World Liberty Monetary, the cryptocurrency firm backed by US President Donald Trump and his household, has reported {that a} United Arab Emirates-based firm 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 “supposed 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 a much bigger WLFI tokenholder than Tron founder Justin Solar, who invested $30 million within the undertaking in November.
“WLFI and Aqua 1 will collectively establish and nurture high-potential blockchain initiatives collectively,” stated Aqua1 founding companion 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 underneath scrutiny from US lawmakers because of the Trump household’s connections with the agency. Trump’s three sons are named as co-founders of the corporate, and in June the president disclosed $57.4 million in revenue tied to WLFI, together with personally holding 15.75 billion governance tokens.
Associated: Trump-backed World Liberty to launch stablecoin audit, make WLFI transferable
WLFI underneath scrutiny as US Congress appears to be like to stablecoin invoice
The Trump household’s crypto enterprise had already been going through criticism after Eric Trump introduced in Might that an Abu Dhabi-based funding firm, 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 enterprise ties.
At a Senate Appropriations Committee listening to on Wednesday, US Legal professional Common Pam Bondi sidestepped a query from Oregon Senator Jeff Merkley over the president’s connections to World Liberty Monetary.
“I believe it’s vital for the chief of the Justice Division of the US to be very involved about international affect,” stated Merkley. “And I encourage you [Bondi] to tackle the subject and never contemplate it an offense that these of us who’re involved right here, Democrats and Republicans, need Individuals to make American choices. Not international affect being purchased via crypto cash.”
A number of US lawmakers have recommended 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.
Journal: GENIUS Act reopens the door for a Meta stablecoin, however will it work?
