_Key Crypto Bill Imperiled By Trump Crypto Firm’s Deal With Emirati State-Owned Fund_
Some Democrats pulled their support for a crypto-friendly Senate bill this week amid conflict-of-interest concerns surrounding the Trump family’s World Liberty Financial crypto firm—as Trump’s involvement in crypto complicates bipartisan efforts to establish industry-friendly regulations.
The MGX-World Liberty Deal was unveiled last week at the Token2049 convention in Dubai by Trump’s son, Eric Trump, and Zach Witkoff, a founder of World Liberty Financial and the son of Trump’s Middle East envoy, Steve Witkoff. Trump began promoting World Liberty Financial in August, when the purpose of the venture was a bit murky, though it’s since solidified itself as a crypto dealer with activities that have repeatedly raised conflict-of-interest alarms, including Trump policy announcements that have briefly boosted the value of its stock. It has multiple foreign investors, The New York Times reported recently, noting that they would be prohibited from donating to Trump’s campaign under federal law. A spokesperson for World Liberty, David Wachsman, said “it would be false, absurd and dangerous to suggest that investments or partnerships with World Liberty Financial were conducted as some sort of political quid pro quo,” adding that “never has an investor or partner requested any political favoritism. Nor would we ever entertain such a possibility.”
