"This Labor Day, the digital-assets firm World Liberty Financial-which the president's three sons co-founded just a year ago-launched a public sale of its flagship WLFI tokens, spurring $1 billion worth of trades on popular crypto exchanges like Coinbase, Kraken, and Binance (all of whose founders have ties with the current administration). Collectively, the Trump family already holds billions of World Liberty coins, and the public trading-carried out mostly overseas and involving few retail traders-boosted the value of those tokens."
"It all sounds flush as ever, another means for the Trumps to enrich themselves while they shower legislative gifts on their crypto donors and incorporate more of the industry's tech into government. (See also: the Commerce Department publishing GDP data on various blockchains, and housing regulators proposing that cryptocurrencies be legitimated as backing for mortgage applications.) But despite reports that this is a major windfall for the Trumps, I'm much less convinced that that is the reason they're going all in on digital funny money."
World Liberty Financial launched a WLFI public sale that triggered roughly $1 billion in trades on major crypto exchanges, increasing token values. The Trump family holds billions of WLFI coins, and the mostly overseas trading involving few retail participants raised those token prices. Four male Trumps involved made as much as $5 billion on a single day, a substantial financial gain. Administration ties to exchange founders and favorable government policies have supported broader crypto valuations. Government agencies have begun integrating blockchain data into official metrics and considering cryptocurrencies as mortgage backing. The activity appears to aim at sustaining the struggling digital-assets industry.
Read at Slate Magazine
Unable to calculate read time
Collection
[
|
...
]