“EXPANDING EMPIRE”
The dinner came as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry, and as Trump expands his business network into the field.
Senators on Monday advanced a landmark Bill known as the GENIUS Act that proposes a regulatory framework for stablecoins – a type of crypto token seen as more predictable for investors as its value is pegged to hard currencies like the dollar.
Bitcoin’s price hit a new all-time high on Thursday, climbing above US$111,000 before falling slightly.
Trump’s newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.
Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market.
This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals.
The company’s founding team includes Donald Jr and Eric Trump alongside Zach Witkoff, son of Trump’s diplomatic adviser.
President Trump has taken concrete steps to reduce regulatory barriers, including an executive order establishing a “Strategic Bitcoin Reserve” for government holdings of the leading digital currency.
