World Liberty Monetary, the cryptocurrency company backed by US President Donald Trump and his household, has reported {that a} United Arab Emirates-based company bought $100 million value of the platform’s governance token, WLFI.
In a Thursday discover, World Liberty and Aqua1 Basis — self-described as a “Web3-native fund” — stated the $100-million deal was “meant to assist speed up the creation of a blockchain-powered monetary ecosystem centered on blockchain improvement, Actual World Asset (RWA) tokenization, and stablecoin integration, aiming to set new benchmarks for world capital effectivity.”
The acquisition makes Aqua1 an even bigger WLFI tokenholder than Tron founder Justin Solar, who invested $30 million in the undertaking in November.
“WLFI and Aqua 1 will collectively determine and nurture high-potential blockchain tasks collectively,” stated Aqua1 founding accomplice Dave Lee. “WLFI’s USD1 ecosystem and RWA pipeline embody the trillion-dollar structural pivot alternative we search to catalyze — the place architects merge conventional capital markets with decentralized primitives to redefine world monetary infrastructure.”
World Liberty is already below scrutiny from US lawmakers as a result of Trump household’s connections with the agency. Trump’s three sons are named as co-founders of the company, and in June the president disclosed $57.4 million in earnings tied to WLFI, together with personally holding 15.75 billion governance tokens.
WLFI below scrutiny as US Congress appears to stablecoin invoice
The Trump household’s crypto business had already been dealing with criticism after Eric Trump introduced in Could that an Abu Dhabi-based funding company, MGX, would use the platform’s USD1 stablecoin to settle a $2 billion funding in Binance.
The transfer got here as Congress weighs payments to manage cost stablecoins, prompting considerations from Democratic lawmakers that the president was backing laws that would profit his household’s business ties.
At a Senate Appropriations Committee listening to on Wednesday, US Lawyer Common Pam Bondi sidestepped a query from Oregon Senator Jeff Merkley over the president’s connections to World Liberty Monetary.
“I believe it’s necessary for the chief of the Justice Division of america to be very involved about overseas affect,” stated Merkley. “And I encourage you [Bondi] to tackle the subject and never take into account it an offense that these of us who’re involved right here, Democrats and Republicans, need Individuals to make American selections. Not overseas affect being purchased by means of crypto cash.”
A number of US lawmakers have advised totally different legislative paths for Congress to handle potential conflicts of curiosity with the crypto business. The proposals included amendments to the Guiding and Establishing Nationwide Innovation for US Stablecoins, or GENIUS Act, and separate laws to stop the president and future leaders from investing in digital property whereas in workplace.
