The start of trading in a digital currency for the Trump family raises the value of its assets to about $ 5 billion
The general circulation of the "World Liberty Financial" digital currency, backed by the Trump family, started, which will raise the value of US President Donald Trump's assets and his sons to about $ 5 billion.
The Trump family launched the "World Liberty Financial" company during the Trump campaign last year, which raised questions about the possibility of conflicts in interests, as President Trump became a partner in an industry planning to manage it.
The company raised the money by selling its digital currencies bearing its name to the investors who initially underwent the sale of these currencies.
However, investors voted last July, to allow the first buyers to sell up to 20 percent of their assets from the currency in the name of WLFI, and the decision excluded founders like the Trump family, they will not be able to sell any share.
As of Tuesday, the price of the LFI is trading for $ 0.22, on trading platforms such as Bennes and Kwin Pace, after the price decreased about 50 percent, since the trading began on Monday.
The most finished reading
Despite this decrease, which indicates the weak demand for it, the Trump family is circulating at a higher price than many of the first buyers would have paid, which makes them on the right track to make profit.
Eric Trump wrote on social media: "We are setting a new criterion for financial freedom, based on American confidence, speed and values."
He added: "This is a milestone for the future of money!"
Family control
According to financial disclosures, Trump himself has approximately 15.75 billion of symbolic LFA, its real value is more than $ 3.4 billion, making cryptocurrencies the most important source of his wealth.
The Trump family generally controls nearly a quarter of the LFI Classes, which has established approximately 100 billion, giving them the right to own the equivalent of $ 5 billion, according to the prices of encrypted currency on Tuesday.
Trump and his sons also get a share of revenue resulting from currency sales, a procedure that contributed to their achievement more than $ 500 million, according to Reuters accounts.
These revenues witnessed a strong boost last month, after World Liberty Financial Company cooperated with another company listed on the stock exchange, which raised 750 million dollars from investors to buy the digital currency, a deal that puts World Liberty Financial in an unusual position, it is now the buyer and the seller of the LFI.
Politically, Democrats have always talked about their concern about Trump's transactions in digital currencies, and announced that World Liberty Financial and other currencies that Trump supported are considered tools for corruption, conflicts of interest and fraud.
But the Trump administration - as usual - rejected these criticisms, even with the fundamental change that the president made in the government's position towards this industry.
White House press secretary Caroline Levit said that the administration's policies "drive innovation and economic opportunities for all Americans."
She added in a statement that "the ongoing media attempts to fabricate the conflict of interests are irresponsible actions, and the public's lack of confidence in what is read is enhanced."
She emphasized that "the president or his family has ever been involved, and they will not be involved in conflicting interests."
Current currency offers, such as those presented by World Liberty Financial, were subjected to an intense audit during the administration of former Democratic President Joe Biden. The argument of the administration was that this process in its essence is a kind of stock selling, and therefore it is subject to the current rules that govern the companies listed on the stock exchange in issues such as conflict of interests and disclosure.
As for Donald Trump, who had stated during his election campaign he wanted to make the United States "the capital of encrypted currencies in the world", he pledged to adopt a more flexible policy And non -interference.
In a move that reflects this trend, the Ministry of Justice announced last month the dissolution of its team concerned with cryptocurrency crimes.
The financial regulatory authorities explicitly rejected the directives of the Baiden administration on securities.
"Despite the previous US Securities and Exchange Commission, most encrypted assets are not securities," Paul Atkins, head of the US Securities and Exchange Commission, said in a speech in July.
He added: "We need an organizational framework for securities associated with encrypted assets that allows these products to prosper in the American market."
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