TLDR
- Eric Trump defends UAE-Binance deal, denying ties to President Trump’s administration.
- The Trump family is linked to World Liberty Financial, which invested in Binance.
- Eric Trump emphasizes the family’s “serial capitalism” in response to questions of conflicts.
- The Trump family’s crypto wealth surged by nearly $5 billion after World Liberty’s token listing.
Eric Trump, the son of former U.S. President Donald Trump, defended his family’s business dealings in crypto amid scrutiny over a $2 billion investment by the UAE’s MGX into Binance. The deal, which utilized World Liberty’s stablecoin USD1, has raised concerns about potential conflicts of interest due to the Trump family’s ties to the company.
Speaking to CNBC, Eric Trump quickly dismissed any connections between the recent deals involving the UAE and his father’s administration, emphasizing that “We’re far from Hunter Biden … the guy’s out there selling finger art.” This remark was a reference to Hunter Biden’s controversial art sales during his father’s presidency, which were criticized by some as attempts to gain influence.
UAE Investment and Its Context
The controversy stems from two major events within a short period: the investment by the UAE-founded MGX into Binance and the Trump administration’s apparent decision to grant the UAE access to advanced computer chips.
According to The New York Times, the UAE secured the chips shortly after the deal with Binance was finalized.
Despite the proximity of these events, both White House and World Liberty representatives have denied any explicit connection between the two deals. However, the close timing has raised ethical concerns, with critics questioning whether the administration’s actions may have benefited the Trump family’s business interests.
Trump Family’s Crypto Involvement Through World Liberty Financial
Eric Trump’s defense comes amid the growing involvement of the Trump family in the crypto space through their company, World Liberty Financial (WLFI). The company, co-founded by Eric, Donald Trump Jr., and others, is heavily tied to the recent surge in Dogecoin-related investments.
WLFI, which has a treasury of over $2.7 billion backed by the $2 billion investment in Binance, is actively involved in advancing Dogecoin’s use in payments and remittances.
While Eric Trump maintains that the family’s involvement in crypto is purely business and not influenced by their political connections, The New York Times noted that World Liberty’s stablecoin, USD1, became a crucial part of the UAE’s investment deal. This connection further fuels questions about the Trump family’s role in the rapidly evolving crypto industry.
Family Defends Its Position Amid Growing Scrutiny
Eric Trump took the opportunity to stress that his father, unlike other political figures, has not personally profited from the presidency, asserting that President Trump was “the first guy who hasn’t made money off of the presidency.”
He positioned the Trump family as “serial capitalists,” stating that their ventures, including their foray into cryptocurrency, arose out of necessity after being “debanked by everybody.”
This defense of the family’s actions comes at a time when cryptocurrency is seeing increasing adoption, and the market for digital assets continues to grow. Notably, Eric Trump’s other crypto ventures, including American Bitcoin, are also drawing attention as the Trump family expands its footprint in the digital economy.
