WASHINGTON — Upon taking office in January, President Donald Trump pledged to establish the U.S. as the global center of cryptocurrency innovation. Since then, he has mobilized several branches of the federal government to support this sector, while his family businesses continue to earn significant revenues. According to certain financial estimates, nearly 40% of the Trump Organization’s $2.9 billion valuation is now tied up in cryptocurrency ventures. Notably, the President’s advocacy hasn’t just boosted his family’s fortunes; it has also greatly benefited key players within the crypto industry.
Many leaders in the industry have seen substantial increases in their profits and political influence under Trump’s administration. While investigations into alleged illegal activities initially launched by the previous administration of Democratic President Joe Biden have largely been set aside. Here’s an in-depth look at prominent figures in the crypto world and their association with Trump:
Justin Sun, born in China, is a leading figure in cryptocurrency and the founder of Tron. He gained fame for purchasing a controversial piece of artwork—a banana taped to a wall—for $6.2 million, which he later consumed. Sun is a top investor in Trump’s $Trump meme coin and had a significant presence at a recent crypto dinner hosted at a Trump golf course near Washington. Sun, showcasing his connections with Trump, has publicly shared videos displaying accolades received as a top investor. His ventures include substantial investments in World Liberty Financial, a crypto enterprise linked with Trump and his sons. World Liberty Financial includes USD1, a stablecoin valued equally with the U.S. dollar. Trump’s recent disclosure highlights earnings of over $57 million from this venture. Previously, Sun was investigated by the Securities and Exchange Commission (SEC) under Biden’s administration for alleged market manipulation, but these inquiries have been halted since Trump assumed office.
Michael Saylor, co-founder and chair of the company now known as Strategy, is a prominent Bitcoin advocate. Strategy is famous for amassing and trading Bitcoin, holding more than 2% of the total coins in circulation. Trump Media has announced plans to raise $2.5 billion to bolster its cryptocurrency reserves, echoing Saylor’s strategies. Saylor has longstanding ties with the Trump family, meeting with Eric Trump early this year for discussions at Mar-a-Lago. His influence in the sector has been acknowledged by Eric Trump, who commended Saylor for his role at a major Bitcoin conference in Las Vegas.
Changpeng Zhao, or CZ, who founded Binance, served time for failing to regulate illegal activities on the platform but is now free. World Liberty Financial’s recent decisions include substantial investments tied to Binance. Zhao has even sought a presidential pardon from Trump to clear his past legal problems.
Brian Armstrong, leading Coinbase, is prominent in integrating politics into the crypto domain. He enhanced Trump’s campaign funding through major donations and played a role in connecting Trump with other pro-crypto figures. His influence extends to hiring strategies, including engaging Trump’s former campaign manager into Coinbase’s circles.
The Winklevoss Twins, renowned for their clash with Mark Zuckerberg depicted in “The Social Network,” run the Gemini exchange. Despite ongoing legal challenges initiated by Biden’s SEC, their support for Trump has been unwavering. Their financial contributions to Trump’s campaign were substantial, though not entirely compliant with federal regulations. They are credited with encouraging much of Silicon Valley to support Trump’s endeavors.
David Bailey, CEO of BTC Inc., is an influential crypto advocate who recently initiated Nakamoto, an investment company for Bitcoin. His advisory role in Trump’s campaign and active support of the Bitcoin community were acknowledged at the recent Las Vegas conference.