Secret Deals, Foreign Investments, and Policy Changes: The Rise of Trump’s Cryptocurrency Firm
By Eric Lipton, David Yaffe-Bellany, and Ben Protess
Published on April 29, 2025
In a sweeping examination of the intertwining of politics and cryptocurrency, The New York Times reveals how World Liberty Financial, a crypto firm associated with former President Donald Trump and his family, has engaged in controversial marketing strategies that challenge traditional boundaries between private enterprise and government policy.
The Initial Pitch
Days before Donald Trump’s inauguration, a message arrived on the encrypted messaging app Signal from Zachary Folkman, an entrepreneur with a colorful past. Once the mastermind behind a venture named "Date Hotter Girls", Folkman now represents World Liberty Financial, which recently debuted its cryptocurrency venture. Folkman reached out to a startup based in the Cayman Islands, proposing a "partnership" wherein the two entities would trade digital coins, a move designed to enhance the public profiles of both firms.
However, the proposal contained a significant stipulation. The Cayman startup would need to make a substantial undisclosed payment to World Liberty in exchange for the opportunity to be affiliated with the Trumps. Folkman underscored the allure of Trump’s association, stating, "Everything we do gets a lot of exposure and credibility." He shared that other firms had committed multimillion-dollar investments, ranging from $10 million to $30 million, to World Liberty.
Ethical Concerns and Rejections
The startup executives ultimately declined the offer, alongside several other companies that received similar overtures. They deemed the proposition unethical, concluding that World Liberty was effectively marketing an endorsement while concealing the financial arrangements from the public. This led to a broader discussion about transparency and ethics in business partnerships, especially those tied to political figures.
Despite these setbacks, World Liberty’s executives persisted with their plans, successfully signing deals with other companies. In doing so, they capitalized on lucrative global interest, amassing over $550 million in sales to international buyers, with a significant share earmarked for the Trump family.
Implications on Policy and the Future of Cryptocurrency
This narrative illustrates the ongoing confluence of political power and cryptocurrency in America, raising questions about governance and the ethics of political endorsements in business. The dealings surrounding World Liberty Financial reflect broader trends in the crypto space where the line between legitimate business practices and manipulative strategies may be increasingly blurred.
Donald Trump’s influence as a former president combined with the expanding cryptocurrency market presents a unique intersection, potentially shaping both market dynamics and policy direction in ways that are still unfolding.
This examination provides crucial insights into how America’s political landscape is adapting to the rise of digital currencies, as well as the implications for current and future investment practices within this rapidly evolving sector.
As investigations continue and more information emerges, the relationship between political figures and the burgeoning cryptocurrency market remains a critical area of scrutiny and concern among regulators and the public alike.
For further insights and information on this developing story, visit The New York Times and consider subscribing for comprehensive access to exclusive articles.
Reporters Eric Lipton, David Yaffe-Bellany, and Ben Protess provide keen investigative insights into the interconnectedness of politics, finance, and technology as part of their ongoing coverage.
Share this article:
