What happened
The Trump family's World Liberty Financial cryptocurrency token started trading publicly Monday, jumping in value then losing most of those gains as the day progressed.
Who said what
World Liberty, launched during last year's presidential campaign, has thrived as President Donald Trump "drove the growth of the crypto industry from the White House," the Journal said. Critics say the company is a "potential vehicle to influence" Trump and that its growth has been "spurred by partners and investors who are seeking help from the White House," like crypto exchange Binance, whose "convicted founder has been seeking a presidential pardon."
World Liberty's management team — including the Trumps and CEO Zach Witkoff, the son of presidential envoy Steve Witkoff — cannot currently sell their tokens, the company said. But the Trump family was "still assured a considerable payday" of at least $500 million thanks to an "unusual insider arrangement" with an obscure Las Vegas-based firm, Alt5, The New York Times said. The White House said the president had no conflicts of interest.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
The "close corporate ties between Alt5 and World Liberty might have attracted an investigation by the Securities and Exchange Commission in the past," the Times said, but there has been no publicly disclosed reviews of the arrangement under the "crypto-friendly securities lawyer" Trump named to lead the agency.
-
What does Trump designating antifa a terror organization let him do?Today’s Big Question Concerns about ‘broad First Amendment violations’
-
‘Barriers to employment are huge problems’Instant Opinion Opinion, comment and editorials of the day
-
September 22 editorial cartoonsCartoons Monday’s political cartoons include the late-night comedians purge, Disney under fire, Donald Trump's dinner, and leeches instead of vaccines
-
Trump DOJ shut bribery case against ally HomanSpeed read The Justice Department closed a bribery investigation into President Donald Trump’s border czar, Tom Homan
-
Charlie Kirk honored as ‘martyr’ at memorial rallySpeed Read At a service for the slain conservative activist, speakers included President Donald Trump and many top administration officials
-
Judge says DOJ misled to deport Guatemalan kidsSpeed read The Trump administration was barred from deporting hundreds of Guatemalan children
-
Trump asks Supreme Court to OK Cook ousterSpeed Read In his attempt to seize control of the US central bank, the president seeks permission to oust Federal Reserve Board Governor Lisa Cook
-
ABC shelves ‘Kimmel Live’ after Trump FCC threatSpeed Read ‘A free and democratic society cannot silence comedians because the president doesn’t like what they say’
-
What is Donald Trump’s visit worth to the UK economy?In the Spotlight Centrepiece of the president’s trip, business-wise, is a ‘technology partnership’
-
Trump’s visit: the mouse and the walrusTalking Point Britain is keen to point to its own ‘tangible results’, but the US administration has made their demands clear
-
Supreme Court: Will it allow Trump’s tariffs?Feature Justices fast-track Trump’s appeal to see if his sweeping tariffs are unconstitutional
