Thoughts tagged "crypto"

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Proposal: Make $WLFI Token Tradable General Jul 4 1m WLFI_Team 1d Summary This proposal is presented to solicit community input and formally initiate the tradability of the token. This would mark a major milestone in the development of the World Liberty Financial ecosystem and opens the door for broader community participation, access, and protocol development. ⸻ Proposal Objectives • Make $WLFI transferable, thereby enabling broader community access to governance participation, whether through peer to peer transactions or secondary markets • Transition the WLFI ecosystem from closed to open participation • Enable greater token utility access • Begin the next phase of community ownership and engagement • Align long-term token incentives with protocol adoption and success ⸻ Early Supporter Unlocking • A portion of WLFI supply was sold to early supporters • A portion of these tokens will be eligible to be unlocked upon launch of tradability • The remainder of the tokens will be subject to a second vote by the community to determine the unlock and release schedule • Founders, team, and advisor tokens will not be unlocked initially and will be subject to a longer unlock schedule than early supporters to demonstrate long-term commitment and alignment with the success of the protocol • Timing and any eligibility requirements for unlock to be determined subsequently.
Why Now? Over the last year, WLFI has made significant progress across product development, ecosystem partnerships, and brand awareness. With strong demand from community members and partners, many community members have said that the timing is right to make WLFI tradable and initiate this next chapter in our collective journey. ⸻ Governance & Community Role Following the vote to make the token tradable, WLFI’s governance framework will enable more token holders to participate directly in protocol decisions. This includes voting on emissions, ecosystem incentives, and future treasury actions. This proposal is the first step in handing greater influence to the community. ⸻ Next Steps (If Approved) • Execute and enable transferability • Initiate distribution for eligible early supporters • Begin community governance with a second vote on remaining unlocks • Continue ecosystem expansion and partner integrations ⸻ Voting Options • YES: Proceed with WLFI tradability • NO: Maintain current token non-transferability and closed network status ⸻ Final Note This is a defining moment for World Liberty Financial. The foundation has been laid, the community is growing, and we’re ready to move forward. Launching WLFI as a tradable token brings us one step closer to building a more open, transparent, and powerful financial system. Let’s build it together. — The WLFI Team

The team behind Trump's World Liberty Financial project has proposed lifting restrictions on the WLFI "governance token" to make it tradeable. I predicted shortly after its launch that if Trump succeeded in gutting the SEC, he would do this.

This would lift the substantial restrictions on the token (non-US or accredited investors only, locked tokens with no secondary sales) that were aimed at sidestepping attention from the previous SEC, and could be enormously lucrative for Trump.

It could also be enormously lucrative for early buyers like Justin Sun or the Emirati Aqua 1 Foundation, who hold $75 million and $100 million worth of WLFI, respectively.

Prior to the Trump administration, a token like this would likely have been considered an unregistered security by the SEC, and its sales illegal offerings.

Federal Housing Finance Agency Director William Pulte: “After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage” 

Order Issuing Directive to Consider Cryptocurrency as an Asset for Single-Family Loans Delivered to Fannie Mae and Freddie Mac WHEREAS, Fannie Mae and Freddie Mac (the Enterprises) maintain a pivotal role in the U.S. housing finance system by providing stability and liquidity to the secondary market for residential mortgages through prudent standards to help ensure sustainable, long-term homeownership. WHEREAS, cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets. WHEREAS, cryptocurrency has not typically been considered in the mortgage risk assessment process for mortgage loans delivered to the Enterprises, without converting the cryptocurrency to U.S. dollars prior to loan closing. WHEREAS, U.S. Federal Housing FHFA has now determined that the consideration of additional borrower assets in the Enterprises' single-family mortgage loan risk assessments may enable the Enterprises to assess the full spectrum of asset information available for reserves and to facilitate sustainable homeownership to creditworthy borrowers. NOW THEREFORE, U.S. Federal Housing FHFA, as conservator, hereby directs each Enterprise to prepare a proposal for consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessments, without conversion of said cryptocurrency to U.S. dollars. Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws. Additionally, each Enterprise is directed to consider additional risk mitigants per their own assessment, including adjustments for market volatility and ensuring sufficient risk-based adjustments to the share of reserves comprised of cryptocurrency. Prior to implementing any changes, each Enterprise must submit and receive approval from its Board of Directors prior to submitting to U.S. Federal Housing FHFA for review. This Order is effective immediately and should be implemented as soon as reasonably practical.

Notably, at this point they are merely directed to “prepare a proposal for consideration”.

Also notable: “Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange”.

To provide political cover for supporting the crypto industry’s legislative giveaway, group chat members suggested pro-crypto allies in the Democratic caucus could introduce symbolic anti-corruption amendments to the final bill prohibiting President Donald Trump and elected officials from profiting from cryptocurrencies knowing the effort would be “doa,” or dead on arrival, since the language would likely be voted down by Republicans.
– “Dems’ Crypto Schemers Have Entered The Chat”, The Lever
Tweet by Adam Schiff: Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I'm introducing the COIN Act to put a stop to this corruption in plain sight.

Less than a week ago Schiff voted for the GENIUS Act crypto bill, which Trump has urged Congress to pass.

“Dems' Crypto Schemers Have Entered The Chat”.
Freddy Brewster in The Lever.
A secret group chat reveals that Democratic strategists plan to support the pro-crypto GENIUS Act for political gain, despite acknowledging it's a Trump corruption giveaway.

GENIUS Act (stablecoin bill) has passed the Senate.

Here's the breakdown of the 68-30 vote on the GENIUS Act. Same 16 Democrats who voted yea in the previous cloture vote except for Blunt Rochester (DE), and new yea votes from Hickenlooper (CO), Kim (NJ), and Warnock (GA).

Grouped By Vote PositionYEAs ---68Alsobrooks (D-MD)Banks (R-IN)Barrasso (R-WY)Blackburn (R-TN)Booker (D-NJ)Boozman (R-AR)Britt (R-AL)Budd (R-NC)Capito (R-WV)Cassidy (R-LA)Collins (R-ME)Cornyn (R-TX)Cortez Masto (D-NV)Cramer (R-ND)Crapo (R-ID)Cruz (R-TX)Curtis (R-UT)Daines (R-MT)Ernst (R-IA)Fetterman (D-PA)Fischer (R-NE)Gallego (D-AZ)Gillibrand (D-NY)Graham (R-SC)Grassley (R-IA)Hagerty (R-TN)Hassan (D-NH)Heinrich (D-NM)Hickenlooper (D-CO)Hoeven (R-ND)Husted (R-OH)Hyde-Smith (R-MS)Johnson (R-WI)Justice (R-WV)Kennedy (R-LA)Kim (D-NJ)Lankford (R-OK)Lee (R-UT)Lujan (D-NM)Lummis (R-WY)Marshall (R-KS)McConnell (R-KY)McCormick (R-PA)Moody (R-FL)Moran (R-KS)Moreno (R-OH)Mullin (R-OK)Murkowski (R-AK)Ossoff (D-GA)Padilla (D-CA)Ricketts (R-NE)Risch (R-ID)Rosen (D-NV)Rounds (R-SD)Schiff (D-CA)Schmitt (R-MO)Scott (R-FL)Scott (R-SC)Sheehy (R-MT)Slotkin (D-MI)Sullivan (R-AK)Thune (R-SD)Tillis (R-NC)Tuberville (R-AL)Warner (D-VA)Warnock (D-GA)Wicker (R-MS)Young (R-IN)NAYs ---30Baldwin (D-WI)Bennet (D-CO)Blumenthal (D-CT)Blunt Rochester (D-DE)Cantwell (D-WA)Coons (D-DE)Duckworth (D-IL)Durbin (D-IL)Hawley (R-MO)Hirono (D-HI)Kaine (D-VA)King (I-ME)Klobuchar (D-MN)Markey (D-MA)Merkley (D-OR)Murphy (D-CT)Murray (D-WA)Paul (R-KY)Peters (D-MI)Reed (D-RI)Sanders (I-VT)Schatz (D-HI)Schumer (D-NY)Shaheen (D-NH)Smith (D-MN)Van Hollen (D-MD)Warren (D-MA)Welch (D-VT)Whitehouse (D-RI)Wyden (D-OR)Not Voting - 2Cotton (R-AR)Kelly (D-AZ)

All Republicans supported, except for Hawley (MO) and Paul (KY) who voted against and Cotton (AR) who didn't vote.

All Dem yeas: Alsobrooks (MD), Booker (NJ), Cortez Masto (NV), Fetterman (PA), Gallego (AZ), Gillibrand (NY), Hassan (NH), Heinrich (NM), Hickenlooper (CO), Kim (NJ), Lujan (NM), Ossoff (GA), Padilla (CA), Rosen (NV), Schiff (CA), Slotkin (MI), Warner (VA), and Warnock (GA)

The TrumpWallet​.com website, which was previously hosting a waitlist sign-up for the Trump wallet project, has just gone offline.

This is less than an hour after Bloomberg reported that the World Liberty Financial project sent a cease and desist to both the memecoin project and Magic Eden.

I think this is a more or less up-to-date map of the businesses, LLCs, and people associated with the Trump family crypto projects.

Extremely tangled diagram depicting relationships between LLCs, major companies, the Trump family, Bill Zanker and various other individuals, and various crypto projects including the $TRUMP memecoin, NFTs, World Liberty Financial, etc.

The relative separation between World Liberty Financial and the Trump memecoin projects, both of which are trying to develop defi trading platforms, may help to explain the chaos around the latter’s wallet launch announcement yesterday.

It is very plausible to me that Trump has sold his likeness to so many separate projects, not to mention his sons also using the “Trump” branding, that no one really knows what’s going on in aggregate.

However, it’s still not fully clear to me how the memecoin end of the business could launch a wallet using Trump’s name and likeness without the sons’ knowledge unless the original licensing agreement for the memecoin was extremely broad.

This diagram is of course limited to what is publicly disclosed, and you’ll see a few places where links are uncertain, and where LLCs’ operators are partially or completely unknown. The flow of money is also a very partial accounting.