Virtual Currency

Subterms

    Latest story

    175 Shares40 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 Shares50 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

    • 38 Shares99 Views

      in Elections

      Dance$ With Emolument$

      by

      When Donald Trump was headed for the Republican nomination in the summer of 2016, I took Carl Hulse, our chief Washington correspondent, to Trump Tower to meet him.Trump didn’t know anything about the inner workings of Washington. He proudly showed us his “Wall of Shame” with pictures of Republican candidates he had bested. His campaign office had few staffers, but it overflowed with cheesy portraits of him sent by fans: one of him playing poker with Ronald Reagan, Richard Nixon and Teddy Roosevelt, and a cardboard cutout of him giving a thumbs up, flanked by Reagan and John Wayne.As we were leaving, Hulse warned Trump dryly: “If you ever get a call from our colleague Eric Lipton, you’ll know you’re in trouble.”“Eric Lipton?” Trump murmured.The president probably knows who Lipton is now, because the Pulitzer Prize-winning Times investigative reporter is tracking Trump on issues of corruption as closely as the relentless lawman in the white straw hat tracked Butch Cassidy and the Sundance Kid.Lipton and The Times’s David Yaffe-Bellany were on the scene at Trump’s Virginia golf club Thursday night as the president held his gala dinner to promote sales of $TRUMP, the memecoin he launched on the cusp of his inauguration. (Melania debuted hers two days later.)Trump has been hawking himself in an absurdly grandiose way his whole life. But this time he isn’t grandstanding as a flamboyant New York businessman. He’s selling himself as the president of the United States, staining his office with a blithe display of turpitude.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

    • 150 Shares80 Views

      in Elections

      Winners of an ‘Exclusive Invitation’ to Dine With Trump Will Gather Tonight

      by

      The sale of access to the president to investors in his memecoin has been assailed by Democrats and even some Republicans as unethical.A group of 220 cryptocurrency enthusiasts who won a dinner with President Trump by investing in his memecoin will gather tonight at his golf club in Virginia, an event that has sparked outrage from critics who call it an unethical sale of access to the presidency.Mr. Trump and his business partners in the venture announced the event last month, calling it the “most EXCLUSIVE INVITATION” in the world. They framed it as a contest: The top 220 buyers of the coin would dine with the president at the Trump National Golf Club in Sterling, Va., while the top 25 would join him at a more intimate cocktail reception and go on a tour of the White House the next day.A leaderboard on the website of Mr. Trump’s memecoin, called $TRUMP, allowed crypto investors to see how much they needed to purchase to move up the rankings and win a spot.In effect, Mr. Trump was offering access to himself in exchange for an investment in his cryptocurrency, which he started selling just days before his inauguration in January. Democrats in Congress and even some Republicans have assailed the contest as an inappropriate use of presidential power. A protest outside the golf club is scheduled for Thursday afternoon.A memecoin is a type of cryptocurrency tied to an online joke or mascot; it typically has no function beyond speculation. But Mr. Trump’s coins have become a vehicle for investors, including some based overseas, to funnel money to his family.A business entity tied to the Trumps sits on a large stash of the $TRUMP cryptocurrency and collects fees every time the coins change hands. So far, the coin has generated at least $320 million in fees, which the Trumps share with their business partners, according to Chainalysis, a crypto analytics firm.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

    • 100 Shares156 Views

      in Elections

      Senate Advances Crypto Regulation Bill With Bipartisan Support

      by

      Democrats who had sided with the rest of their party last week to block the measure over concerns that President Trump could benefit dropped their objections. They argued that regulating the industry was urgent.The Senate on Monday revived a first-of-its-kind bill to regulate parts of the cryptocurrency industry, after a small number of Democrats who had joined the rest of their party in blocking the measure joined Republicans in allowing it to advance.The vote was 66 to 32 to move forward with the legislation, which would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an existing asset, often the U.S. dollar. Sixteen Democrats joined the majority of Republicans in support, acting over the opposition of most others in their party, who were concerned that President Trump and his family were inappropriately profiting from crypto.The vote was a victory for the cryptocurrency industry, which has made significant advances in Washington with the backing of Mr. Trump and a bipartisan group of lawmakers. It suggested that the measure would have enough support to pass the Senate and potentially make it to Mr. Trump’s desk in short order. A parallel effort in the House has faced similar backlash from Democrats, who earlier this month blocked a hearing on the legislation but are unlikely to have the votes to prevent it from passing.In the Senate, a bloc of Democratic supporters had pressed in recent days to include stronger consumer protections and transparency requirements in the legislation, as well as provisions aimed at combating money laundering and terrorism financing.But the most animating worry for Democrats was that the legislation could enable the president and his family to profit by issuing their own stablecoins. Concerns over the Trump family’s involvement in the industry intensified after reporting by The New York Times showed how a firm associated with the president had recently become one of the most influential players in the industry.In a prolonged round of bipartisan negotiations over the bill, Republicans steadfastly refused to consider adding any provision to rein in Mr. Trump’s involvement in the industry, or make any modification that could interfere with his or his family’s ability to benefit.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

    • 163 Shares164 Views

      in Elections

      Some Bidders in Trump’s Contest Sold All Their Digital Coins but Still Won

      by

      Because of a quirk in the rules, some participants vying to dine with the president benefited from dumping the Trump family’s memecoins rather than accumulating them.President Trump and his business partners promoted it as the world’s most “EXCLUSIVE INVITATION” — a dinner with the president of the United States for the cryptocurrency investors who bought the most of his family’s memecoin, called $TRUMP.But as the unusual contest came to a close on Monday, at least 17 of the 220 winning bidders had figured out a way to effectively outsmart the sponsors of the contest.These crypto investors had secured an invitation to the dinner even though their online wallets showed that they held zero of the memecoins, a type of novelty digital currency often based on a joke or mascot.That is because of a quirk in the rules: The winners were selected based on the average number of coins they held during the three weeks the contest was underway rather than their total at the end of bidding.Participants expected the price of the coin to crash as soon as the contest ended. And it did just that on Monday afternoon, plunging by 6.5 percent once the winners were announced. By that point, nearly 20 of the contestants had sold off or transferred all their $TRUMP holdings, according to an analysis by The New York Times.These traders had managed to benefit from the surge in price driven by the contest’s promotion and still secure a seat at the dinner, set for May 22 at the Trump National Golf Club in Virginia.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

    • 138 Shares99 Views

      in Elections

      Donald Trump Is Selling the White House to the Highest Bidder

      by

      <!–> Opinion –>Trump’sBiggestBeneficiary:Himself<!–> –><!–> [!–> <!–> [!–> <!–> [!–> <!–> –><!–> [!–><!–> –> <!–> –><!–> ]–> Opinion Guest Essay Trump’s Biggest Beneficiary: Himself No presidential administration is completely free from questionable ethics practices, but Donald Trump has pushed us to a new low. He has accomplished that by breaking every norm of good government, often […] More

    • 138 Shares169 Views

      in Elections

      Indicted ‘Bitcoin Jesus’ Pays Roger Stone $600,000 to Lobby for Him

      by

      The longtime Trump ally is lobbying Congress to change the law that the crypto entrepreneur Roger Ver was charged with violating.Roger J. Stone Jr., the longtime associate of President Trump’s, has been lobbying for a pioneering cryptocurrency investor known as “Bitcoin Jesus” who is facing federal fraud and criminal tax charges, according to congressional filings.Mr. Stone filed paperwork last month indicating that he had been retained by Roger Ver, an early Bitcoin investor who was charged last year and accused of shielding his cryptocurrency holdings from $48 million in taxes.Mr. Stone noted in a filing last week that he had been paid $600,000 by Mr. Ver since early February to help his client’s case, partly by trying to abolish the tax provisions at the heart of the charges.Mr. Ver, a former California resident who renounced his U.S. citizenship in 2014, was arrested last year in Spain, according to the Justice Department, which announced plans at the time to extradite him.Mr. Ver disputed the charges, claiming in a video posted on social media in January that he was being threatened with a possible sentence of more than 100 years in prison because of his political views and his role in promoting cryptocurrency.In the video, which was framed as an appeal to Mr. Trump, Mr. Ver linked his case to the president’s grievances about the weaponization of the justice system.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

    • 113 Shares189 Views

      in Elections

      Bitcoin Is Down 10% Since Trump’s Global Tariff Announcement

      by

      The rapid drop shows that cryptocurrencies, which the president has promoted, are subject to the same market gyrations as any other risky asset.Virtually everyone in the cryptocurrency world celebrated the second election of President Trump, an enthusiastic booster of the industry who promised to turn the United States into the “crypto capital of the planet.”But now the man nicknamed “the first Bitcoin president” is presiding over a Bitcoin crash.Since Mr. Trump announced his global tariffs last week, the price of Bitcoin has plunged 10 percent, dropping below $78,000 on Sunday night. In January, Bitcoin reached a record price of nearly $110,000 on the day that Mr. Trump was inaugurated.The rapid drop shows that Bitcoin, often pitched as a stable long-term source of value, is still subject to the gyrations of the broader market that has cratered since Mr. Trump announced broad import taxes last week. Many investors treat Bitcoin just like any other tech stock, a risky investment that it makes sense to sell in difficult times.Ever since he won a second term, Mr. Trump has largely made good on his promises to help the crypto industry. He has appointed regulators who support crypto and signed an executive order directing the creation of a government stockpile of Bitcoin.At the same time, Mr. Trump has also broadened his personal investments in the crypto world, marketing a so-called memecoin to his supporters.But the impact of his tariffs on the crypto market has led to some disgruntlement.“Crypto is weird, but it’s mostly correlated to optimism & risk appetite,” Haseeb Quresehi, a venture investor who specializes in crypto, wrote on social media on Sunday. “That optimism is crumbling under Trump’s silence.” More