The actions of the last cryptocurrency of the Trump family made their stock market debut on Wednesday, triggering more ethical concerns while the Trumps seek to collect the crypto, because the administration of the president weakens the regulations of the emerging industry.
American Bitcoin, a company co-founded this spring by Eric Trump, the president’s son, saw his stock market course of 39% in the early afternoon at around $ 9.60.
It ended the day at $ 8.04, lower than its opening price of $ 9.22.
According to a press release, the company is configured to accumulate Bitcoin via a computer “exploitation” of the cryptocurrency, as well as “opportunistic bitcoin purchases”. By having a share of American Bitcoin, investors bet that the company will be able to develop its Bitcoin holders faster than competitors. It also assumes that the price of Bitcoin will continue to increase.
The actions beginnings of American Bitcoin are renewing ethical problems concerning the ability of the Trump family to benefit from the president’s influence on the cryptography industry, where he sees more and more Baules.
On Monday, the first public sales of a digital token struck by World Liberty Financial, a crypto company co -founded by the Trump family, created up to $ 5 billion in wealth for them and other initiates based on existing assets. Last week, Trump Media and Technology Group, the parent company of the Truth Trump social platform by President Donald Trump, announced that it had entered into an agreement with Crypto.com to accumulate native token Cronos of Crypto.com, or CRO. Since the announcement, CRO’s value has climbed approximately 69%.
Shortly before 1 p.m., the value of the American Bitcoin participation of Eric Trump had reached up to $ 600 million, according to Bloomberg News calculations. Donald Trump Jr. also has a stake, although his extent was not immediately clear. A representative of Trump Jr. did not respond to a request for comments.
“There is no doubt that there is a conflict of interest here,” said Virginia Canter, chief lawyer for ethics and anti -corruption with the action group of Democracy Defenders, a bipartite advocacy group that seeks to oppose authoritarianism. Canter was legal advisor in four different presidential administrations. Beyond the possibility of appointing regulators responsible for supervising the cryptography industry, Trump can also create an unequal playing field for other cryptographic market players who might believe that they could pay a price to compete with his entities – or not get involved with them, said Canter.
In an article on X last night, Senator Elizabeth Warren, D-MASS., Said the start of American Bitcoin’s actions trading: “It’s corruption, simple and simple.”
A representative of the Trump organization did not respond to a request for comments on ethical problems.
Estimates from the quantity of President Trump and his family have won in their cryptographic companies vary. Reuters calculated that they earned as many $ 500 million at the World Liberty Deccentralized Finance Platform, who made his debut last year.
The figure is a motion target. In May, Zach Witkoff, co-founder of World Liberty and son of the Middle East of the White House Middle East, Steve Witkoff, announced that a company based in Abu Dhabi had bought $ 2 billion in Stablecoin of World Liberty as part of an investment in Binance’s Crypto exchange. In July, Trump Media announced that he had accumulated about $ 2 billion in Bitcoin and related assets, representing about two -thirds of Trump Media’s total liquid assets. Donald J. Trump Revocable Trust, a financial instrument that Trump created before returning to the Oval Office, has 52% of the Trump media.
The group that created Trump’s same, $ Trump, won $ 350 million from initial sales, Financial Times said in March, although its property structure and direct issues of Trump family members are not clear.
The White House argued that the president is not involved in the daily affairs of Trump’s family businesses. Some ethical experts have argued that presidents are exempt from conflicts of interest because they supervise too many areas to make the application practical.
In a press release, the White House castigated any innuendo of a conflict of interest.
“The continuous media attempts to make conflicts of interest are irresponsible and to strengthen public distrust of what they read,” said the white house press secretary Karoline Leavitt. “Neither the president nor his family have never been committed or will never engage in conflicts of interest.” She said that the administration “holds the president’s promise to make the United States the world capital of cryptography by stimulating innovation and economic opportunities for all Americans.”
At a conference last week, Eric Trump said that the Bitcoin community had adopted his father “contrary to everything I had ever seen before.” Since then, the crypto industry has become one of the most influential actors in politics: its Super CAP, Fairshake, has been the largest group of sieve donors in the 2024 elections and has already accumulated $ 140 million before the mid -year, Politico reported.
The Trump brothers have announced a wave of commercial movements since their father took office which parallel the policies and the agenda of the president. Last month, they announced that they would serve as advisers to New America, a company that aims to buy companies that “play a significant role in revitalizing national manufacturing, the enlargement of innovation ecosystems and the strengthening of critical supply chains”.
The brothers receive 5 million shared shares in the company, which aims to raise $ 300 million from investors before becoming a public.
