Trump Media & Technology Group

Subterms

    Latest story

    175 Shares24 Views

    Is Trump Unveiling a Crypto Wallet? His Associates Say Yes. His Sons Say No.

    by

    The back-and-forth over a potential Trump cryptocurrency wallet on Tuesday exposed rifts among the family’s web of digital currency ventures.A flashy new website drew a surge of attention on Tuesday afternoon, purporting to announce the latest cryptocurrency venture backed by President Trump.The developers of Mr. Trump’s memecoin, the website said, were working with a company called Magic Eden to launch “the Official $TRUMP Wallet” — a trading app for customers to buy and sell digital currencies.But the announcement soon triggered a backlash from an unexpected source: Mr. Trump’s sons.Donald Trump Jr. wrote on X that the Trump family business had no connection to the new crypto product. His brother Eric Trump said he knew “nothing about” it. And in a rare social media post, Barron Trump, the youngest Trump son, said that “our family has zero involvement.”The sons’ reaction to the announcement appeared to expose a rift in Mr. Trump’s ever-expanding network of crypto ventures, a complex web of businesses run by various family members and associates who now appear to be competing against each other.On one side is Bill Zanker, a longtime Trump business partner and the architect of the president’s memecoin, a type of cryptocurrency usually based on an online joke, which Mr. Trump began promoting shortly before his inauguration in January. On the other are Mr. Trump’s sons, who helped found World Liberty Financial, a separate crypto business that markets its own digital currency, which has generated $550 million in sales.In a series of text messages to The New York Times, Eric Trump escalated the dispute on Tuesday, saying the Trump family would legally challenge the creation of the “Official $TRUMP Wallet” — even though it was being promoted on social media by an account linked to Mr. Zanker.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 100 Shares41 Views

      in Elections

      S.E.C. Drops Lawsuit Against Binance, a Crypto Exchange

      by

      The dismissal of charges against Binance and its founder, Changpeng Zhao, is the Trump administration’s latest pullback in cryptocurrency enforcement.The Trump administration’s retreat on crypto enforcement continued on Thursday as the Securities and Exchange Commission announced that it was dismissing a lawsuit it filed two years ago against the giant cryptocurrency exchange Binance and its founder, Changpeng Zhao.The S.E.C. had accused Binance and Mr. Zhao of lying to regulators about its operations in the United States and mishandling customer money.The commission, the nation’s top securities regulator, has moved to dismiss more than a dozen lawsuits or investigations against crypto firms. In February, it asked a federal judge to stay the litigation against Binance as it reassessed its approach to regulating the fast-growing crypto industry.In the four-page dismissal notice, the regulator said it was dropping the litigation “in the exercise of its discretion and as a policy matter.”The dismissal is a signature moment for the S.E.C.’s regulatory rollback given the prominence of Mr. Zhao, a multibillionaire, in the crypto industry.Mr. Zhao, a Chinese-born Canadian who is also known as C.Z., pleaded guilty in November 2023 to violating federal money-laundering charges. But he spent just four months in federal prison and emerged with most of his financial empire untouched.This month, World Liberty Financial, a crypto firm started by President Trump’s family, announced that it was helping to facilitate a $2 billion business deal between Binance and MGX, an Abu Dubai-backed fund. Executives for World Liberty Financial also met with Mr. Zhao.Mr. Trump, once a critic of the crypto industry, reversed his stance during last year’s presidential campaign and vowed to let the industry flourish and roll back much of the S.E.C.’s regulatory enforcement agenda.Mr. Trump and his family also have become major financial boosters of the crypto industry. Besides World Liberty Financial, they are backing a so-called memecoin that was introduced just days before Mr. Trump’s inauguration in January.Last week, the president hosted a dinner at his Virginia golf club, and among the guests were the highest-paying customers of his personal cryptocurrency, known as $TRUMP. The event helped promote sales of the memecoin, which has become a vehicle for investors, including many foreigners, to funnel money to his family.American Bitcoin, a crypto firm co-founded by Eric Trump, one of the president’s sons, said this month that it planned to go public.And this week, Mr. Trump’s social media company, Trump Media & Technology Group, said it had raised $2.5 billion from investors to buy up Bitcoin, essentially as an investment strategy. Trump Media, a money-losing venture, is the parent company of Truth Social.Mr. Trump is the company’s largest shareholder, with a stake worth more than $2 billion. His shares are held in a trust managed by his eldest son, Donald Jr., who is a board member.Critics have said the Trump family’s involvement with crypto poses a potential conflict of interest given the S.E.C.’s moves easing the regulation of digital assets.David Yaffe-Bellany More

    • 138 Shares119 Views

      in Elections

      Trump Media Group Sues Brazilian Judge Weighing Arrest of Jair Bolsonaro

      by

      The lawsuit came hours after the justice received an indictment of Brazil’s former president, who is an ally of President Trump.President Trump’s media company sued a Brazilian Supreme Court justice on Wednesday, accusing him of illegally censoring right-wing voices on social media.The unusual move was made all the more extraordinary by its timing: Just hours earlier, the Brazilian justice had received an indictment that would force him to decide whether to order the arrest of Jair Bolsonaro, the former Brazilian president and an ally of Mr. Trump. The justice is overseeing multiple criminal investigations into Mr. Bolsonaro.The Trump Media & Technology Group — which is majority owned by Mr. Trump and runs his Truth Social site — sued the Brazilian justice, Alexandre de Moraes, in U.S. federal court in Tampa, Fla., on Wednesday morning. Joining as a plaintiff was Rumble, a Florida-based video platform that, like Truth Social, pitches itself as a home for free speech.The lawsuit appeared to represent an astonishing effort by Mr. Trump to pressure a foreign judge as he weighed the fate of a fellow right-wing leader who, like him, was indicted on charges that he tried to overturn his election loss.Mr. Bolsonaro had explicitly called on Mr. Trump to take action against Justice Moraes in an interview with The New York Times last month. At the time, it was not clear how Mr. Trump might be able to influence Brazil’s domestic politics.Supporters of Mr. Bolsonaro clashing with the police as they stormed the Brazilian Supreme Court, Congress and presidential offices in 2023.Eraldo Peres/Associated PressWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares119 Views

      in Elections

      Devin Nunes, Pugnacious Trump Loyalist, to Lead Espionage Advisory Board

      by

      As chair of the House Intelligence Committee, he attacked the Russia inquiry and Donald J. Trump’s first impeachment. Now, Mr. Nunes runs Mr. Trump’s social media company.President-elect Donald J. Trump announced on Saturday that he would appoint Devin Nunes, a former member of Congress who had used his role as chairman of the House Intelligence Committee to try to delegitimize the Trump-Russia investigation, to head an independent advisory board on espionage policy.The organization — the President’s Intelligence Advisory Board — dates back to the early Cold War and consists of private citizens with top-level security clearances who are supposed to help the White House analyze spy agency effectiveness and planning. Its members do not need Senate confirmation, so presidents can pick whomever they want for it.In a statement, Mr. Trump praised Mr. Nunes — who is currently the chief executive of the Trump Media & Technology Group, which runs the Truth Social platform — for his counterinvestigation into the Trump-Russia inquiry in 2017-18, when Mr. Nunes led the House Intelligence Committee as a Republican congressman from California.“While continuing his leadership of Trump Media & Technology Group, Devin will draw on his experience as former chairman of the House Intelligence Committee, and his key role in exposing the Russia, Russia, Russia Hoax, to provide me with independent assessments of the effectiveness and propriety of the U.S. Intelligence Community’s activities,” Mr. Trump wrote in his announcement.Some members of the advisory board also serve on a presidential Intelligence Oversight Board, which was created in the 1970s after a congressional investigation into abuses by national security agencies and which tries to ferret out illegal spying activities. That group typically includes the larger board’s chair, so it is likely that Mr. Nunes will participate in it as well.The work products of the two boards are usually kept secret. A rare exception came in 2023, when the Biden administration publicly released a report in which the two panels urged Congress to extend an expiring law that authorizes a warrantless surveillance program, but also called for new limits on the F.B.I.’s ability to use information gathered under the program.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More