The Trump family continues to expand its involvement in cryptocurrency, raising significant ethical concerns. At a recent crypto conference in the United Arab Emirates, Eric Trump announced that the family’s stablecoin, World Liberty Financial’s USD1, would facilitate a $2 billion investment by the Emirati firm MGX into Binance, the world’s largest crypto exchange. This move follows Binance’s guilty plea to financial crimes such as money laundering and sanctions violations.
The transaction highlights potential conflicts of interest, as World Liberty Financial is closely tied to the Trump family and emphasizes connections to President Trump in its pitches to investors. Despite criticism from industry figures and lawmakers, the venture has attracted substantial investments from entities in Hong Kong, Israel, and the UAE. Critics argue this represents a form of corruption, with Senator Elizabeth Warren condemning it as a scheme allowing the Trump family to profit personally from deregulation efforts.
— new from Rolling Stone
