Latest news with #WLFI
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First Post
3 days ago
- Business
- First Post
Trump's crypto firm silent over shady talks with Pakistan as Islamabad looks to overcome 'bad PR'
The sheer silence of World Liberty Financial Inc (WLFI) over its communications with Pakistan Prime Minister Shehbaz Sharif has fuelled concerns regarding the Trump family using political ties for business gains read more Pakistan Crypto Council CEO Bilal Bin Saqib admitted that the country's recent crypto-friendly moves are purely political and aimed at overcoming what he termed as 'bad PR'. Meanwhile, the sheer silence of World Liberty Financial Inc (WLFI) over its communications with Pakistan Prime Minister Shehbaz Sharif has fuelled concerns regarding the Donald Trump family using political ties for business gains Notably, the WLFI in April inked a deal with the Pakistan Crypto Council following communications with PM Sharif. Now, a US Senate subcommittee has asked the firm, in which the majority of the stakes are owned by the Trump family, about its communication with the Pakistani government that led to the deal. However, the firm has maintained silence. STORY CONTINUES BELOW THIS AD Pakistan draws parallel between crypto, Islamabad's 'bad PR' Meanwhile, Saqib, a top crypto official in Pakistan, has indicated that the country's crypto dealings with the US are aimed at boosting Islamabad's PR. Simply put, he said the moves are more political than economic in nature. 'Both Pakistan and Bitcoin have suffered from bad PR. We are looked at as being dangerous, risky and unstable. But once we look beyond these headlines, we can see a lot of potential, resources and talent. So Pakistan is looking for allies,' he said at the annual gathering of the global cryptocurrency community in Las Vegas. Saqib last month held a meeting with Chief of Army staff Asim Munir, who has now been promoted to the rank of field marshal following standoff with India, to spell out the ambitions of the country's crypto industry. Pakistan's newfound love for crypto Many see Islamabad's newfound interest in crypto as a way to grow close business ties with the family of US President Donald Trump. Saqib himself admitted that Pakistan's crypto move was inspired by the US. 'We want to thank the US because we are getting inspired from them,' Bilal said. It's to be noted that Trump, in March, had signed an executive order to establish a strategic Bitcoin reserve. Moreover, the association of top political figures of the US, deemed close to the president, in crypto business has raised eyebrows. Trump's sons Donald junior and Eric as well as grandson Barron are part of the WLFI team as 'Web3 Ambassador'. Web3 wallets allow access to apps and store cryptocurrencies. Trump's special envoy Steve Witkoff's son Zach Witkoff is one of WLFI's co-founders. On April 27, Zach wrote on social media that the crypto deal will 'bring diversity and financial inclusion to the next generation in Pakistan and beyond.' Within days as the standoff escalated between India and Pakistan following the terror attack in Pahalgam, Trump claimed that he helped broker a ceasefire between the two nations. STORY CONTINUES BELOW THIS AD Pakistan too has endorsed Trump's narrative, whereas India has disputed it, saying the understanding was reached strictly on bilateral terms and the US had a limited role to play.
Indian Express
3 days ago
- Business
- Indian Express
Daily Briefing: Spotlight on Trump-backed WLFI's crypto deal with Pakistan
Good morning, Could this be the year the Royal Challengers Bengaluru (RCB) break the jinx and bring home the elusive IPL trophy? After a red-hot performance against the Punjab Kings (PBKS), RCB have stormed into the finals — their fourth in IPL history. It was the bowlers who set the tone, dismantling PBKS in just 14.1 overs. RCB's batters chased it down in nearly four overs less and with eight wickets still in hand. They have won every single away game this season, becoming the only franchise to ever do so in 18 editions of the tournament. The fans are daring to hope! The expectation is that RCB can maintain this momentum at the final battle set in Ahmedabad. On that note, let's get to today's edition. Bilal bin Saqib is no ordinary CEO. As the head of the Pakistan Crypto Council, Saqib is spearheading a bold financial rebrand for the cash-strapped country. At the annual gathering of the global cryptocurrency community in Las Vegas yesterday, Saqib drew parallels between Pakistan and Bitcoin. He called them 'victims of bad PR'. Last week, he met with Pakistani Army chief Asim Munir to outline the future of Pakistan's digital economy. The deal: On April 26, Pakistan inked an agreement with World Liberty Financial Inc (WLFI), a crypto firm majority-owned by US President Donald Trump and his family. While the agreement's details are yet to emerge, it includes grand plans to use blockchain technology to boost financial inclusion and facilitate remittances. Red lines: As of May 6, when India launched Operation Sindoor in response to the April 22 Pahalgam terror attack, the WLFI was sitting on a Senate panel's request, seeking details of its dealings with Pakistan Prime Minister Shehbaz Sharif. Four days later, Trump declared that he had brokered a ceasefire between Pakistan and India. Sources say the message to Islamabad was clear: clean up Pakistan's image to fit the aspirations of a new financial order. Trump's dual role — as WLFI promoter and the self-proclaimed political broker — has raised concerns over conflict of interest. (The New York Times delves deep into the moral grey area of Trump's crypto-ventures as President of the US.) A warning: As Pakistan turns to crypto to solve its economic woes, contributing editor C Raja Mohan warns India must pay close attention. Deregulated assets could be used to fund terrorist activities. More importantly, it may be time for India to reflect on its crypto strategy. Asia's biggest slum, Dharavi, is due for a makeover. The Maharashtra government approved a master plan for the Dharavi redevelopment project earlier this week. This would entail the construction of as many as 58,532 residential units and 13,468 commercial and industrial units to rehab eligible tenants within the existing Dharavi area. My colleague Vallabh Ozarkar, who got a copy of the master plan, has more details. Cloak & dagger: The National Investigation Agency had arrested an assistant sub-inspector of the Central Reserve Police Force (CRPF), Moti Ram Jat, earlier this week. A probe into the matter has found that Jat was sharing sensitive information, including the movement of CRPF troops and suspected terrorist locations, with Pakistani intelligence officers, who were posing as journalists. Jat regularly received payment for disclosing this information. Alarm bells: A new AIIMS study has flagged a worrying trend: adolescent school students in Delhi are suffering from abdominal obesity and hypertension. Both of these can be risk factors for diabetes and heart disease in their adult years. The climb: American military strategist and thinker Herman Kahn has defined a 44-step 'escalation ladder', with each rung denoting a rising level of conflict. When reframed in this context, India's Operation Sindoor reached rung nine of Kahn's ladder, ending at 'Dramatic Military Confrontations' before a ceasefire was announced. My colleague Shubhajit Roy deciphers the nature of escalation and what lies ahead for New Delhi, politically, diplomatically and militarily. Speaking of: Recently, actor Kamal Haasan set off a political storm with his remarks that Kannada 'was born out of Tamil.' Assertions of the dominance of one language over another do little for the cause of Dravidian heritage. Columnist Rohan Manoj sheds light on a far more interesting truth about Kannada, Tamil, and their linguistic kinship. Fit for gods: The development of Mathura's Banke Bihari temple on the lines of the Kashi Vishwanath Corridor has brought Uttar Pradesh's Department of Religious Affairs under the scanner. Once revived by the Samajwadi Party government, party chief Akhilesh Yadav has accused the Yogi Adityanath government of using the department as a 'bid to control temples'. Delve into this political wrangle. When a Liberia-registered ship sank off the coast of Kerala, the government warned of hazardous contents spilling into the sea. Now, a lone, battered shipping container has washed up on the beach in Paravur, a small fishing hamlet between Thiruvananthapuram and Kollam. What's inside? Your guess is as good as mine. But for the residents of Paravur, where the water has turned white and foamy, the curiosity has set off a chain of conspiracy theories. It is also keeping people away from buying fish, a daily staple for most households in these parts. That's all for today, folks! Happy weekend-ing! Sonal Gupta Sonal Gupta is a senior sub-editor on the news desk. She writes feature stories and explainers on a wide range of topics from art and culture to international affairs. She also curates the Morning Expresso, a daily briefing of top stories of the day, which won gold in the 'best newsletter' category at the WAN-IFRA South Asian Digital Media Awards 2023. She also edits our newly-launched pop culture section, Fresh Take. ... Read More
Indian Express
3 days ago
- Business
- Indian Express
Trump crypto firm quiet on Shehbaz talks, CEO of partner talks of Pakistan image makeover
EVEN AS World Liberty Financial Inc (WLFI), a cryptocurrency company majority-owned by US President Donald Trump and his family, sits on a request from a Senate sub-committee to share its communications with Pakistan Prime Minister Shehbaz Sharif that led to a deal signed on April 26, CEO of Pakistan Crypto Council Bilal bin Saqib Thursday drew parallels between Pakistan and Bitcoin as 'victims of bad PR.' 'Both Pakistan and Bitcoin have suffered from bad PR. We are looked at as being dangerous, risky and unstable. But once we look beyond these headlines, we can see a lot of potential, resources and talent. So Pakistan is looking for allies,' he said at the annual gathering of the global cryptocurrency community in Las Vegas. Part of the Forbes '30 under 30' list of social entrepreneurs in 2020, Bilal Bin Saqib was appointed the first CEO of the Pakistan Crypto Council (PCC) by Prime Minister Sharif on March 26. Last week, he held a 'high-level meeting' with Chief of Army Staff Asim Munir to outline the future of Pakistan's digital economy. In April, WLFI's key officials visited Islamabad and Lahore to sign a Letter of Intent with the Pakistan Crypto Council, which was set up just about a month ago in March. WLFI lists Donald J Trump, Donald Jr Trump, Eric Trump and DT Marks DEFI LLC as promoters of the company in a filing with the US Securities and Exchange Commission in October 2024. In January this year, it made the Trump ownership public on its website, and named Donald J Trump as 'Chief Crypto Advocate.' His sons Donal (Jr) and Eric, and grandson Barron are part of the WLFI team as 'Web3 Ambassador'. Web3 wallets allow access to apps and store cryptocurrencies. The partnership with Pakistan Crypto Council, said Trump's special envoy Steve Witkoff's son and WLFI co-founder Zach Witkoff, on April 27 in social media, will 'bring diversity and financial inclusion to the next generation in Pakistan and beyond.' Within two weeks, President Trump claimed he had successfully mediated a 'ceasefire' between India and Pakistan. Behind an apparent show of support, say sources, the message to Islamabad was to 'drive for an image makeover to fit the aspirations of a new financial order.' On cue, in his speech at Las Vegas today, Bilal announced that Pakistan will set up a Strategic Bitcoin Reserve, claiming that Pakistan could 'become a case study' and 'help the belt from Morocco to Malaysia, and all emerging economies in the south on how they should adopt digital assets.' Soon after, the Pakistan Crypto Council posted on social media: 'With a young, crypto-savvy population and a forward-looking government, Pakistan isn't the problem. We are the protocol.' But the rhetoric cannot paper over the clear unease about the very nature of the deal Pakistan struck with WLFI. Since May 6, the day India began hitting terrorist infrastructure in Pakistan, WLFI has been sitting on the request from a member of the US Senate's Permanent Subcommittee on Investigations (PSI), under the Committee on Homeland Security, to share all communications the company had with Pakistan Prime Minister Shehbaz Sharif. The PSI, wrote Senator Richard Blumenthal to Zach Witcoff, 'is conducting a preliminary inquiry into potential conflicts of interest and violations of the law from President Trump's cryptocurrency ventures,' including WLFI, and financial dealings with foreign nationals and governments. In reply, a WLFI lawyer wrote: 'The Company rejects the false choice between innovation and oversight. What it opposes is the misuse of regulatory authority and uncertainty to suppress lawful innovation. The future of finance must be shaped in Washington, DC — not in Beijing, Moscow, or behind the closed doors of legacy institutions.' The Trump family owns 60% of World Liberty Financial, Inc, through DT Marks DEFI LLC, a Delaware limited liability company with the same address as Trump National Golf Club in Jupiter, Florida. Records show that DT Marks DEFI LLC is entitled to compensation for services provided to WLFI and has 'agreed to use reasonable efforts to request… (its) owners and principals…including Donald Trump, to promote the WLFI… from time to time.' For such services, DT Marks DEFI LL has the right to receive 75 per cent of the net protocol revenues of WLFI. While the details of the Pakistan-WLFI deal are expected to emerge at the ongoing Bitcoin2025 event in Las Vegas, the Letter of Intent signed last month outlined grand plans to use blockchain technology to boost financial inclusion, monetise untapped natural assets, and facilitate remittances. The Pakistan government has already allocated 2,000 MW of power for Bitcoin mining. Jay Mazoomdaar is an investigative reporter focused on offshore finance, equitable growth, natural resources management and biodiversity conservation. Over two decades, his work has been recognised by the International Press Institute, the Ramnath Goenka Foundation, the Commonwealth Press Union, the Prem Bhatia Memorial Trust, the Asian College of Journalism etc. Mazoomdaar's major investigations include the extirpation of tigers in Sariska, global offshore probes such as Panama Papers, Robert Vadra's land deals in Rajasthan, India's dubious forest cover data, Vyapam deaths in Madhya Pradesh, mega projects flouting clearance conditions, Nitin Gadkari's link to e-rickshaws, India shifting stand on ivory ban to fly in African cheetahs, the loss of indigenous cow breeds, the hydel rush in Arunachal Pradesh, land mafias inside Corbett, the JDY financial inclusion scheme, an iron ore heist in Odisha, highways expansion through the Kanha-Pench landscape etc. ... Read More
Indian Express
5 days ago
- Business
- Indian Express
C Raja Mohan: In India, needed, a crypto strategy
As India tries to understand the second Trump administration's unexpected enthusiasm for renewing ties with Pakistan, an unusual development is drawing global attention: An ambitious — and somewhat surreal — cryptocurrency collaboration between Pakistan and World Liberty Financial Inc (WLFI), a firm tied to the Trump family. WLFI, reportedly run by Donald Trump's children and Zack Witkoff — the son of Trump's special envoy Steve Witkoff — signed a memorandum of understanding (MoU) last month with the Pakistan Crypto Council, formed in March. The WLFI delegation was warmly received in Islamabad and Lahore, with meetings involving both PM Shehbaz Sharif and Army Chief Asim Munir. The MoU outlines sweeping plans to use blockchain technology to promote financial inclusion, monetise untapped national assets such as rare earths, introduce stablecoins for remittances and trade, and position Pakistan as a regional crypto hub. The viability of these plans remains uncertain, given the parlous state of Pakistan's economy. But India should pay close attention to Pakistan's crypto ambitions — especially amid the possible misuse of these digital currencies not controlled by any central bank to fund terror and launder money across borders. Far more consequential, however, is the potential transformation of the global financial order triggered by the Trump administration's new crypto policy. Cryptocurrencies, once dismissed as a financial fad, have now become disruptive instruments in global finance. Their decentralised architecture, rapid innovation, and increasing adoption are reshaping monetary policy, regulatory frameworks, and cross-border economic flows. In his second term, Trump has moved swiftly to reposition the US as a global leader in digital assets. During his campaign, Trump reversed his earlier scepticism of crypto and promised to dismantle the Biden-era hostility toward the sector. The crypto industry, sensing a huge opportunity, rallied behind him. Within days of assuming office, Trump issued two executive orders that reshaped America's crypto strategy. The first order codified a national blockchain innovation strategy, curtailed regulatory overreach, and banned the development of a central bank digital currency (CBDC). It also formed the President's Working Group on Digital Asset Markets, chaired by the White House's 'AI and crypto czar', David Sacks, to design a new regulatory framework within six months. The second order created a Strategic Bitcoin Reserve and a US Digital Asset Stockpile to consolidate government-seized crypto assets such as Bitcoin, Ethereum, and Solana. This initiative aimed to turn digital assets into national reserves akin to gold, without tapping into taxpayer funds. In supporting lawful, dollar-backed stablecoins while explicitly banning CBDCs, Trump seeks to ensure sustained dominance of the US dollar in the international system. Trump's appointments — including pro-crypto figures like Elon Musk and Sacks — signal a major shift in Washington. The Securities and Exchange Commission paused its lawsuits against major exchanges like Coinbase and Binance, while the Justice Department dissolved its crypto enforcement team. Markets responded with enthusiasm: Bitcoin surged past $74,000 in March 2025 and is valued this week at more than $100,000. Adding a personal twist to his crypto strategy, Trump also launched a meme coin —$TRUMP— turning himself into a direct stakeholder in the crypto surge. Meanwhile, WLFI is reaching out to many countries, including Pakistan, for deals on crypto. Until recently, Pakistan showed little interest in cryptocurrencies, having banned or restricted them like India. But that has changed dramatically. In early 2025, the government appointed a young British Pakistani entrepreneur Bilal bin Saqib to lead the Pakistan Crypto Council. This week, Saqib was appointed special adviser to Pakistan's Prime Minister and tasked with creating a regulatory framework to promote crypto adoption. Estimates suggest Pakistan may have up to 25 million crypto users and a market worth $2 billion. Even with a stagnant economy, an underdeveloped financial sector, and limited technological capabilities, Pakistan appears determined to carve out a niche in the emerging crypto world. The strategy includes cultivating its diaspora in the US, particularly tech entrepreneurs who now serve as a conduit to the Trump administration. At a recent diaspora convention — Pakistan's first, modelled after India's Pravasi Bharatiya Divas — Munir reaffirmed the ideological foundations of Pakistan's statehood and signalled a reassertion of influence abroad. While the Indian diaspora's tech influence is well known, Pakistan's diaspora is now making moves of its own — leveraging crypto to rekindle Pakistan's ties with the US, which had frayed under both the Trump and Biden administrations. India should not dismiss these developments as inconsequential. In the 1970s, Delhi underestimated Pakistan's nuclear ambitions, assuming it lacked the scientific and technological base. By the late 1980s, Pakistan had developed nuclear weapons and leveraged them to create a challenging security environment for India. More urgently, India needs to reflect on its own crypto strategy — or the lack of it. There has been little public discourse on the geopolitical and technological implications of crypto. This lack of government engagement contrasts with the growing number of crypto users in India, estimated to be more than 100 million, and a market size of nearly $7 billion. Earlier this month, the Supreme Court stepped into this breach. In hearing the bail petition of Shailesh Bhatt, a Gujarat resident accused of cryptocurrency fraud, the Court remarked on the Centre's paradoxical policy of taxing crypto assets without developing a regulatory framework. It warned that the legal and policy vacuum on cryptocurrencies would create serious challenges to India's economy and security. India no longer has the luxury of ignoring the changing regional and global crypto landscape. Delhi needs to come to terms with Pakistan's new digital pivot and Trump's plans to refashion the global financial order with crypto and related technologies. (The writer is a distinguished fellow at the Council on Strategic and Defence Research and a contributing editor on international affairs for The Indian Express)
Yahoo
20-05-2025
- Business
- Yahoo
Crypto billionaire Justin Sun stakes claim as top Trump memecoin holder
A cryptocurrency magnate, who is in talks to settle fraud charges with federal regulators, says he is the top holder of President Donald Trump's memecoin and will be attending a private dinner with the president this week. Justin Sun, a Chinese-born crypto entrepreneur who was sued by the Securities and Exchange Commission in 2023, wrote in a post on Xthat he was atop a leaderboard of holders of the $TRUMP memecoin — a collectible token issued by the president — and will be attending the dinner Thursday. The event will take place at the president's golf club in Virginia, involving dozens of those who took on major stakes in the collectible token. "Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump's Gala Dinner as his TOP fan!" Sun wrote Monday night. "As the top holder of $TRUMP, I'm excited to connect with everyone, talk crypto, and discuss the future of our industry." The memecoin dinner, which is being sponsored by the token's official backers, has drawn bipartisan backlash in Washington over concerns that the organizers effectively auctioned off access to Trump and that attendees may be looking to curry favor with the president. In addition to the dinner, which is being held for the top 220 memecoin investors, Trump is expected to appear for a private reception that is being held for the 25 biggest holders, a group that will include Sun. The White House has repeatedly rejected any conflict-of-interest concerns surrounding the memecoin dinner. An official who was granted anonymity to speak freely about the event, said Monday that the memecoin "has nothing to do with the White House." Sun's attorneys did not immediately respond to requests for comment Tuesday. SEC Chair Paul Atkins told lawmakers that he doesn't know anything about Sun's case, when asked about it at a congressional hearing Tuesday. Memecoins are a type of crypto asset with no underlying business purpose and are generally equated with Beanie Babies and baseball cards. Trump's $TRUMP memecoin — 80 percent of which is still controlled by a Trump Organization affiliate as well as another entity called Fight Fight Fight LLC — launched just days before his inauguration. Sun had been widely speculated to be the top $TRUMP memecoin holder for weeks but had yet to confirm his stake in the token until his post Monday. In taking on the position, he is doubling down on the Trump family's burgeoning crypto empire, which also includes the digital assets venture World Liberty Financial. He is a major investor in World Liberty Financial's WLFI token. Blockchain records show that the crypto account that Sun is claiming control of held nearly $20 million worth of the $TRUMP memecoin, as of Tuesday afternoon. In 2023, the SEC sued Sun, whose digital asset ventures include Tron and BitTorrent, for allegedly offering and selling crypto tokens that weren't registered with the Wall Street regulator. Earlier this year, in the middle of a sweeping pullback from crypto enforcement by the administration, Trump's SEC and Sun's attorneys said in court filings that they were working on "a potential resolution" of the case. The memecoin dinner comes as Trump's administration and lawmakers begin to push through new rules for the crypto markets, which the industry had long clamored for. On Monday, senators advanced a landmark crypto bill known as the GENIUS Act that proposes a regulatory framework for stablecoins — a type of crypto token whose value is pegged to the U.S. dollar. Sen. Elizabeth Warren — a top critic of the bill — used the news of Sun's position in the memecoin to blast the legislation. "How convenient: the day after the Senate advances the GENIUS Act, Justin Sun — a major investor in the Trump family crypto venture — announces he's getting a private dinner as the President's top crypto buyer," the Massachusetts Democrat said in a statement to POLITICO. "It's critical that everyone understands the GENIUS Act doesn't stop this type of corruption — it greenlights it."
