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First Post
4 hours ago
- Business
- First Post
Trump Mobile: What we know about Trump Organization's cell phone service
The Trump Organisation on Monday unveiled Trump Mobile – a cell phone service – for fans of all those things Donald Trump. But what do we know about the service? And why has it raised eyebrows? read more Then former President Donald Trump speaks at the Bitcoin 2024 Conference in Nashville, Tennessee. File image/AP Donald Trump has had Trump Steaks, Trump Airlines, Trump University and Trump Water. For fans of all those things Trump, now the Trump Organisation is introducing Trump Mobile – a cell phone service. The service was unveiled by Donald Trump Jr. and Eric Trump – the president's sons – at Trump Tower in New York on Monday. But what do we know about the Trump family's latest business venture? And why has it raised eyebrows? STORY CONTINUES BELOW THIS AD Let's take a closer look: What we know The mobile service comes with a $499 (Rs 42,000) smartphone and a cellphone plan. The service, which is called the 47 plan, will cost $47.45 (Rs 4070). This is in keeping with Trump being the 47th and 45th President of the United States. Those who avail the plan will be given unlimited phone calls, texts and data. The phone, known as the T1, will operate on the Google's Android 15 system. The website says the phone will have a 6.8-inch AMOLED screen, a 16-megapixel selfie camera, a 50-megapixel main camera, 12 gigabytes of RAM and 256 gigabytes of internal storage. The phone, known as the T1, will run on the Google Android system. Image courtesy: Trump Mobile A model for the phone – which will launch in September – on the Trump website shows a gold-covered metal case and an American flag. All the phones will be manufactured in the United States, according to Eric Trump. Users can avail telemedicine on their phone and will be given roadside assistance for their cars. 'We are going to be introducing an entire package of products where people can come and they can get telemedicine on their phones for one flat monthly fee, roadside assistance on their cars and unlimited texting to 100 countries around the world,' Donald Trump Jr said. STORY CONTINUES BELOW THIS AD The Trump Organisation has said that the launch of the service has been intended to fall on the 10-year anniversary of President Trump's announcement of his first presidential run. 'Trump Mobile, its products and services are not designed, developed, manufactured, distributed or sold by The Trump Organisation or any of their respective affiliates or principals,' a disclaimer on the website reads. What do experts say? The website claims the plan will offer the 'same coverage as the 3 nationwide phone service carriers.' But experts remain unmoved by Trump's foray into the cellphone business. The US mobile network market is largely dominated by three major companies – Verizon, AT&T, and T-Mobile. Together, these companies have over a 95 per cent share of the market. ₹2000 Verizon has a budget plan for $25 (Rs 2,000) per month, while Mint Mobile has one for $30 (Rs 2500) per month. 'This latest move raises more questions than answers. As always, the devil is in the detail given that it is unclear around the actual commercial relationship with the telecom players and so forth,' Paolo Pescatore, TMT analyst at PP Foresight, was quoted as saying by Bloomberg. STORY CONTINUES BELOW THIS AD This isn't the first Trump family venture that has raised eyebrows. The Trump's family venture into cryptocurrency with the $TRUMP memecoin raised the ire of many – particularly after the US President held a fancy dinner for over 200 of his top donors. US President Donald Trump speaks as Crypto czar David Sacks, US Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick, and Executive Director of the Presidential Council of Advisers for Digital Assets Bo Hines attend the White House Crypto Summit at the White House in Washington, DC, US, March 7, 2025. File Image/Reuters Forbes currently estimates Trump's network at around $5.3 billion – most of which comes from the Trump Media & Technology Group. Much of that comes from cryptocurrency – which Trump has incessantly promoted as president. In fact, the company recently raised $2 billion from investors to allow itself to buy cryptocurrency. Critics have long decried that Trump has not divested himself of his many businesses during his presidency. They say the scope for corruption in such ventures is breath-taking. With inputs from agencies
First Post
13 hours ago
- Business
- First Post
From crypto to perfumes, how Trump earned over $600 million in 2024
US President Donald Trump has earned over $600 million in 2024 from stocks, real estate, investments and other ventures. His Mar-a-Lago club generated over $50 million in income read more Then former President Donald Trump speaks at the Bitcoin 2024 Conference in Nashville, Tennessee. File image/AP US President Donald Trump pocketed more than $57 million from token sales by the crypto venture he and his sons helped launch last year, according to federal financial disclosure forms released by the White House. The more than 230-page document issued by the Office of Government Ethics, dated Friday (June 13), lists the US president's holdings including stocks, dividends, real estate and investment portfolios . It showed that Trump, who during his first presidential election campaign in 2016 broke with the long tradition of candidates publishing their income tax returns, raked in $57.4 million from the sale of World Liberty Financial tokens. STORY CONTINUES BELOW THIS AD Trump and his sons helped launch the cryptocurrency investment and lending platform ahead of last year's election, raising conflict of interest concerns especially after he went on to win. He lent his name to this new company and launched a 'Trump' memecoin in January, just hours before his inauguration. World Liberty Financial had issued 100 billion tokens, of which some 22.5 billion were allocated to the Trump-affiliated company DT Marks Defi. The $TRUMP coin was launched before Donald Trump's January 20 inauguration. Representational image/Reuters Once hostile to the crypto industry, Trump has since returning to power enthusiastically embraced the sector, taking significant steps to clear regulatory hurdles and making large-scale investments. Trump has, among other moves, appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC). He has also established a federal 'Strategic Bitcoin Reserve' aimed at auditing the government's bitcoin holdings, which were mainly accumulated by law enforcement from judicial seizures. Cryptocurrencies now have 'a champion and an ally' in the White House, Vice President JD Vance said last month during a bitcoin conference in Las Vegas. The document also provides an overview of the royalties that Trump has received through the sale of branded products and licensing agreements around the world. For instance, he earned $2.8 million from watches and $2.5 million from perfumes and sneakers. STORY CONTINUES BELOW THIS AD His Mar-a-Lago club in Florida also generated over $50 million in income for the president. Trump's golf courses around the world also helped pad his coffers, allowing him to pocket $29.1 million from the one in West Palm Beach, and $110.4 from the one in Miami. The president also received a monthly retirement payment of $6,484 from the Screen Actors Guild (SAG).
Newsweek
5 days ago
- Business
- Newsweek
Crypto Regulation: Biden vs. Trump—A Regulatory Rumble in the Digital Arena
Regulate or innovate? In our polarized political system, even regulation of the multibillion-dollar crypto industry seems to be a tale of diametrically opposed approaches. As ever, however, the best way may lie in picking a careful path between the extremes angrily voicing their opinions. Certainly, the Trump administration's approach to digital assets has marked a dramatic departure from the Biden era's enforcement-heavy strategy using existing legal structures that many in the crypto industry do not believe apply. Even the president himself launched a meme coin called $TRUMP on the Solana blockchain, generating nearly $100 million in trading fees. It's hard to imagine any other president in U.S. history doing anything remotely similar. He also signed an executive order on January 23, 2025, aimed at establishing a "crypto strategic reserve" and enhancing U.S. leadership in digital assets. Previously, startup executives in Silicon Valley looked longingly at easier and more welcoming jurisdictions for their crypto ventures, some moving across the Atlantic to Switzerland or the Pacific to Singapore. Now, with the Trump administration's actions relating to crypto regulation, the U.S. is looking more attractive again. Presidential candidate Donald Trump speaks at the Bitcoin 2024 Conference on July 27, 2024, in Nashville, Tennessee. Presidential candidate Donald Trump speaks at the Bitcoin 2024 Conference on July 27, 2024, in Nashville, Tennessee. AP Photo/Mark Humphrey, File The shift represents more than mere policy preference—it signals a fundamental rethinking of how America should position itself in the rapidly evolving blockchain economy. Under the Biden administration, Securities and Exchange Commission Chair Gary Gensler pursued what critics labeled "regulation by enforcement," applying existing securities laws to cryptocurrency markets that many did not believe applied to those markets without providing clear, prospective guidance. This approach treated most digital assets as unregulated securities subject to traditional registration requirements, creating uncertainty that many industry participants viewed as stifling innovation. Gensler's SEC brought numerous enforcement actions against crypto companies, arguing that existing financial laws were sufficient to govern digital assets without new regulatory frameworks. In stark contrast, Trump's SEC chair, Paul Atkins, advocates for more innovation and clearer, more predictable regulations specifically tailored to cryptocurrency markets. His approach emphasizes collaboration with industry to create a framework where the rules are clearly known as the primary regulatory tool rather than aggressive enforcement based on applying existing laws, which many industry insiders described as pounding a square peg into a round hole. The philosophical divide extends beyond enforcement strategy to fundamental questions about innovation and financial inclusion. The Biden administration's cautious stance reflected concerns about consumer protection and financial stability, treating crypto with skepticism inherited from traditional banking oversight. Critics argued that this approach ignored crypto's potential to democratize finance by offering alternatives to conventional banking systems and providing individuals greater control over their financial assets. However, while critics of Trump's crypto policy assert that it will cause more issues because of reduced federal oversight, Adkins has said there will be regulations, but the regulations will be tailored to the crypto industry making it a square peg fitting in a square hole. A key factor to this new regulation will be whether the new federal crypto regulations will "preempt" state laws—meaning that federal law trumps state law—which is key to making the crypto regulations effective. Don't forget that the U.S. has 50 states and many have their own laws and regulations about investments. Without "preemption," cryptocurrency companies will be subjected to a series of regulations and registration requirements with the federal government and many state governments that may increase the costs of the crypto market and make it more convoluted and complex to operate. For example, crypto companies operating in New York will remain subject to New York's "BitLicense" regulatory and licensing regime. California also recently enacted and is now implementing its Digital Financial Assets Law, which will similarly require many crypto companies to obtain a license. Many states' money transmission licensing laws will also continue to apply to crypto companies. In addition, state attorneys general and securities regulators may attempt to fill a perceived gap in crypto-related enforcement. New York Attorney General Letitia James has been particularly active in bringing enforcement actions against prominent crypto companies, and it's hard to imagine the financial markets without New York. This state enforcement activity will continue, and is likely to increase, during President Trump's term, particularly in states that oppose many of his ideas. Consumer advocates worry that Trump's regulations could lead to a chaotic Wild West, where scams and schemes could run amok. Fraud and scams and shady characters have long haunted the financial system. Charles Ponzi, whose name is eponymous with fraud, and Bernie Madoff were able to commit frauds without crypto and more frauds are committed in U.S. dollars than crypto. Why? Just think of what the famous bank robber Willie Sutton said back in the 1930s: "because that's where the money is"! The answer is not and has never been to close banks, shut the stock market or cease using U.S. dollars. Similarly, it is not to forbid grandparents from investing in crypto. The answer is as it always has been: to encourage innovation, regulate with the right balance of looseness and control with reasonable regulations that do not burden innovation or oppress the industry while simultaneously permitting a hard crackdown when someone gets out of line. America will not win if its markets are too loose and unregulated. But American will also not win if all the innovation is driven offshore and Singapore, Switzerland and Shenzhen become the financial capitals of the world. This is a debate about our future and as such it is too important to get swept up in the black and white of political polarization. We need to work together to decide whether America leads or follows in the next phase of financial innovation, and how exactly we can do that best. Bryan Sullivan is a leading attorney who has represented high-profile clients in entertainment, intellectual property and corporate investments.
Business Mayor
25-04-2025
- Business
- Business Mayor
Trump's tanking meme coin gets massive boost when dinner with the president is offered as a reward
Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter President Donald Trump's meme cryptocurrency surged in price on Wednesday after its website announced a few lucky investors could win a private dinner with the president in Washington, D.C. The $Trump coin surged approximately 60 percent after announcing the 'most exclusive invitation in the world' dinner to the top 220 holders. The sudden price jumped to $14 – still well below its peak o $70 after launching in January. 'President Donald J. Trump is known as the ' Crypto President,'' the site stated. 'At this intimate private dinner, hear first-hand President Trump talk about the future of crypto.' Trump has vowed to make the United States the 'crypto capital of the planet' and, in doing so, has launched his own crypto ventures, including NFT digital trading cards and memecoins. His attempts to brand his own coin and NFTs have raised concerns about conflicts of interest. Donald Trump gives a keynote speech at the Bitcoin 2024 conference at Music City Center on 27 July, 2024 in Nashville, Tennessee (Getty) The dinner is scheduled at Trump National Golf Club in D.C., on May 25. Winners will also have a 'Special VIP Tour' arranged for them. However, those who win the opportunity to have a 'private dinner' must pay 'all expenses' themselves, and there is no guarantee that Trump will attend. The terms and conditions say the dinner 'may be cancelled for any reason,' and in the event it is not rescheduled, winners will get a 'limited edition Trump NFT in lieu.'' Since his inauguration on January 20, Trump has overseen the biggest crash in the history of cryptocurrency. Bitcoin slid from $109,000 in late January to below $75,000 this month, with more than $1.3 trillion wiped from the broader crypto market in less than three months. The downturn comes amid global economic uncertainty fuelled by an escalating trade war between the U.S. and China, which has seen investors shed assets more prone to risk. Some figures within the crypto industry have also lamented Trump's failure to fulfill his pro-crypto campaign promises. At the Bitcoin 2024 Conference in Nashville last July, the Republican candidate said he would ensure that 'all the remaining bitcoin [is] made in the USA'. In January, Trump signed an executive order establishing a government reserve for bitcoin (REUTERS) He also pledged to set up a bitcoin treasury, however, the Strategic Bitcoin Reserve established in March was seen as underwhelming, as it did not involve the purchase of any new bitcoin. The crypto market has seen a slight uptick in recent days, though the rally has been attributed to institutional investment rather than any political moves in Washington. 'We're seeing increased long-term confidence and signals from institutional players,' Anil Oncu, chief executive of crypto payments platform Bitpace, told The Independent . 'Reports that banking giants Deutsche Bank and Standard Chartered are considering expanding their US crypto operations point to a more strategic investment in the sector and may be driving a sustained new optimism for bitcoin and the broader crypto market. 'Despite the surge, there will still be some caution. The Federal Reserve's next interest rate decision and ongoing discussions between Washington and Beijing will have a key influence on Bitcoin's price in the coming weeks.'
