Stablecoins are currently gaining traction in U.S. policy discussions, following the Senate’s passing of a regulation bill with significant bipartisan support. As this situation unfolded, President Donald Trump and his family reportedly reduced their stake in World Liberty Financial’s parent company, which operates a crypto business, by selling approximately 20% of their interests.
DT Marks DEFI LLC now holds about 40% of the parent company of WLFI, decreased from an earlier 60%, as per the disclosures on the platform’s website. DT Marks DEFI is described as “an entity affiliated with Donald J. Trump and certain of his family members.”
Trump’s involvement in the crypto sector is extensive, reportedly earning him tens of millions of dollars and placing him at the center of the ongoing debate about digital asset regulations in the U.S. The stablecoin legislation now pending in the House of Representatives faced delays in the Senate due to concerns raised by Democrats regarding Trump’s own stablecoin venture.
Despite allegations of corruption from lawmakers like Senators Elizabeth Warren, Richard Blumenthal, and Chris Murphy, along with concerns that it is improper for the president to influence regulations impacting his business, the bill’s progression could stabilize World Liberty Financial’s USD1 stablecoin if the company is ready to meet stringent reserve and oversight requirements.
While Trump’s supporters claim transparency in his business dealings, the family’s crypto transactions remain opaque, lacking comprehensive disclosures of individual ownership and management roles, including the president’s. It remains unclear what specific roles his family might hold within World Liberty Financial.
Representatives from WLFI and Trump’s business entities did not promptly respond to requests for comments.
His connections to the crypto world continue to expand. Trump has faced criticism for hosting a private dinner for leading investors in his personal memecoin, many of whom were foreign nationals and not publicly identified. Once a crypto skeptic, he has sold several rounds of non-fungible tokens (NFTs) and his media company is raising funds to build a bitcoin treasury. His son Eric is involved in launching a new bitcoin mining initiative. There are few areas within the industry without Trump’s close associations.
Read More: Trump’s Empire Pulled In $57M From Family-Linked Crypto Firm Last Year, Filing Shows