Latest news with #WorldLibertyFinancialInc
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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
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)
The National
25-03-2025
- Business
- The National
Trump-backed crypto venture reveals plans for USD1 stablecoin
Organisers of a cryptocurrency project supported by US President Donald Trump announced plans on Tuesday to launch a new dollar-pegged stablecoin backed by government debt. World Liberty Financial Inc (WLF) said the stablecoin, called USD1, would be redeemable one-to-one for the US dollar backed by short-term government treasuries, dollar deposits and other cash equivalents. The digital token, intended to maintain a value of $1, will be 'fully backed by a reserve portfolio audited regularly by a third-party accounting firm', WLFI said, without providing details. USD1 will be minted on the Ethereum and Binance Smart Chain blockchains, WLFI said. It did not provide details on the stablecoin's launch. 'We're offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,' said Zach Witkoff, WLF co-founder and son of Steve Witkoff, US special envoy to the Middle East. Since its launch in October, shortly before the 2024 US election, World Liberty Financial said it has raised $550 million through two sets of token sales. The crypto venture said it sold $300 million worth of WLF tokens in the first set and $250 million in the second. Mr Trump was named the company's 'chief crypto advocate', while his three sons – Eric, Donald Jr and Barron – were named ambassadors. The company in October said DT Marks DEFI LLC, a Delaware-based company connected to Mr Trump, could receive 75 per cent of net protocol 'revenue to WLF from any source, including without limitation platform use fees, token sale proceeds, advertising or other sources of revenue, after deduction of agreed expenses and reserves for WLF's continued operations'. Mr Trump has made significant overtures towards the crypto industry since becoming President, initially fuelling a crypto rally, bringing the price of Bitcoin beyond $100,000 before fears of a rising trade war brought it back down to about $85,000. The White House hosted its first crypto summit this month, shortly after Mr Trump signed an executive order establishing a strategic Bitcoin reserve. He has also appointed people with more tolerant views towards cryptocurrency as regulators, including to the Securities and Exchange Commission. Paul Atkins, Mr Trump's pick to lead the commission and cryptocurrency advocate, was scheduled to give evidence during his confirmation hearing on Thursday. Mr Atkins has served on the crypto advisory group Digital Chambers Token Alliance since 2017.
