Trump Jr. dismisses crypto conflict of interest concerns: My dad’s not checking blockchain ledgers

Donald Trump Jr. connected Wednesday dismissed disapproval that a crypto task tied to his household had immoderate imaginable conflicts of interest, arsenic his firm, World Liberty Financial, seeks planetary investors.

Concerns that World Liberty Financial investors whitethorn beryllium seeking favour with the Trump medication are "complete nonsense," Trump Jr. told CNBC connected the sidelines of Token2049, a salient crypto league successful Singapore.

"I don't deliberation anyone really believes that my begetter oregon [Zach's] begetter would beryllium looking astatine ledgers connected the blockchain to spot who bought what, and that carrying immoderate benignant of favor," helium said. 

The U.S. President's eldest son, who is simply a co-founder of World Liberty Financial, was accompanied astatine the lawsuit by the firm's CEO Zach Wilkoff, lad of Steve Witkoff, U.S. Special Envoy to the Middle East nether the Trump administration.

Witkoff, who was progressive successful his father's existent property concern earlier World Liberty Financial, echoed the sentiment. "Don and my World Liberty ngo is big, but our dad's ngo is overmuch bigger. They're not focused connected stablecoins, nor are they progressive successful a stablecoin business," helium said. 

The institution — archetypal founded successful September 2024 — launched its stablecoin six months later. The token, dubbed USD1, is pegged to the U.S. dollar and backed by short-term U.S. authorities treasuries. It besides has a publically traded "governance token," oregon the crypto mentation of a shareholder vote, called WLFI. 

Critics person questioned the company's unfastened connections to the Trump medication arsenic it pursues deals overseas and expands into areas specified arsenic debit payments and tokenized commodity assets.

Trump Jr. and Wilkoff downplayed their governmental connections during a keynote code astatine the crypto conference, emphasizing that their firm, which they accidental is seeking to amended and democratize finance, is "100% not a governmental organization." 

According to World Liberty Financial's website, a Trump-affiliated steadfast called DT Marks DEFI LLC, on with members of the Trump family, receives a large stock of the platform's gross and holds WLFI tokens.

However, it besides states that Donald Trump, his household oregon immoderate members of the Trump Organization oregon DT Marks DEFI LLC are not an "officer, director, founder, oregon worker of, oregon manager, proprietor oregon relation of Word Liberty Financial oregon its affiliates."

The maturation of the institution comes against the backdrop of the President's clasp of the crypto manufacture successful his 2nd term. 

Once a skeptic, Trump has rebranded himself arsenic a "crypto president," backing policies welcomed by the manufacture and appointing long-time crypto advocates, specified arsenic David Sachs, to his cabinet.

Trump besides launched his ain meme coin, called $TRUMP, successful summation to his engagement with World Liberty Financial.

Democratic lawmakers, including Senators Elizabeth Warren and Representative Maxine Waters, person led calls for investigations into World Liberty Financial, labeling the institution an "unprecedented conflict" that could sway crypto policy.