Latest news with #WorldLibertyFinancial
Malaysia Sun
20 hours ago
- Business
- Malaysia Sun
Trump Media invests $2 billion in Bitcoin
The company plans to use the assets to generate revenues, according to a statement US President Donald Trump's media and technology company has acquired about $2 billion in Bitcoin and related assets, underscoring his administration's accelerating pivot toward cryptocurrencies. The Trump family has increasingly aligned with the crypto industry through new ventures, investments, and public endorsements in recent months. On Monday, Trump Media - the firm behind the Truth Social platform - announced the acquisition, saying another $300 million in capital has been allocated to an options-based Bitcoin strategy, and signaling that it may convert the options into cryptocurrency depending on market conditions. The assets will be used "to generate revenues and potentially to acquire additional crypto assets," CEO and President Devin Nunes said. Crypto now accounts for about two-thirds of the firm's $3 billion in liquid holdings. The purchase is part of Trump Media's 'Bitcoin treasury plan', which involves buying and holding digital assets - similar to how companies stockpile bonds - to increase liquidity and financial flexibility. Trump Media shares soared nearly 10% following the announcement. Trump, who placed his shares in a revocable trust managed by Donald Trump Jr., maintains a major stake valued at around $2.3 billion. Once a crypto skeptic, Trump reversed course during the 2024 campaign, pledging to make the US the "crypto capital of the world" and to serve as its "crypto president." Since returning to the White House, he has backed several family-led ventures in the space, including World Liberty Financial - a decentralized finance project that has brought in $500 million since launching in September. As part of the new US 'strategic reserve' of crypto assets unveiled in March, Trump signed the GENIUS Act last week - the country's first major law regulating digital currency. Critics have claimed that the overlap between Trump's crypto ventures and his political authority could result in widespread corruption. Trump Media's announcement came less than a week after Bitcoin hit a record high, topping $120,000 - reinforcing its position as the world's most valuable and widely held cryptocurrency. Analysts attributed the rally to surging institutional demand and a shift in US policy under Trump. On Tuesday, it was trading at $118,395 per coin. (
News18
4 days ago
- Business
- News18
Crypto Market Booms As Ethereum Soars 70% In A Month, Trump's Company Reaps Massive Gains
Last Updated: Currently, Ethereum is trading at $3,538.23, while Bitcoin stands at $118,071.65. In the last 24 hours alone, Ethereum has seen institutional purchases worth $5 million News18 There's a surge of activity in the cryptocurrency market as the total market capitalisation has crossed the $4 trillion mark for the first time ever. After a strong rally in Bitcoin, Ethereum is now making headlines with an impressive rise. The world's second-largest cryptocurrency has jumped 20% in just five days and a whopping 70% over the past month. Its market cap has swelled by $150 billion in less than 30 days. US President Donald Trump's company, World Liberty Financial, has reportedly made significant investments in Ethereum. With the latest price rally, Trump is said to have gained enormously from the rise. Currently, Ethereum is trading at $3,538.23, while Bitcoin stands at $118,071.65. In the last 24 hours alone, Ethereum has seen institutional purchases worth $5 million. The GENIUS Act Fuels the Rally The driving force behind this crypto boost is a historic law passed in the United States, the GENIUS Act, which was signed by President Trump last Friday. The legislation has sparked fresh enthusiasm and confidence among investors, pushing 'Crypto Week' into high gear. Cryptocurrencies are now being seen as more than just a risky or speculative investment. So far in July, Bitcoin funds have attracted $5.5 billion (Rs 46,750 crores), while Ethereum ETFs have seen investments worth $2.9 billion (Rs 24,650 crores). According to sources, Trump's company has recently invested around $10 million (Rs 85 crores) in Ethereum. Blockchain data from Nansen reveals that World Liberty Financial bought 3,007 ETH at a price of $3,325 each. This isn't their first major investment as in March, the company had already purchased 4,468 ETH. In addition to Ethereum, Trump's personal gains from his $TRUMP meme coin have been remarkable. According to crypto analytics firm Gauntlet, he has earned $150 million (Rs 1,275 crores) from the token between January and mid-June. Research platform Messari suggests that a planned 'coin unlock' this week could increase his crypto wealth by another $100 million (Rs 850 crores). view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Al Jazeera
5 days ago
- Business
- Al Jazeera
Trump says newly signed crypto law will establish ‘American dominance'
Washington, DC – United States President Donald Trump has signed into law new cryptocurrency legislation that advocates say represents a watershed moment for the industry. Speaking from the White House on Friday, the US president hailed the GENIUS Act, which establishes regulations and consumer protections for stablecoin, a type of cryptocurrency whose value is linked to a fixed currency or commodity. The signing capped what Trump dubbed 'crypto week', as a total of three cryptocurrency bills made their way through the US legislature. In the end, only the legislation related to stablecoin landed on Trump's desk Two other bills — one that would bar government-issued digital currencies and another that would more clearly define regulatory classifications for cryptocurrency products — were sent from the US House of Representatives on Thursday to the Senate, where they have yet to undergo a vote. Still, Trump hailed Friday's bill-signing ceremony as 'a giant step to cement the American dominance of global finance and crypto technology'. Industry advocates have said bills like the GENIUS Act will help to make cryptocurrency more mainstream in the US. They say a lack of regulatory clarity has hindered wider public adoption of digital currencies. But critics have voiced concern about the Trump family's close ties to the crypto industry, including its stake in World Liberty Financial, a company that launched its own stablecoin, USD1. They highlight the fact that the recent flurry of Republican-led legislation does not address whether a president can hold interests in cryptocurrency, leaving an opening for corruption. Democrats also criticised the GENIUS Act for creating an inadequate regulatory framework that could pose longterm financial risks and open the door for major corporations to issue their own private cryptocurrencies. Still, speaking on Friday, Trump pledged to continue his embrace of the crypto industry, including by furthering his pitch to create a national 'crypto reserve'. Trump also framed his administration as a hard pivot away from the policies of former President Joe Biden, who took a more aggressive approach to investigating cryptocurrency-related crimes. Since taking office for a second term in January, Trump ended several Biden-era cryptocurrency investigations and suspended a special Department of Justice enforcement team. Some of the cryptocurrency leaders previously investigated by the US government were in the audience at the White House. 'You've come a long way since the Biden administration, when they had no idea what you were all talking about, and half of you were under arrest for no reason whatsoever,' Trump told them at the signing ceremony. He addressed certain industry leaders by name, including Brian Armstrong, Chris Pavlovski and twins Tyler and Cameron Winklevoss, all of whom faced probes from the Securities and Exchange Commission (SEC) investigations under Biden. 'Let me say the entire crypto community, for years you were mocked and dismissed and counted out,' Trump said. 'You were counted out as little as a year and a half ago, but this signing is a massive validation.'
Gizmodo
5 days ago
- Business
- Gizmodo
Trump's Cabinet Is Cashing in on Crypto
Congress's big 'Crypto Week' might have faded into the background a bit due to cryptic messages Donald Trump left in a birthday note to Jeffrey Epstein, but Republicans in the House and Senate did, in fact, manage to pass a couple of laws that will establish loose, industry-friendly regulations for cryptocurrency. Which means it is a perfect time to be reminded that the Trump administration is packed with people who stand to benefit from cryptocurrency being mainstreamed. Trump himself, of course, stands to benefit because of his holdings in the $TRUMP memecoin and his kids' crypto project World Liberty Financial—which just happened to have recently launched a stablecoin, right before Congress passed the GENIUS Act to regulate and legitimize that exact type of asset. But, according to the Washington Post, Trump packed the cabinet with crypto aficionados. About one in every five nominees put up for a position in the Trump administration either holds cryptocurrency or invested in a cryptocurrency company, the report found. Per the Post, Trump has the biggest stake in crypto, worth at least $51 million. His partner on the ticket, JD Vance, also got his beak wet. He reported holding between $250,001 and $500,000 in Bitcoin in his 2024 financial disclosure. In the rest of Trump's cabinet, crypto is king, too. Treasury Secretary Scott Bessent also reportedly had at least $500,000 in digital assets before being sworn in, but divested them according to WaPo. Defense Secretary Pete Hegseth and Director of National Intelligence Tulsi Gabbard both reported holdings under $1 million, and Gabbard reportedly divested her holdings before taking office. But the biggest holder is Health and Human Services Secretary Robert F. Kennedy Jr., who reported holding between $1 million and $5 million in crypto. And it's not just the people in Trump's direct orbit who have fat stacks of code in their digital wallets. Administration officials, including more than a dozen who directly oversee financial regulation, also have crypto holdings. That includes Bill Pulte, the director of the Federal Housing Finance Agency, who holds between $1 million and $2 million in digital currencies. Scott Kupor, the guy Trump tapped to lead the Office of Personnel Management, reportedly holds almost $10 million in crypto, which is not surprising given his prior role at Andreessen Horowitz, a venture capital firm that has a whole crypto-focused arm. Even when an official's crypto holdings are unknown, the ties remain. Take David Fogle, the nominee to serve as director general of the U.S. and Foreign Commercial Service inside the Commerce Department. He's the CEO of crypto-mining company NCCS. And Jonathan Gould, the head of the Office of the Comptroller of the Currency? Most recently served as chief legal officer at the blockchain company Bitfury. As the Post shows, it's just crypto all the way down. Does it matter that some random officials in the administration hold crypto? Well, considering how there is a concerted effort to get the digital currency tied to everything, yes. The administration has already said it's interested in exploring tying mortgages to crypto assets and using the blockchain for housing grants. Just yesterday, Trump said he'll allow retirement fund managers to invest in digital assets. We're not getting rid of this stuff any time soon, and the people who stand to profit from it are at the helm. Godspeed, everyone.
Axios
5 days ago
- Business
- Axios
Trump takes victory lap over signing stablecoin bill he championed
President Trump took a step Friday toward his goal of giving the crypto industry clear rules of the road when he signed into law legislation establishing a regulatory framework for stablecoin issuers. Why it matters: The GENIUS Act is the first piece of legislation regulating the cryptocurrency industry to be enacted in the U.S. "The GENIUS Act. They named it after me, you know," Trump joked Friday during a White House signing ceremony. He called the bill signing "a massive validation" of the crypto industry. The president thanked leaders from many of the biggest crypto companies who were present for the ceremony. "I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done," Trump said. Catch up fast: The legislation passed the House 308-122 on Thursday after Trump and GOP leaders overcame opposition from a group of hardline Republicans. It passed the Senate in June by a vote of 68-30. The big picture: Stablecoins are cryptocurrencies that represent $1 worth of deposits, usually in cash or short-term treasuries. Users can use them to make very rapid, low-cost transactions, that settle nearly instantly (which can be important for large, overseas transactions). Stablecoins could allow retailers to keep as much of a customer's payment as cash does, whereas credit and debit card payments seriously cut into margins. "The emergence of dollar-based stablecoins has really introduced quite a lot of new ways of moving money that don't take bank holidays," Dante Disparte, global head of policy at Circle, the U.S.'s largest existing stablecoin issuer, told Axios before this week's House action. Friction point: The Trump family's considerable personal investments in cryptocurrency led Democrats to warn about the risks for a conflict of interest with the White House. The president's family has launched its own stablecoin, USD1, through World Liberty Financial, a firm that sends most of its profits to the Trump family. The company has a market cap of $2.2 billion. Stablecoin issuers profit largely off the earnings on reserve funds backing their stablecoins — which can be substantial in a high interest-rate environments like the current one. That sets World Liberty Financial up to hold onto interest earned on more than $2 billion of reserves. Yes, but: That hasn't stopped the president from pushing for lower interest rates. Zoom out: "This the first step in deep crypto legislating. And it shows that Congress can still do big policy," former House Financial Services Chair Patrick McHenry, now an advisor to real-world assets startup Ondo Finance and to the venture firm Andreessen Horowitz, tells Axios. "Which is a nice and reassuring thing," McHenry added. "We spent an enormous amount of time trying to negotiate an outcome like we just had," he said, referring to his time as chairman. What we're watching: Despite consistent objections by Democrats to the president's continued crypto interests, the minority party has turned out in large numbers for the final votes in each chamber.
