On January 17, 2025, just three days before Donald Trump’s second inauguration, he made a significant foray into the cryptocurrency realm by launching a new meme coin named $TRUMP. This digital asset featured an image of the President with his fist raised, adorned with the slogan “FIGHT FIGHT FIGHT.” The following day, his wife, Melania Trump, followed suit with the release of her own meme coin, $MELANIA, showcasing her face in a close-up with her hands clasped in apparent prayer. Both coins were marketed heavily on social media platforms, which boosted their value soon after their announcements. Eric Trump touted $TRUMP in a statement, declaring, “$TRUMP is currently the hottest digital meme on earth. This is just the beginning.”
With Trump resuming his role in the White House, the pace of developments surrounding cryptocurrency and foreign investment rapidly accelerated. One of his first presidential acts involved instructing regulatory agencies to evaluate existing laws impacting the digital asset sector, aiming for restructuring or removal of stringent regulations. In February, under new leadership, the Securities and Exchange Commission (S.E.C.) requested a court to pause its ongoing lawsuit against a key figure, Sun, whose stake in the World Liberty company had ballooned to $75 million.
By March, Trump hosted a White House crypto summit, coordinated by his appointed “crypto czar,” David Sacks, a venture capitalist from Silicon Valley. At this summit, he announced ambitious plans for a U.S. “Strategic Bitcoin Reserve.” Shortly thereafter, Eric and Donald Trump Jr. merged a company they had created just a month prior with Canadian bitcoin-mining firm Hut 8, leading to the formation of American Bitcoin, which aimed to become a leading player in the bitcoin mining sector and establish a significant bitcoin reserve.
The Trump family’s endeavors also extended across the globe, particularly to the Persian Gulf. In April, the Saudi-owned real estate developer Dar Global, already collaborating with the Trumps on various projects in the Middle East, unveiled plans for both a Trump hotel in Dubai and a golf resort in Qatar, with Eric Trump present for the announcements.
On the domestic front, Donald Jr. participated in the launch of an exclusive Washington club, named the Executive Branch, with membership fees reportedly set at half a million dollars. The club’s ownership featured Donald Jr. alongside partners Malik and Buskirk, as well as the Witkoff brothers, who are connected to World Liberty Financial. High-profile attendees included Secretary of State Marco Rubio, Attorney General Pam Bondi, and other notable figures from the administration.
The Trump family’s strategies appeared heavily focused on cryptocurrency and courting foreign investors. A detailed report from Reuters in October detailed the workings of their “global crypto cash machine.” During a cryptocurrency conference in Dubai, Eric Trump sought investments for World Liberty from international investors, including a Chinese businessman linked to allegations of money laundering. A company from the U.A.E., associated with this businessman, reportedly purchased $100 million in World Liberty Financial tokens.
Further complicating matters, reports indicated that a significant majority of World Liberty token purchases were executed through digital wallets likely tied to overseas buyers. Moreover, accusations surfaced concerning Trump’s acceptance of foreign gifts in contravention of constitutional guidelines. In February, Trump notably inspected a luxury Boeing 747 owned by the Qatari government. In May, just before a diplomatic trip to Qatar, the U.A.E., and Saudi Arabia, he announced that the Pentagon would accept the aircraft as a “GIFT, FREE OF CHARGE” from the Qatari royal family. The White House press secretary reassured the public that any gift from a foreign government was accepted in compliance with applicable laws and emphasized the administration’s commitment to transparency.
