Trump Family Crypto & Other Corruption

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POLITICO Pro: Polymarket probes dropped in latest regulatory U-turn from Trump

In ending the cases, the administration is sending yet another signal of the new and friendlier regulatory environment that lies ahead for prediction markets.
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“… Federal authorities have dropped a pair of investigations into the betting market startup Polymarket — some of the last vestiges of a Biden-era crackdown against the high-flying industry of prediction markets.

The Justice Department and the Commodity Futures Trading Commission sent Polymarket formal letters saying they would be ending their probes into the company, according to a person familiar with the investigations who was granted anonymity to discuss the letters….”

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Trump administration ends Polymarket investigations without charges

Closure of the criminal and civil probes come months after FBI agents seized a cellphone and other electronic devices of Polymarket CEO Shayne Coplan.
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“… The Justice Department and CFTC had been investigating whether Polymarket was accepting bets from people in the United States, despite promises made by the company in early 2022 not to do so.

The assurances were made after Polymarrket was fined $1.4 million by the CFTC, which concluded that the marketplace had failed to register as a facility for even-based binary options, Bloomberg reported….”
 


🎁—> https://www.wsj.com/finance/currenc...7?st=uyFmoE&reflink=desktopwebshare_permalink

“… At the center of those crypto riches is World Liberty Financial, the Trump-family vehicle launched last year. In a move earlier this month, World Liberty took over a pain–treatment-turned-payments firm, which then bought World Liberty’s recently created cryptocurrency, according to public disclosures.

The publicly listed firm, Alt5 Sigma ALTS -5.63%decrease; red down pointing triangle, sold shares and raised $750 million in cash from outside investors to buy World Liberty’s cryptocurrency, dubbed WLFI. The deal will hand the Trump family a huge payday, around $500 million, since an entity it owns keeps up to three-quarters of any revenues from WLFI sales.

This sort of circular transaction—with the same party as buyer and seller, dealing in products they themselves created—is more common in the crypto world than in traditional finance.…”
 
nycfan said:


🎁—> https://www.wsj.com/finance/currenc...7?st=uyFmoE&reflink=desktopwebshare_permalink

“… At the center of those crypto riches is World Liberty Financial, the Trump-family vehicle launched last year. In a move earlier this month, World Liberty took over a pain–treatment-turned-payments firm, which then bought World Liberty’s recently created cryptocurrency, according to public disclosures.

The publicly listed firm, Alt5 Sigma ALTS -5.63%decrease; red down pointing triangle, sold shares and raised $750 million in cash from outside investors to buy World Liberty’s cryptocurrency, dubbed WLFI. The deal will hand the Trump family a huge payday, around $500 million, since an entity it owns keeps up to three-quarters of any revenues from WLFI sales.

This sort of circular transaction—with the same party as buyer and seller, dealing in products they themselves created—is more common in the crypto world than in traditional finance.…”
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“… The transaction will take on greater importance when World Liberty launches trading of the WLFI digital currency, the crypto equivalent of an initial public offering. The trading debut of the currency, also known as a token, is scheduled for Monday.

The Trump family’s WLFI holdings are valued at more than $6 billion on paper—with President Trump holding two-thirds of these WLFI tokens personally, according to calculations based on futures prices on crypto exchanges, blockchain data and the president’s personal financial disclosures.

… President Trump has other crypto assets. He controls stakes worth several billion dollars in $Trump coin, a so-called memecoin cryptocurrency, and in Trump MediaDJT -2.37%decrease; red down pointing triangle, which runs his Truth Social platform and buys and holds cryptocurrencies.

Trump’s erupting crypto wealth comes as his administration has instructed authorities to loosen the reins on crypto companies….”
 


“… The tokens initially traded above $0.30 in their Monday debut but later fell in price. They were down about 12% at $0.246 as of 1840 GMT, according to CoinGecko data.

That gave the token a total market capitalisation of just below $7 billion, making WLFI the 31st largest crypto token in circulation, CoinGecko data showed.

Several of the world's biggest cryptocurrency exchanges, including Binance, OKX and Bybit, are offering the tokens on their platforms.…”

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Trump Family Amasses $5 Billion Fortune After Crypto Launch​

The WLFI token trades above its previous value, confirming a paper windfall for the president and his sons​


🎁 —> https://www.wsj.com/finance/currenc...5?st=aVtk4N&reflink=desktopwebshare_permalink

“… World Liberty says founders and team members’ tokens remain “locked,” meaning they still can’t sell them. But the trading launch now puts a real-world valuation on their holdings, which previously were valued based on private sales.

WLFI is likely now the Trumps’ most valuable asset, exceeding their decades-old property portfolio. While the president’s family has continued to pursue property deals around the world since taking office, the fast-moving crypto business has had the biggest early impact.

… In advance of the WLFI trading debut, World Liberty this summer took over a publicly listed firm and raised $750 million in cash from investors to buy the cryptocurrency.

That deal, an unusually circular transaction with the same party as buyer and seller, stands to earn the Trumps around $500 million since they keep up to three-quarters of the revenues from the sale of the tokens, The Wall Street Journal previously reported.

… Trading in WLFI exploded on crypto exchanges early Monday, with about $1 billion in the tokens changing hands within an hour, according to data site CoinMarketCap.

… To be sure, cashing in this newly created wealth may prove difficult, as even a small amount of selling of cryptocurrencies can trigger prices to drop.

Monday’s prices of WLFI are a huge premium on the 1.5 cents that investors at first paid last year to buy the token from World Liberty itself, offering them an opportunity to make a big profit. World Liberty said those early buyers would be able to initially trade only a fifth of their holdings….”
 
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