Trump's World Liberty crypto tokens to become tradable
The World Liberty tokens, known as $WLFI, were sold to investors after the Trump family and their partners launched the venture, a 'decentralised finance' platform that has also issued a stablecoin last autumn. The tokens were not made tradeable at their initial sale.
Instead, they gave holders a right to vote on some changes to the business, such as its underlying code. Early investors have said the primary draw of $WLFI was the connection to Trump and, in turn, their expectations that the tokens would grow in value due to his backing.
Making the tokens tradeable would see investors determine their price, enabling speculation, earning trading fees for exchanges that list them and likely stoking interest from a wider swath of crypto investors.
The extent to which the Trump family, which reaps three-quarters of revenues from the initial sales of the tokens, will benefit from their wider trading is not clear.
Gains in the tokens' price would, however, swell the value of the family's token holdings, the exact level of which is unclear.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
World Liberty and Trump's other crypto businesses have faced criticism from Democratic lawmakers and ethics experts as the president's administration reshapes regulations in the booming crypto sector.
Democratic Senator Elizabeth Warren and Democratic Representative Maxine Waters sent a letter to the US Securities and Exchange Commission (SEC) earlier this year in which they said: 'The Trump family's financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration's oversight-or lack thereof-of the cryptocurrency industry.'
The World Liberty tokens have not been designated as securities by the SEC, meaning they are not subject to the same scrutiny as investments such as stocks.
The White House has said Trump's assets are in a trust managed by his children and that there are no conflicts of interest.
The White House has not released the details of the trust arrangement. The Trump family business has been placed into a trust whose sole beneficiary is the president, meaning that the hundreds of millions of US dollars from crypto deals struck while Trump is in office could hypothetically be withdrawn at any time, or at the latest, be at his disposal when he leaves office in less than four years.
Trump's company, DT Marks DEFI LLC, was set to receive 22.5 billion out of a total 100 billion $WLFI tokens, according to a description of the project released in October. The president held 15.75 billion of the tokens at the end of last year, according to a public financial disclosure report published last month.
The Trump family has made around US$500 million from World Liberty since the platform was launched, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms and publicly disclosed deals.
Asked by Reuters how the vote would impact the value of $WLFI tokens held by Trump and his family, the White House press office said: 'This is not an inquiry for the White House.'
The Trump Organization did not respond to a request for comment.
In response to Reuters' questions about how the tokens will become tradable, a World Liberty spokesperson said: 'Additional details are forthcoming.' The venture says on its website that making $WLFI tradeable 'brings us one step closer to building a more open, transparent, and powerful financial system'.
'The American public should be very concerned about the president's vested interests in the cryptocurrency market,' said Chris Swartz, a former longtime attorney at the US government's Office of Government Ethics, including under both Trump administrations, who now serves as senior ethics counsel for Democracy Defenders Action, a legal advocacy group.
'Not only is it a potential conduit for foreign emoluments and other illicit payments, but it puts the president in competition against other cryptocurrency issuers at the same time he is advocating for digital asset marketplace legislation. That is a clear conflict of interest.'
99.9 per cent support
The World Liberty proposal to 'formally initiate the tradability of the token', posted on its website on Jul 9, was approved by 99.94 per cent of around 20,900 votes.
Some voters cited expectations of price gains or support for Trump as reasons for their choice. 'We invested to get rich,' one wrote on the World Liberty website. 'To make America great again,' wrote another. The identities of nearly all holders are hidden behind wallet addresses.
A Milan-based person using the name Paolo, who declined to give his full name, said that he had bought 95,000 $WLFI tokens for about US$5,000. $WLFI tokens were sold in two initial tranches at US$0.015 and US$0.05. Paolo said he voted in favour of making the tokens tradeable and planned to hold the tokens until they reach US$12. 'Then I try to buy more when the price drops,' he said.
The World Liberty proposal said the timing for making the tokens tradeable, and the eligibility requirements, would be determined at a later, unspecified date. Tokens held by World Liberty's founders, team and advisers would not be initially 'unlocked' for trading and would be subject to a longer 'unlock schedule', it said.
The implementation of approved proposals would 'occur within a reasonable time from the passage of the applicable proposal', according to the project description from October. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
9 minutes ago
- Business Times
Japan expects only 1% to 2% of $550 billion US fund to be investment
[TOKYO] Japan expects only 1 to 2 per cent of its recently agreed upon US$550 billion US fund to be in the form of actual investment, with the bulk of it being loans, according to the nation's top chief negotiator Ryosei Akazawa. At the same time, Tokyo would save roughly 10 trillion yen (S$87 billion) through lower tariff rates in its deal with America, he said. The US$550 billion investment framework will be a combination of investments, loans and loan guarantees provided by financial institutions backed by the Japanese government, Akazawa said on public broadcaster NHK on Saturday (Jul 26) night. Of the total, investment would be worth 1 per cent or 2 per cent and the US and Japan would split the profits of that investment at a ratio of 90-10, he said. Japan had originally proposed a 50-50 ratio, he added. The fund is a centrepiece of the deal announced by the two sides that will impose 15 per cent tariffs on Japanese cars and other goods. But the details given by Akazawa suggest the Japanese may end up giving up much less than at first glance. The comments come as officials from countries with deals with the US sift through the terms to explain to the public what they entail. 'It's not that US$550 billion in cash will be sent to the US,' Akazawa said. 'By letting the US have 90 per cent of the profits rather than 50 per cent, I think Japan's loss will be at most a couple of tens of billions of yen. People are saying various things, such as 'You sold out Japan', but they are wrong.' For the loans provided through the programme, Japan will simply be collecting the interest payments, and for the loan guarantees, if nothing happens, Japan will also be just collecting fees, Akazawa said. 'For that part, Japan's just making money,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Akazawa also clarified that the investment programme will not be only supporting Japanese and US firms. As a potential example, he cited a Taiwanese semiconductor firm building a factory in the US. 'We'd like to put the US$550 billion in place during President Trump's term,' Akazawa added. Further details of the implementation of the US-Japan deal remain unclear, including when the new tariff rates would take effect and when the new investment vehicle would kick off. There's been no joint document signed by both sides for the deal, although the White House has published a fact sheet. 'If you say something like, 'Let's create a joint document,' they will say, 'We will lower tariffs after the document is created,'' Akazawa said. In order not to lose time, 'we will demand that they issue an executive order to lower tariffs as soon as possible, regardless of a document'. Last week, Akazawa said that he expects universal tariffs on Japan's shipments to be lowered to 15 per cent on Aug 1, while he said he wanted the car tariffs to be cut to 15 per cent as soon as possible without specifying a date. The Trump administration has touted the deal with Japan as a potential model for others. On Sunday, the US and European Union agreed on a deal that will see the bloc face 15 per cent tariffs on most of its exports, with the EU pledging to invest US$600 billion in the US. BLOOMBERG
Business Times
35 minutes ago
- Business Times
Asia: Most markets rise, euro boosted after EU strikes US trade deal
[HONG KONG] Most stock markets rose with the euro on Monday after the European Union and United States hammered out the 'biggest-ever' deal to avert a potentially damaging trade war. News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 per cent would be levied on EU exports to the United States. 'We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity,' Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase 'US$750 billion worth of energy' from the United States, as well as make US$600 billion in additional investments. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's a good deal,' von der Leyen said. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The news boosted the euro, which jumped to US$1.1779 from Friday's close of US$1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one per cent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five per cent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. 'The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities,' said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on Aug 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. AFP
Straits Times
35 minutes ago
- Straits Times
For the privileged few, airport food hits a new height of luxury
UNITED STATES – Few places feel as engineered to remind you of your social standing as the airport. Each of its protocols, from check-in to security to boarding, imposes a hierarchy. Are you Executive Platinum? Premier ? The peak of that pecking order has long been the airport lounge, which allows elite passengers a cushioned escape from the tumult of the terminal. Now, even as airline stocks have tumbled and ticket demand slows, American airlines and credit card companies are reaching for a higher level of luxury and exclusivity – particularly when it comes to food. At the one-year-old Delta One Lounge at John F. Kennedy International Airport, it is common to hear an employee asking passengers: 'Would you like an ounce of caviar before your flight?' At the lounge, which includes a full-service brasserie with leather banquettes and gold finishes, the menu of complimentary offerings features sirloin steak with red wine jus and salmon sashimi with blood orange ponzu. The caviar will run you an extra US$85 (S$109) or 8,500 miles. Amble around the rest of the 40,000 sq ft space, and you might spy Japanese cheesecakes and earl grey lemon shortbread cookie s behind a glass pastry case ; or a spa-goer nursing a pineapple, lemon and butterfly pea flower juice after a massage. You might even catch a bartender pouring a nip of rare Japanese whiskey at the gold-lined Art Deco bar. To enter, you will need to flash a business class ticket for a long-haul flight on Delta or a partner airline . Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Authorities say access to Changi intertidal areas unaffected by reclamation, in response to petition Singapore New Mandai North Crematorium, ash-scattering garden to open on Aug 15 Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng Singapore With regional interest in nuclear energy rising, S'pore must build capabilities too: Tan See Leng World US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war Asia Displaced villagers at Thai-Cambodian border hope to go home as leaders set to meet for talks Airport lounges were once pit stops where business travellers could grab a paper cup of coffee and a handful of wasabi peas before a flight. Now, they dangle wood-fired pizza ovens, seafood towers, sushi bars and espresso martinis on tap. Lounges operated by American Express are introducing menus by award-winning chefs Kwame Onwuachi, Mashama Bailey, Michael Solomonov and Sarah Grueneberg. A seafood tower order in the Chase Sapphire Lounge at Laguardia Airport in East Elmhurst, New York. PHOTO: AMIR HAMJA/NYTIMES The escalating opulence of lounge food – and the mediocrity of the other offerings in airports – is a sign of just how wide the American wealth gap has grown, said sociologist Cecilia L. Ridgeway, who is a professor emeritus of social sciences at Stanford University. Airline trave l u sed to be a symbol of luxury. As more people fly, and as tickets become cheaper , she said, the wealthy still want to feel distinguished from th e public in visible ways. 'We need more signs and symbols that you are doing okay, that people are seeing it, that you are moving up.' A quick tour of seven of the US' new airport lounges showed that the quality of food is similar to what you would find at a wedding buffet – ranging from lacklustre to surprisingly satisfying . A salad of radicchio and roasted peaches at the United Polaris Lounge in Houston was cloying, while the French toast at the American Express Centurion Lounge at LaGuardia Airport had a crisp exterior and subtle sweetness that explain why it has a following. But taste may matter less than the fact that the food is free, fancy and makes the lounge guest feel important. The sit-down restaurant at American Airlines' Chelsea Lounge at Kennedy Airport feels like a lavish library – hushed, with lots of gold and glass. 'We like exclusivity,' said Ms Laura Parkey, a luxury real estate adviser from Florida, who was eating there before flying in business class to Switzerland for a river cruise. She sipped Moet & Chandon Champagne and eyed the pommes Anna with caviar at the next table. Compared with the terminal outside, she said, 'the food is better, and you don't have to deal with the masses'. These luxe touches are nothing new for international airlines such as Emirates and Cathay Pacific, which for years have accessorised their lounges with dim sum, cocktail pairings and cigar bars. Their American counterparts have only recently approached that calibre. But today, adding a full-service restaurant has become a baseline part of the expectation for lounges in the US, said Mr Aaron McMillan , managing director of hospitality programmes for United Airlines. It was one of the first American carriers to offer an in-lounge restaurant. Competition is intensifying as credit card companies enter the lounge game, unburdened by the logistical challenges and costs of running an airline, and seeking to attract frequent travellers as cardholders. The Chase Sapphire Lounge at LaGuardia Airport – accessible to those who have the Chase Sapphire Reserve card (with an annual fee of US$795), the J.P. Morgan Reserve card (US$795) or the Ritz-Carlton Credit Card (US$450) – looks like a chic hotel lobby. Its centrepiece is a circular bar with purple velvet chairs. The cocktail menu comes from the popular New York bar Apotheke, and the baristas can make you a sea salt and oat milk latte. Each table has QR codes for guests to order gnocchi with zucchini and mint, or marinated beets with whipped feta – both created by Fairfax, an all-day cafe in Manhattan. The Capital One Landing at Ronald Reagan National Airport in Washington has a full-service tapas bar created by chef Jose Andres. Crisp jamon croquetas and gambas al ajillo with a pleasant kick are made to order. Negronis and espresso martinis are available on tap. While most airport food comes from the same roster of approved suppliers, Andres gets his Iberian ham and picos from the purveyors who supply his restaurants. Each of these vendors had to be approved by airport security, with background checks and X-ray scans. The 1,200 sq ft kitchen was custom-built to Andres' specifications. One of his company's culinary directors works at the lounge full time. Ms Charisse Grey, the company's senior director of research and development, said: 'If there was a budget, I was not aware of it.' The lavish menus in these lounges speak to a new class of affluent travellers, said Mr Ben Schlappig, founder of the travel website One Mile At A Time. 'It used to be that lounges were thought of as stuffy and for business travellers,' he said. Today, the clientele 'skews much younger, and the increased focus on food and drink, and partnering with cool brands is part of that'. A Capital One spokesperson contended that the company's lounges were more approachable for everyday travellers, who do not need a first-class ticket to experience the luxury amenities – just a Capital One Venture X card, which costs US$395 a year. But at lounges with that easier accessibility, customers often wait in long lines, or are denied entry because the spaces get overcrowded. This has prompted some credit card companies to tighten lounge access, just as airlines have. Capital One, which allows cardholders to bring in a certain number of guests without charge, will charge for most additional visitors starting 2026 . Mr Mitch Radakovich, a data scientist from Cincinnati who was spending his layover en route to Copenhagen at the Capital One Lounge at Kennedy Airport, said it felt almost too good to be true to enjoy such amenities – cheesemongers who will customise a charcuterie board and freshly baked bagels from Ess-a-bagel – with just a US$395-a-year credit card. 'I'm sure the price will go up,' he said. 'It's an interesting maths problem: exclusivity versus luxury.' With all the money being poured into elite lounges, he wondered what airlines and airports were doing for the average traveller, who has to contend with shrinking onboard amenities, long security lines and thronged terminals. 'I used to fly Cincinnati to Atlanta, and now soda isn't even an option – it's coffee or water,' he said. 'The overall quality has decreased for the public.' NYTIMES
