Trump-backed crypto firm is planning stablecoin audit, new app
(Reuters) -Zak Folkman, the co-founder of U.S. President Donald Trump's cryptocurrency platform World Liberty Financial, said on Wednesday that the company will issue an audit of its stablecoin "within days" and that it planned a new app.
Folkman also hinted that WLF's governance token, known as WLFI, could soon become tradable in an interview at the Permissionless conference on Wednesday, organized by crypto media company Blockworks in Brooklyn, New York.
WLFI, which was launched two months before the U.S. presidential election in November by Trump and his business partners, has yielded hundreds of millions of dollars in revenue for the Republican president's family business.
The business, along with other forays into crypto, has drawn a barrage of criticism from Democratic lawmakers, as well as government ethics watchdogs. Critics say it creates conflicts of interest as it is happening at the same time as the president is pulling back enforcement and easing regulations on the industry.
The Trump Organization said in January that the president's investments, assets and business interests would be held in a trust managed by his children.
The White House and the Trump Organization did not immediately respond to requests for comment.
World Liberty has raised the money by selling so-called governance tokens, which give holders the right to vote on changes to the project's underlying code and to signal their opinion on its direction and plans. They cannot be traded.
During the interview on Wednesday, when Blockworks co-founder Jason Yanowitz asked whether the token would become tradable, Folkman said, "I don't want to give away too much, but if you pay attention over the next couple of weeks, I think everyone ... is going to be very, very happy."
Folkman said WLF would also be launching an app that would make crypto seamless for everyday investors to use.
He said the company's stablecoin recently just got its first attestation report from an accounting firm and that it would be posted on its website "within the next few days."
"We're going to have very transparent auditing from a financial level," he said.
(Michelle Conlin in New YorkEditing by Marguerita Choy)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
9 minutes ago
- Newsweek
Colin Allred's Chances of Beating Cornyn and Paxton in Texas—New Poll
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Former Democratic Representative Colin Allred trails bothSenator John Cornyn and Texas Attorney General Ken Paxton, who are locked in a tight race for the Republican nomination for Texas' U.S. Senate seat in next year's midterm election, according to a new poll. "This remains a seat that Democrats could win," Matthew Wilson, associate professor of political science at Southern Methodist University, told Newsweek in an email Friday. However, he noted, "this new polling data showing Cornyn and Paxton tied, both candidates leading Allred, and the redistricting fight a draw in the court of public opinion is music to Republican ears." Why It Matters Texas, which is embroiled in a redistricting battle in the state legislature, is among the states Democrats hope to make competitive in the 2026 midterms. President Donald Trump carried the Lone Star State by double digits last November, and the GOP controls the U.S. Senate and the U.S. House of Representatives, with Democrats hoping to make some inroads. The outcome of the GOP primary between Cornyn and Paxton could have key implications for how competitive the race is. Cornyn leads Allred by a more comfortable margin in polling than Paxton. However, Paxton is favored by many of the state's more conservative voters and has built an early primary polling lead. What To Know A new Emerson College Polling survey finds Allred is the favored Democratic nominee, with 57.7 percent saying they would vote for him if the primary were held today and 34.4 percent undecided. However, in hypothetical matchups, Allred trails both Republican contenders. Allred, a former NFL player, lost his 2024 Senate bid to incumbent Ted Cruz. Allred repeatedly broke fundraising records throughout the campaign. In the new poll, Allred draws 38.1 percent to Cornyn's 45.2 percent, with 16.7 percent undecided. Face-to-face with Paxton, Allred garners 40.6 percent to Paxton's 45.9 percent, with 13.6 percent undecided. Cornyn was first elected to the Senate in 2002, and served as Republican Whip from 2013 to 2019. Paxton has served as the attorney general of Texas since 2015 and previously served in the Texas Senate and House. Paxton has been a vocal supporter of Texas' proposed redistricting maps and has called for the arrest of former Democratic Senate candidate Beto O'Rourke over his support for Democrats blocking the GOP plan. Many respondents said they were following the state's redistricting efforts, with 35 percent "very closely" and 43 percent "somewhat closely." Support and opposition to the proposed map for the 2026 midterm elections, were nearly split ahead at 36 percent and 38 percent, respectively. Texas Democratic Senate candidate Representative Colin Allred speaks during a watch party on election night on November 5, 2024, in Dallas. Texas Democratic Senate candidate Representative Colin Allred speaks during a watch party on election night on November 5, 2024, in Dallas. AP Photo/Tony Gutierrez The poll of 1,000 registered Texas voters was conducted August 11-12 and has a margin of error of plus or minus 3 percentage points. It included 432 Republicans, 295 Democrats and 273 independents, however, 491 said they would vote in the Republican primary and 370 in the Democratic. A previous poll from YouGov and Texas Southern University, which surveyed 1,200 registered voters from May 9 to 19, showed Cornyn led Allred by 4 percentage points, 48 to 44 percent, while Paxton led by only two points, 48 to 46 percent. It had a margin of error of plus or minus 2.8 percentage points. For decades, Democrats have had an uphill battle in the Lone Star State, which has not voted Democratic on the presidential level since 1976. Stateside, voters have not sworn in a Democratic senator since 1988, nor a Democratic governor since 1990. What People Are Saying Matthew Wilson, associate professor of political science at Southern Methodist University, told Newsweek in an email Friday: "This poll is the best news that Republicans have had on this race in a while—mostly because it shows Cornyn having closed the gap with Paxton among the primary electorate. Cornyn is widely perceived to be the stronger general election candidate, as he has less baggage and more appeal to independent voters... The redistricting fight appears unlikely to have much impact in the Senate race. This poll shows it to be largely a wash in terms of public opinion, and voters have short memories—the election is, after all, over a year away." Spencer Kimball, executive director of Emerson College Polling, said in the poll release: "Seven months ahead of the Republican Primary, the contest between the four-term incumbent and the Attorney General is a toss-up, with 37% of voters still undecided. Among these undecided voters, President Trump's job approval stands at 73%, suggesting his endorsement could be pivotal in such a close race." Senator John Cornyn's campaign senior adviser, Matt Mackowiak, previously told Newsweek: "It would be political malpractice for the GOP to have to invest $200+ million to hold a safe Senate seat if Crooked Ken Paxton is the nominee. John Cornyn hasn't been on the ballot in five years. Educating voters about his actual record is job #1 — especially his 99.2% record voting with Trump while President. All public polling shows Cornyn's image with Republican voters is solid and it will continue to grow as voters learn about his actual record. We have a plan to win this race and we are executing it." Former Representative Colin Allred wrote in a Thursday X post: "Today is the 90th anniversary of Social Security. Four million Texans rely on Social Security to get by - John Cornyn and Ken Paxton are gearing up to destroy it. I'm looking at how to make it stronger, because my mom needed it, my family needed it, and I know Texans need it." Texas AG Ken Paxton wrote in an April X post announcing his run: "For years, John Cornyn has betrayed President Trump and the America First movement. Texas deserves better, and that's why I'm running for U.S. Senate." What Happens Next? The primary will be held on March 3, 2026.
The Hill
10 minutes ago
- The Hill
Democrats introduce bill to block Trump DC police takeover
A band of Democratic lawmakers is introducing legislation to thwart President Trump's takeover of the D.C. police department, arguing the White House is exceeding its authority. The resolution would terminate Trump's Monday order, something the lawmakers say comes as 'the President has concocted a false narrative around the city's crime rates' which have been declining for two years, while violent crime has reached a 30-year-low. 'Under the D.C. Home Rule Act, Congress has given the president the power only to direct the Mayor to make the Metropolitan Police Department available for a specific federal purpose but has given him no power simply to take over the Department. In any event, there is no federal emergency justifying such a takeover even if Congress sought to use its lawmaking power to effectuate it,' Rep. Jamie Raskin (D-Md.), the top Democrat on the House Judiciary Committee, said in a statement. 'Trump has made clear that his efforts in D.C., where 700,000 taxpaying American citizens lack the protections of statehood, are part of a broader plan to militarize and federalize the streets of cities around America whose citizens voted against him,' Raskin added, calling it a 'hostile takeover.' Trump also sent National Guard troops to the nation's capital, and tensions flared earlier in the week as officers set up checkpoints in the city. The Trump administration on Thursday escalated its takeover of the Metropolitan Police Department (MPD), with Attorney General Pam Bondi installing Drug Enforcement Agency Administrator Terry Cole as Washington's ' emergency police commissioner,' while rescinding policies that limited officers from taking policing actions purely for immigration enforcement purposes. 'President Trump's incursions against D.C. are among the most egregious attacks on D.C. home rule in decades,' said Del. Eleanor Holmes-Norton (D-D.C.). 'Our local police force, paid for by D.C. residents, should not be subject to federalization, an action that wouldn't be possible for any other police department in the country. No emergency exists in D.C. that the president did not create himself, and he is not using the D.C. Police for federal purposes, as required by law.' The legislation was also co-sponsored by House Oversight Ranking Member Rep. Robert Garcia (D-Calif.), but cannot be taken up during the August recess. Once lawmakers return, it's unlikely the GOP-controlled body would bring the legislation to the floor. Sen. Chris Van Hollen (D-Md.) sponsored a companion bill in the Senate. The lawmakers argue Trump's police takeover is only the latest in a string of actions they say undermine effective governance of the city, including on crime, though D.C. Mayor Muriel Bowser's budget fully funded MPD. Earlier this year, Congress failed to include in its stopgap funding bill language that would allow D.C. to continue spending its local budget at fiscal 2025 levels — restricting $1 billion in city coffers. 'While Trump claims that federal control of D.C. is necessary to combat crime, the President's own actions are what is jeopardizing public safety in the District. He and his allies in Congress refuse to allow the District to access the $1 billion in locally-raised revenue that would have funded D.C. police, fire and emergency response services, and other public safety efforts,' the lawmakers said in a joint release. 'He fired and demoted dozens of D.C.'s most experienced career prosecutors, contributing to a larger backlog of criminal cases being held up in court and longer wait times for crime victims to obtain justice.' Van Hollen said Trump was absent when D.C. 'actually needed support from the National Guard' on Jan. 6. 'His current takeover is an abuse of power and nothing more than a raw power grab,' he said in a statement. 'The District of Columbia has made important progress on public safety in recent years, and can do more if Trump and House Republicans get the hell out of their way and stop blocking D.C. from accessing $1 billion of its own funds to strengthen policing and provide other public services.'
The Hill
10 minutes ago
- The Hill
Newsom promises to ‘fight fire with fire,' escalates anti-democratic war
California Gov. Gavin Newsom made a pretty major announcement yesterday, taking his latest stance to fight back against Republicans' mid-decade redistricting plans in Texas and beyond. This move comes as Republicans in Texas — with President Donald Trump's backing — are pursuing a new congressional map that could give them as many as five more House seats. And Newsom's response? He's leaning into some signature California swag: 'I know they say 'Don't mess with Texas.' Well, don't mess with the great Golden State.' He's calling it the 'Election Rigging Response Act,' a proposal that would let California Democrats bypass the state's independent redistricting commission and redraw maps more favorable to their own party. Newsom says it's a direct response to Republican moves. 'I'm grateful to all of the remarkable leaders that have stepped up this unifying effort, and we'll be asking for the people on the November 4th special election, coinciding with a lot of local municipal elections, to provide a temporary pathway for congressional maps. We will affirm our commitment to the state independent redistricting after the 2030 census, but we're asking the voters for their consent to do midterm redistricting.' Here's my take: I am not a fan of gerrymandering from either side. It's anti-democratic, plain and simple. If both red states and blue states start stealing congressional seats through partisan map-making, we all lose. In an ideal world, Texas would wait until the next census and adopt independent redistricting committees — and California would resist the temptation to 'fight fire with fire.' Because in this case, the 'fire' is actually a direct hit to one of democracy's core values: voting equality. And if you burn that down, you're doing the work of democracy's enemies for them. When both political parties start disenfranchising voters to push their policies without actually earning our votes, the only winners are the people rich enough to buy politicians' loyalty. But while I think Newsom's redistricting plan is wrong, I have to admit — the man is on a roll. He's trolling Trump like it's his new hobby, even calling him 'DONALD 'TACO' TRUMP' in all caps on X. The nickname caught fire a few months ago, with Jeanine Pirro even chuckling on air when a reporter brought it up to the former president. Take a look — I guess I'm not the only one who thinks it's funny! At the end of the day, my hope is simple: Republicans stick with the current Texas maps, Democrats back off the retaliation, and Gov. Newsom keeps going just enough to keep us all entertained — because clearly, he's found his spotlight.
