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Donald Trump has deepened his ties with the Chinese billionaire Justin Sun – who is fighting against civil charges in the United States of fraud and market manipulation – while the president’s stablecoin begins to tackle the Sun blockchain, which welcomed the largest illicit cryptographic activity last year, according to an Crypto intelligence company.
A cartoon image of President Donald Trump holding a Bitcoin token is displayed in Hong Kong … More
Key facts
On June 11, the founder of Tron, Justin Sun, announced that his blockchain had started to inflict USD1, which made stablecoin from his network.
World Liberty Financial arouses interest on its USD reservations, so more USD1 has struck, including by Tron, the more the president’s company takes advantage, Molly White, a crypto researcher told Forbes.
In March 2023, the Securities and Exchange Commission filed civil accusations against Sun and his company, alleging market manipulation and the sale of unregistered securities; Sun denied the accusations and the judge interrupted the case at the request of both parties in February to allow time to discuss a possible regulation (a decision which came only a few weeks after Sun invested $ 30 million in World Liberty Financial).
In 2024, Tron welcomed 58% of all illicit cryptography activities – most of all blockchain and more than Ethereum and Bitcoin combined – “reflecting continuous preference for blockchains that have low transaction costs, smart and popular stable contracts”, according to the Blockchain TRM Labs analysis company.
The assistant press secretary of the White House, Anna Kelly, told Forbes in a press release that Trump has no conflict of interest because his “assets are in trust managed by her children”; A spokesperson for World Liberty Financial refused to comment; And the spokesperson for Tron and the Trump organization did not respond to requests for information.
Key
Trump can earn income from his companies during his mandate through the Revocable trust by Donald J. Trump, the same structure he used during his first mandate. He is his only donor and beneficiary, while Donald Trump Jr. is the trustee. The Trump organization has confirmed in an April regulatory file in the United Kingdom that Trump retains control of his businesses. As president, he undertook to make in the United States the “cryptographic world capital”, aligning with its expansion investments in digital assets. Sun, who has now invested a total of $ 75 million in World Liberty Financial, has become an advisor to the company. In May, he visited the White House and dined with Trump in his Golf club in the DC region to be one of the best holders of the president’s medal, a distinct cryptography company, according to social networks.
Large number
$ 57.4 million: Trump’s income from World Liberty Financial in 2024, which only launched in September, according to a financial disclosure which he published on Friday.
Chief critic
“We have noticed increased criminal use of stablescoins on the Blockchain Tron, and I think that the launch underlines how little we know about the USD1 and the capacity of World Liberty Financial to thwart criminal activity,” said White to Forbes. “There is very little transparency in the way the project intends to tackle this persistent problem, and if they have the capacity to do so responsible.”
Contra
While TRM Labs revealed that “the largest percentage of illicit cryptography activities occurred on the Tron Blockchain” in 2024, TRON also “seen the most significant drop in the illicit volume, lowering $ 6 billion and half of its proportion of illegal volume”. TRM Labs attacked the drop in tron efforts to eliminate abuses, especially in collaboration with, yes, TRM Labs to establish what he calls the “very first financial crime unit in the private sector”.
Crucial quote
“The first USD1 struck on a tron - just the start of something much larger,” said World Liberty Financial account in response to Sun’s announcement. “Enjoy support, @justinsuntron. Ametons USD1 everywhere. “
Surprisingly
In addition to Tron, two other crypto companies which announced relations with World Liberty Financial in the last month were also examined by the American authorities. In May, USD1 began negotiating on Kucoin, a recently prohibited scholarship in the United States after admitting violations of fighting money money and agreed to pay $ 300 million in penalties. He was also launched on Binance, which admitted a advocacy agreement in November 2023 with the Ministry of Justice for money laundering and infringements to sanctions, agreeing to pay $ 4 billion in penalties. (Days after the launch of the USD1 on Binance, the SEC abandoned a trial it had brought against the company.)
News
Tron makes public by an inverted merger with a toys manufacturer, SRM Entertainment, companies announced on Monday. As part of the agreement, SRM will collect $ 100 million to buy Tron’s tokens and will issue $ 210 million in shares and mandates. SRM Entertainment will change its name to Inc. and Sun will become advisable. Sun shared an article saying that Eric Trump should join the company, although Trump denied him, calling Sun a “great friend”, but saying that the report was “inaccurate”.
Tangent
The Tron -SRM merger has been negotiated by Dominari Securities, including the parent company – Dominari Holdings – is partially owned by Donald Trump Jr. and Eric Trump. The brothers each hold more than 5% of the company, largely in exchange for 10 weeks on advisory advice previously somewhat sleeping which also includes three other executive vice-presidents of the Trump organization. The CEO of Dominari Holdings, Anthony Hayes, congratulated the work of the advisory council in a letter to the shareholders.
What to monitor
On Tuesday, the Senate adopted the law on engineering, a bill supported by the cryptographic industry which would create new rules for stablecoins as USD1. In response to the Crypto Ventures of Trump, Senator Jeff Merkley, D-ear., Presented the end of the Crypto Corruption Act, which would prohibit presidents and other senior officials from “deliver, approve or sponsor cryptographic assets”. The bill is pending and has 24 co-sponsors.
Forbes assessment
Forbes estimates Trump’s net value at around 5.2 billion dollars, Crypto now representing most of its wealth. The sun is worth about $ 8.5 billion.
Additional display
Upon reading
Trump Org applies to the brand scanning covering the articles from Crypto Wallet to Virtual Cologne (Forbes)
The Bitcoin Bet Betcoin of $ 2.5 billion from Trump Media reflects the White House cryptography strategy (Forbes)
Trump Media leaders are launching a new spac in search of $ 179 million and target crypto sectors (Forbes)
How Trump’s sons cashed their father’s return (Forbes)
Trump has secretly sold participation in Crypto Venture, document suggests (Forbes)
Mobile phone service “ Trump Mobile ” announced in the last pust of monetization of the presidency (Forbes)
