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

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    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

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

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      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

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

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      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

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      Trump’s Crypto Venture Introduces a Stablecoin

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      World Liberty Financial, the cryptocurrency company started by Donald J. Trump and his sons, announced on Tuesday that it was planning to sell a digital currency called a stablecoin, deepening the president’s financial ties to crypto as his administration relaxes enforcement of the industry.The stablecoin would be known as USD1, the company wrote in a social media post, without revealing when it would go on sale. Stablecoins, a popular form of cryptocurrency, are designed to maintain a constant value of $1, making them useful for many types of crypto transactions.“No games. No gimmicks. Just real stability,” World Liberty Financial posted on its X account.The stablecoin is the fourth digital currency that Mr. Trump and his business partners have marketed to the public over the last year. World Liberty already offers a cryptocurrency called WLFI. This month, World Liberty announced it had sold $550 million of those digital coins. A business entity linked to Mr. Trump receives a 75 percent cut of the sales.Days before his inauguration, Mr. Trump also started selling a so-called memecoin — a type of digital currency based on an online joke or a celebrity mascot. Melania Trump put her own memecoin on the market that same weekend.Mr. Trump has made aggressive forays into the crypto market as his administration eases enforcement of crypto firms and rolls back regulations. His efforts to profit from an industry he oversees amount to an enormous conflict of interest, with virtually no precedent in American history, government ethics experts have said.World Liberty’s stablecoin adds to that messy knot of business conflicts. Congress is considering legislation to regulate stablecoins that could reach Mr. Trump’s desk before the end of the year. In a speech at a crypto conference this month, Mr. Trump called for “simple, common sense rules” for stablecoins, saying they would “expand the dominance of the U.S. dollar.”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

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      Trump Signs Order to Create a ‘Crypto Reserve,’ Adviser Says

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      President Trump signed an executive order on Thursday to create a national stockpile of Bitcoin and other digital currencies, an adviser said, an audacious idea that has been widely criticized as a scheme to enrich crypto investors.The basis of the stockpile will be a stash of Bitcoin, estimated to be worth as much as $17 billion, that the United States has seized in legal cases over the years, according to a summary of the order posted on social media by David Sacks, the White House’s crypto and A.I. policy czar.The order also calls for federal agencies to develop “budget-neutral strategies” to buy more Bitcoin, the most popular digital currency, as long as those purchases do not generate extra costs for taxpayers.“This Executive Order underscores President Trump’s commitment to making the U.S. the ‘crypto capital of the world,’” Mr. Sacks wrote in his post. He said the United States would not sell any Bitcoin in the reserve, which he likened to “a digital Fort Knox.”Since Mr. Trump took office in January, his administration has moved rapidly to elevate the crypto industry, a volatile sector that had battled with federal regulators for years. The Securities and Exchange Commission has dropped lawsuits against two of the biggest U.S. crypto companies and halted investigations into several others. And on Friday, Mr. Trump is scheduled to host crypto executives at the White House for a first-of-its-kind “crypto summit.”Mr. Trump has a personal stake in the success of the crypto industry, creating conflicts of interests that have raised alarms with government ethics experts. Last year, he started a business, World Liberty Financial, that offers a cryptocurrency called WLFI. Just days before his inauguration, he also began selling a so-called memecoin — a type of cryptocurrency tied to an online joke or a celebrity figure.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