Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm
(Unlocked gift link included)
One-sentence summary: Donald Trump’s crypto venture, World Liberty Financial, has capitalized on his presidency by intertwining business deals, foreign investment, and favorable policy shifts in ways that raise unprecedented ethical and legal concerns.
World Liberty Financial, a cryptocurrency company founded and largely owned by Donald Trump and his family, has rapidly grown into a global player in digital finance, leveraging the power of the presidency and Trump’s name for financial gain. Launched just before Trump’s inauguration to his second term, the company has been tied to secret deals, questionable foreign investments, and presidential policy shifts that have benefited its financial position.
World Liberty courted crypto firms with offers that effectively amounted to paid endorsements, asking for multimillion-dollar payments in exchange for mutual coin purchases. Although some firms rejected the proposals as unethical, others accepted, leading to over $550 million in sales. Trump’s direct ownership through a family trust entitles him to a significant share of the profits, despite claims that the arrangement poses no conflict of interest.
Trump’s administration has taken sweeping steps to relax regulation on crypto, disbanding enforcement efforts and filling key regulatory roles with industry allies. These actions have benefited World Liberty, particularly following announcements like a federal crypto stockpile that caused price spikes in assets the firm had invested in.
Foreign investors from countries including Israel, Hong Kong, and the UAE have bought into World Liberty’s coin, in what some see as a workaround to legally support Trump’s political aspirations. Some of these investors have faced U.S. regulatory scrutiny or are seeking U.S. approvals, raising further conflict concerns.
Trump’s shift from crypto skeptic to advocate was accelerated by campaign donations from the industry and the family’s marginalization from mainstream financial systems post-January 6. His sons, Eric and Donald Jr., now actively promote and operate World Liberty alongside controversial partners, including individuals with checkered pasts in business and crypto.
The firm’s tactics include currency swaps with smaller startups, where World Liberty profits from selling its coins while offering implicit Trump endorsements. These moves are often obscured from the public, raising questions about transparency.
Recent developments have included Trump policy announcements that coincided with market gains in cryptocurrencies owned by World Liberty, such as Ether. The firm has also launched a stablecoin, USD1, with plans to market it via Binance, whose founder, convicted of federal crimes, is reportedly seeking a presidential pardon.
Despite bipartisan ethical alarms and a failed Democratic attempt to restrict Trump family participation in stablecoin markets, World Liberty continues to thrive. Its executives, blending official and commercial roles, now enjoy privileged access to the White House, underscoring the unprecedented convergence of Trump’s presidential powers and private crypto enterprise.
Lipton, Eric, et al. “Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm.” The New York Times, 29 Apr. 2025, www.nytimes.com/2025/04/29/us/politics/trump-crypto-world-liberty-financial.html.
Unlocked gift link:
Key Takeaways:
- Trump and his sons own a majority stake in World Liberty Financial and stand to gain hundreds of millions through cryptocurrency ventures.
- World Liberty has sought multimillion-dollar payments from crypto startups in exchange for mutual investments and implied endorsements.
- The company has received significant investment from foreign nationals, raising questions about indirect political contributions.
- Trump has reversed his anti-crypto stance, aligning U.S. policy with the interests of his company and supporters.
- Several policy changes, including a federal crypto reserve and stablecoin regulation, have directly benefited World Liberty’s holdings.
- Ethical concerns have been raised in Congress but have not impeded World Liberty’s expansion or influence.
- The company’s partners include individuals previously accused or convicted of financial misconduct, some of whom are now seeking clemency.
Most Important Quotations:
- “Everything we do gets a lot of exposure and credibility.” – Zachary Folkman, World Liberty executive
- “It’s a black spot on our industry.” – Andre Cronje, founder of SonicLabs
- “Trump wants to make a lot of money in crypto.” – Konstantin Kuznetsov, World Liberty investor
- “We can join in this wave.” – Konstantin Kuznetsov
- “You could put them in a boardroom at Goldman Sachs, and they’re going to smoke the people in the room.” – Donald Trump Jr., on World Liberty partners
- “Thank you Mr. President.” – Zach Witkoff, World Liberty co-founder, following White House visit
- “The future is here, and it is so bright!” – Zach Witkoff, announcing World Liberty’s stablecoin launch
Word count of summary: 797
Word count of input: 7,888
Model: GPT-4-turbo
Custom GPT: Summarizer 2