\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-25\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Both the Senate and the House have introduced bills that would make it easier for firms issuing stablecoins to operate in the United States. In his remarks last month, Mr. Trump said that the rise of stablecoins would \u201cexpand the dominance of the U.S. dollar.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A week later, World Liberty announced it was releasing its own stablecoin, USD1. \u201cThe future is here, and it is so bright!\u201d Zach Witkoff <a class=\"css-yywogo\" href=\"https:\/\/x.com\/ZachWitkoff\/status\/1904518426208399577\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a> on X.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-26\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Jordi Alexander, a crypto executive who helped World Liberty with its plans to launch its stablecoin, said in an interview that the company had already secured commitments of at least $1 billion from investors to buy the stablecoin once it hits the market.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The new venture will only compound World Liberty\u2019s ethical conflicts. The company plans to offer USD1 on a platform developed by Binance, a giant exchange that settled criminal charges with the Justice Department in 2023. This week, Mr. Witkoff, Mr. Herro and Mr. Folkman <a class=\"css-yywogo\" href=\"https:\/\/x.com\/cz_binance\/status\/1916567258224038152\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">met<\/a> with Changpeng Zhao, Binance\u2019s founder and former chief executive, in Abu Dhabi.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-27\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Zhao, who served four months in federal prison for money-laundering violations, has been seeking a pardon from the Trump administration, according to people familiar with the matter, who requested anonymity to discuss a sensitive topic. The pardon effort was first <a class=\"css-yywogo\" href=\"https:\/\/www.wsj.com\/finance\/currencies\/trump-family-has-held-deal-talks-with-binance-following-crypto-exchanges-guilty-plea-05b029fa\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">reported<\/a> by The Wall Street Journal.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The overlap between Mr. Trump\u2019s policy pronouncements and his business interests have alarmed congressional Democrats, who <a class=\"css-yywogo\" href=\"https:\/\/democrats-financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=413217\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">moved recently to amend<\/a> the pending stablecoin legislation to bar the Trump family from issuing one.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The amendment failed, and none of the concerns about World Liberty have disrupted its momentum.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last month, Mr. Witkoff was among a group of executives invited to the White House for a first-of-its-kind industry <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/03\/07\/technology\/trump-crypto-summit.html\" title=\"\">summit<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After the meeting, Mr. Witkoff <a class=\"css-yywogo\" href=\"https:\/\/x.com\/ZachWitkoff\/status\/1899088518703452275\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">posted<\/a> a photograph on social media of him smiling outside the White House next to Mr. Herro and Mr. Folkman.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThank you Mr. President,\u201d Mr. Witkoff wrote.<\/p>\n<p class=\"css-798hid etfikam0\">Susan C. Beachy<!-- --> contributed research.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/04\/29\/us\/politics\/trump-crypto-world-liberty-financial.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pitch from \u201cZMoney\u201d arrived on the encrypted messaging app Signal just days before Donald J. Trump\u2019s presidential inauguration. \u201cZMoney\u201d<\/p>\n","protected":false},"author":1,"featured_media":21712,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[6523,114,4501,279,6524,6522,113,1893,1320,3348,6521,6525],"class_list":["post-21711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-chase","tag-donald-j","tag-donald-j-jr","tag-eric-f-1984","tag-folkman","tag-herro","tag-trump","tag-trump-organization","tag-witkoff","tag-world-liberty-financial","tag-zach","tag-zachary"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump\u2019s Crypto Firm - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/secret-deals-foreign-investments-presidential-policy-changes-the-rise-of-trumps-crypto-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump\u2019s Crypto Firm - World News\" \/>\n<meta property=\"og:description\" content=\"The pitch from \u201cZMoney\u201d arrived on the encrypted messaging app Signal just days before Donald J. 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