On the campaign path last year, the then candidate Donald Trump promised the crypto industry that he would be the first president to accept blockchain technology. At that time, he did not reveal that he was also planning to make crypto a cornerstone of his growing business empire.
The White House of Trump published the first on Friday Financial disclosure as president, reveal new details about his Company networkincluding its golf courses, sponsoring deals and publicly traded media group. In particular, the report also provided a window in Trump’s Crypto platform World Liberty Financial, which had announced its sons last summer.
According to the information, Trump has earned over 57 million US dollars from the token turnover on the platform and deletes almost 16 billion of governance token -the crypto version of the voting rights shares -deleted by World Liberty. Based on earlier sales of these tokens to accredited investors who estimated between 1.5 and five cents, Trump’s detention could be worth almost 1 billion US dollars, although token is no longer being traded. Bloomberg recently estimated Its total networks at around 5.4 billion US dollars.
As state guard dogs argue Trump’s activities in the crypto industry are a conflict of interest with the congress debate Blockchain Ordinance, the new report, contains the first essential view of the increasing entanglement of the president with digital assets.
The first crypto president
Before his third run for the president, Trump had expressed skepticism to crypto and only described Bitcoin as “fraud” a few years ago. But he increasingly accepted the blockchain industry last year as a company as on the campaign path Coin base And ripple goss mills of dollars in donations – a reaction to the procedure of the bidges management against the sector.
Trump has not only advertised the technology at industry events, including A Bitcoin Conference last summer, but also began to explore his own activities in the room. Trump had previously launched A number of NFTS, but the newer projects represented a full-grown move into the crypto business, especially through the Vehicle of World Liberty Financial.
The platform, which was first announced by his son Eric in August last August, promised a “new era of finances”, although its exact function is still unknown. In the following months, World Liberty launched a number of products. This included the governance token and a stable coin name dollar with dollar, which is an Emirati investment company needed Invest 2 billion US dollars in the leading Krypto Exchange Binance in May.
While the exact ownership structure of World Liberty and Trump’s potential profit from the token turnover remained largely opaque, the financial disclosure report offers the first details of the winning of the President, including the 57 million US dollars, which were earned from the token sales. World Liberty offered accredited investors Wlfi, including the Chinese crypto entrepreneur Justin Sun, who had previously been subjected to the Securities and Exchange Commission, who were dropped after Trump’s office.
The report does not contain any details about Trump’s other large crypto project – his Memecoin, also called Trump, which he launched The weekend before his inauguration. While Trump’s Memecoin has dropped to around 2 billion US dollars from a market capitalization of 9 billion US dollars in January, it has a source for potential gain – and controversy – for Trump, the organization of which probably has around 80% of the total offer. Trump organized A Dinner For the top holder of the Memecoin in May, Draw criticism By the legislators in the entire course and even industry lobbyists.
Trump continues to promote the priorities of the crypto industry, including legislation in the congress, which would determine regulations for stable coins and token emissions. But even if real estate dominates its stocks, the financial disclosure report on Friday shows the increasing importance of crypto for its business empire.
This story was originally on Fortune.com
