The Trumps' World Liberty Financial project has frozen WLFI tokens in wallet addresses belonging to Justin Sun that contain ~$100 million (on paper) in unlocked WLFI. Sun is a major backer of the project, which the Trumps say they founded to stop "debanking".
The freeze apparently came after Sun transferred around ~$9M of his holdings to Binance.
this is the company in charge of custody for crypto assets held by the US government 🙂
Citation Needed
The regulator set to take on primary crypto oversight is down to a single Commissioner, and new pro-crypto PACs focus on installing more Republicans in the midterms
Citation Needed
A crypto billionaire who once feared arrest in the US is now a Trump business adviser and White House guest. His lawsuit against Bloomberg reveals what he doesn't want Americans to know about his crypto fortune.
Justin Sun has just filed a lawsuit against Bloomberg, claiming they plan to “recklessly and improperly disclos[e] his highly confidential, sensitive, private, and proprietary financial information,” which he gave to them while they were verifying his assets for inclusion in the Bloomberg “Billionaires Index”.
Sun claims this will cause him “significant and irreparable harm—both financially and physically.” He says they plan to use the information in an article unrelated to the Billionaires Index. He also claims they plan to publish “granular details about his cryptocurrency assets, including a breakdown of his cryptocurrency holdings,” in the Billionaires Index, and that he wouldn’t have agreed to share the information had he known.
Citation Needed
The Trump administration cracks down on software to limit surveillance of crypto transactions, while celebrating a “deregulatory blitz” tailored for its billionaire benefactors
Kevin de Patoul, chief executive of crypto market maker Keyrock, says investors should be realistic about what this is. “You’re injecting a huge amount of risk into a system that, in the end, has almost nothing backing it except the continued appreciation of the asset.”
August 7: Stablecoin issuer Paxos reaches $48 million settlement with New York financial regulators over due diligence, anti-money laundering failures
August 11: Paxos applies for national trust bank charter
The scale of Trump's pay-for-access scheme outlined by the Times is mindblowing. Crypto contributions resulting in business deals with the Trump family crypto businesses, oil companies buying influence and later reaping benefits from friendly policies, and a $1 million pardon.
The article only mentions Crypto.com's $10 million contribution to Trump's super PAC, but doesn't mention that after Trump took office, the SEC dropped their lawsuit against the company. His Truth Social company is now partnering with them to sell crypto ETFs.
