Trump’s family digital currency World Liberty Financial (WLFI) has begun public trading, leading to an immediate valuation of 5 billion dollars of the US President and his sons’ crypto assets.
During the 2020 U.S. presidential election, WLFI was a controversial cryptocurrency campaign that prompted questions about potential conflicts of interest since crypto regulations could be among the president’s decisions.
The firm raised capital through token sales but the tokens were non-transferable at the very beginning. Shareholders decided in July to permit the first purchasers to sell a fifth of their tokens — however, the Trump family’s reserve was not part of the proposal.
WLFI was put on the market this week with a starting price of approximately $0.22. It was traded on major exchanges such as Binance and Coinbase as reported by the BBC.
Since the launch on Monday, the value has fallen by about 50%, but still, many early investors will make a profit.
Eric Trump called the release “a huge moment for the future of money,” and stated, “We are going to be the new standard for financial freedom; one that is based on trust, speed, and American values.”
As per the disclosures, Donald Trump is directly holding around 15.75 billion WLFI tokens with a value of more than $3.4 billion, hence making crypto his largest source of the net worth.
The family is accountable for close to 25% of the 100 billion coins that have been created, which is worth about $5 billion in total.
Besides that, the Trumps receive part of token sales that have already brought more than 500 million dollars.
The income of that company increased last month after WLFI signed an agreement with a company that paid $750 million to acquire the coin, thus the company supported by the Trump became both the seller and the buyer of its token.
Aside from the above, The Trumps keep a portion of token sales, which has already brought in over $500 million.
Last month, this income soared after WLFI made a deal with another company that paid $750 million to buy the coin — thus, the Trump-backed firm was made both the seller and the buyer of its token.
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The Democrats are accusing Trump of using crypto for “corruption, conflict of interest, and grift.” The White House reacted to this by calling media reports irresponsible.
Press Secretary Karoline Leavitt said: “No, the President nor his family have ever done, or will ever do, conflicts of interest.”
During his campaign, Trump pledged to turn the US into the “crypto capital of the world.” After coming back to power, his administration has closed down crypto crime units set up during the Biden era, deregulated SEC guidance, and taken a very liberal stance.
In July SEC leader Paul Atkins declared: “Contrary to what the SEC has said before, the majority of crypto assets are not securities.”
Source : Times Now
