Trump and family: billion-dollar cryptocurrency business on the rise!

Trump and family: billion-dollar cryptocurrency business on the rise!

Donald Trump and his family have actively entered the world of cryptocurrencies to increase their financial wealth. Interestingly, this happened just before his second term as president with the launch of the $TRUMP token. fr.de reports that this token is not considered a security and therefore should not be considered an investment. The value of $TRUMP coins initially skyrocketed to nearly $14 billion before falling to around $2.5 billion. This volatility has caused debate in the financial world.

The family dynasty not only has its own coins, but also benefits from lucrative deals in the cryptocurrency industry. Trump, along with his sons Eric and Donald Jr., controls the crypto trading platform World Liberty Financial (WLF), which receives billions in investments from the United Arab Emirates. In addition, China's GD Culture Group plans to invest up to $300 million in $TRUMP. Transaction fee revenue totals a significant $320 million, with a portion also going to Trump-owned CIC Digital LLC.

Criticism of conflicts of interest

However, Trump has faced criticism for potentially conflating his personal business interests with his political decisions. Experts express concerns that Trump's regulatory decisions and his crypto dealings are directly related. For example, the Justice Department dropped a lawsuit against Ripple, which donated to Trump's inauguration ceremony, raising questions about possible conflicts of interest. Law professor Frank Emmert points out that the real winners in this situation are Trump and his family, while many early investors lost money.

In addition, Melania Trump has launched her own meme coin, which further underlines the size of the family's involvement in the crypto world. Critics fear there is little opportunity to combat conflicts of interest in Congress, with legislation that could benefit Trump's WLF potentially on hold. The White House denies that Trump personally benefits from these deals, but the public remains skeptical.

Market development and regulatory measures

As cryptocurrency markets continue to develop, firm MGX plans to invest $2 billion in trading exchange Binance, backed by Abu Dhabi's sovereign wealth fund. Observers are curious to see how new legal frameworks will regulate the handling of cryptocurrencies in the future. The upcoming laws are not expected to severely restrict the crypto industry, which could increase the already existing tensions between the market and governance. Trump's critics, including former political advisor Richard Painter, are advising Trump to withdraw from the crypto business and focus on his presidency.

In the complex mix of politics, personal interests and financial dealings, the future of the Trump family's crypto ambitions will inevitably depend on further developments and possible legal challenges.