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Donald Trump’s crypto venture venture launched its stablecoin on a recently prohibited scholarship on the United States on Wednesday after admitting to having violated anti-flowage laws and agreeing to pay a fine of $ 300 million.
President Donald Trump speaks during the Bitcoin 2024 conference in July in Nashville. (AP / Mark photo … More
Key facts
Trump is also the main defender of the crypto and the inspiration for World Liberty Financial, a decentralized financial platform launched in September 2024 with the involvement of his three sons.
Trump and his family Check about 60% of the company through an LLC, according to the World Liberty Financial website.
Stablecoin USD1 of World Liberty Financial, a cryptocurrency whose value is set to the US dollar, started to exchange On Wednesday on Kucoin, an exchange of crypto whose headquarters are in the Seychelles.
Kucoin guilty In the United States in January, in January, to an operating manager for a license-free money transmission company, agreeing to pay nearly $ 300 million in penalties and leave the American market for at least two years.
The accused co -founders of Kucoin, Chun Gan and Ke Tang, also agreed to no longer have a role in the management or operations of the company, according to the Ministry of Justice, which has postponed prosecution against them for two years.
White House, World Liberty Financial, Trump and Kucoin spokesperson did not immediately respond to requests for information.
Key
Asset can earn income Of his companies during his mandate through the revocable confidence of Donald J. Trump, the same structure he used during his first mandate. He is his only donor and beneficiary, while Donald Trump Jr. is the trustee. The Trump organization has confirmed in a legal file in April in Great Britain that Trump retains control of his businesses. As president, he undertook to make the United States “Capital of world cryptography”, “ Align with its expanding investments in digital assets.
What to monitor
Although there is no evidence that World Liberty Financial and the Kucoin talks mentioned the advocacy agreement that it has concluded with the Ministry of Justice earlier this year, other Trump sales partners have personally benefited from the actions of its administration. For example, the Chinese Blockchain Entrepreneur Justin Sun has invested $ 30 million in the World Liberty Financial Establishment only after the Trump election. Shortly after Trump’s inauguration, Trump’s dry asked a judge to suspend his case of fraud against Sun to “explore a potential resolution”.
Chief critic
“For years, Kucoin has avoided the implementation of anti-flary policies required to identify criminal actors and prevent illicit transactions,” said American lawyer for the South York Danielle R. Sassoon in a statement announcing the advocacy. “Consequently, Kucoin was used to facilitate billions of dollars in suspicious transactions and transmit potentially criminal products, including the product of the Darknet markets and malware, ransomware and fraud patterns.”
Crucial quote
“It is not very surprising for me,” Molly WhiteA crypto researcher, USD1 trade in Kucoin told Forbes. “It is also listed on (Crypto exchanges) HTX and Mexc, who do not serve any of the American customers for regulatory reasons.”
What we don’t know
The terms of the agreement between World Liberty Financial and Kucoin are not clear. As a general rule, the two parties obtain negotiation costs, while certain exchanges also charge rating costs and generate additional profits from market manufacturing, said White.
Contra
A Ethical white paper The Trump organization published in January noted that the Constitution does not prevent a president from having, exploiting or managing a private company. But to “avoid even the appearance of any conflict”, the company said that it had hired an external ethical advisor and Trump is committed to continuing to keep its assets in a trust and not to manage the company directly. (The Trump organization has since dismissed this advisor in Trump’s instruction.)
Surprisingly
Trump called once to Intense regulations of Crypto, saying in Fox’s affairs in 2021: “I don’t think we should have all the bitcoins of the world there.”
News
The Democrats of the Senate presented the Finish the Crypto Corruption Act Earlier this month, which would prevent presidents and other officials from “deliver, approve or sponsor cryptographic assets”.
Large number
$ 2.14 billion: USD1 market capitalizationAccording to Coinbase, a crypto trading platform.
Tangent
US lawyer Danielle Sassoon, who announced an agreement on Kucoin’s advocacy, resigned in February after the Ministry of Justice sought to abandon the corruption accusations against the mayor of New York, Eric Adams.
What are decentralized finances and stablecoins?
Decentralized financing platforms (DEFI) like World Liberty Financial allow users to exchange, borrow and lend a crypto without banks. Stablecoins – like the USD1 token – are digital currencies set for a traditional asset, such as the US dollar. Companies behind the Stablecoins generally benefit from negotiation costs and interests won on deposits.
Forbes assessment
Forbes estimates that Donald Trump is worth around 5.3 billion dollars, a large part of his wealth from his Trump Media actions.
Additional display
Upon reading
Trump companies transported $ 317,000 from RNC in March – even as Crypto Ventures Soar (Forbes)
Donald Trump is invested in cryptocurrency (Forbes)
Trump’s sons invest in AI data centers after praising billions in the expansion of industry (Forbes)
Trump Media leaders are launching a new spac in search of $ 179 million and target crypto sectors (Forbes)
How social truth and crypto helped Trump double his fortune in just one year (Forbes)
How Trump’s Bitcoin policies make the United States a cryptographic superpower (Forbes)
Trump’s crypto reserve has struck with unexpected backlash of billionaire allies (Forbes)
