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Yahoo
27 minutes ago
- Yahoo
Trump's World Liberty crypto tokens to become tradable
By Tom Wilson -Holders of the digital tokens issued by World Liberty Financial, one of the crypto ventures of the family of Donald Trump, voted on Wednesday to make them tradeable, paving the way for their wide sale and purchase -- potentially boosting the value of the president's holdings of them. The World Liberty tokens, known as $WLFI, were sold to investors after the Trump family and their partners launched the venture - a "decentralised finance" platform that has also issued a stablecoin - last autumn. The tokens were not made tradeable at their initial sale. Instead, they gave holders a right to vote on some changes to the business, such as its underlying code. Early investors have said the primary draw of $WLFI was the connection to Trump and, in turn, their expectations the tokens would grow in value due to his backing. Making the tokens tradeable would see investors determine their price, enabling speculation, earning trading fees for exchanges that list them and likely stoking interest from a wider swath of crypto investors. The extent to which the Trump family, which reaps three-quarters of revenues from the initial sales of the tokens, will benefit from their wider trading is not clear. Gains in the tokens' price would, however, swell the value of the family's token holdings, the exact level of which is unclear. World Liberty and Trump's other crypto businesses have faced criticism from Democratic lawmakers and ethics experts as the president's administration reshapes regulations in the booming crypto sector. Democratic Senator Elizabeth Warren and Democratic Representative Maxine Waters sent a letter to the U.S. Securities and Exchange Commission earlier this year in which they said, "The Trump family's financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration's oversight—or lack thereof—of the cryptocurrency industry." The World Liberty tokens have not been designated as securities by the SEC, meaning they are not subject to the same scrutiny as investments like stocks. The White House has said Trump's assets are in a trust managed by his children and that there are no conflicts of interest. The White House has not released the details of the trust arrangement. The Trump family business has been placed into a trust whose sole beneficiary is the president, meaning that the hundreds of millions of dollars from crypto deals struck while Trump is in office could hypothetically be withdrawn at any time, or at the latest, be at his disposal when he leaves office in less than four years. Trump's company, DT Marks DEFI LLC, was set to receive 22.5 billion out of a total 100 billion $WLFI tokens, according to a description of the project released in October. The president held 15.75 billion of the tokens at the end of last year, according to a public financial disclosure report published last month. The Trump family has made around $500 million from World Liberty since the platform was launched, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms and publicly-disclosed deals. Asked by Reuters how the vote would impact the value of $WLFI tokens held by Trump and his family, the White House press office said: "This is not an inquiry for the White House." The Trump Organization did not respond to a request for comment. In response to Reuters' questions about how the tokens will become tradable, a World Liberty spokesperson said: "Additional details are forthcoming." The venture says on its website that making $WLFI tradeable "brings us one step closer to building a more open, transparent, and powerful financial system." "The American public should be very concerned about the president's vested interests in the cryptocurrency market," said Chris Swartz, a former longtime attorney at the U.S. government's Office of Government Ethics, including under both Trump administrations, who now serves as senior ethics counsel for Democracy Defenders Action, a legal advocacy group. "Not only is it a potential conduit for foreign emoluments and other illicit payments, but it puts the president in competition against other cryptocurrency issuers at the same time he is advocating for digital asset marketplace legislation. That is a clear conflict of interest." 99.9% SUPPORT The World Liberty proposal to "formally initiate the tradability of the token," posted on its website on July 9, was approved by 99.94% of around 20,900 votes. Some voters cited expectations of price gains or support for Trump as reasons for their choice. "We invested to get rich," one wrote on the World Liberty website. "To make america great again," wrote another. The identities of nearly all holders are hidden behind wallet addresses. A Milan-based person using the name Paolo, who declined to give his full name, told Reuters he had bought 95,000 $WLFI tokens for about $5,000. $WLFI tokens were sold in two initial tranches at $0.015 and $0.05. Paolo said he voted in favour of making the tokens tradeable and planned to hold the tokens until they reach $12. "Then I try to buy more when the price drops," he said. The World Liberty proposal said the timing for making the tokens tradeable, and the eligibility requirements, would be determined at a later, unspecified date. Tokens held by World Liberty's founders, team and advisers would not be initially "unlocked" for trading and would be subject to a longer "unlock schedule," it said. The implementation of approved proposals would "occur within a reasonable time from the passage of the applicable proposal,' according to the project description from October.
Yahoo
27 minutes ago
- Yahoo
Trump asked GOP lawmakers if he should fire Fed Chair Jerome Powell
Washington — President Trump on Tuesday asked a group of House Republicans if he should fire Federal Reserve Chair Jerome Powell — and people in the room voiced approval. Several sources said Mr. Trump indicated he will do it. Mr. Trump on Wednesday confirmed to reporters in the Oval Office that he spoke to lawmakers about ousting Powell. "I talked to them about the concept of firing him. I said, 'What do you think?' Almost all of them said I should. But I'm more conservative than they are," he said. Sources told CBS News that Mr. Trump made the comments to the Republican House members in the Oval Office on Tuesday night, after they blocked a procedural vote that would have advanced cryptocurrency legislation in the House favored by Mr. Trump. The idea of a president removing a Fed chair is legally untested — federal law says the chair can only be fired "for cause." The action could have serious negative effects on financial markets. Asked Wednesday if he wants Powell investigated for fraud related to the renovations of the Fed headquarters, Mr. Trump said, "Well, I think he's already under investigation. He spent far more money than he was supposed to rebuilding." "I think he's, you know, he's got some problems," Mr. Trump said. He added there are "many people" who want the chair role. Russ Vought, the Office of Budget and Management director, sent a letter last week to Powell accusing him of an "ostentatious" yearslong office renovation project that may be "violating the law." In testimony to the Senate last month, Powell called some descriptions of the renovation project "misleading and inaccurate." Sources inside the administration told CBS News the president has been socializing the possibility of a for-cause firing in public and private remarks, but the White House has not yet formally built a legal predicate. The Trump administration has tried to increase the pressure on Powell, with some administration officials publicly accusing the Fed of mismanaging a multibillion-dollar project to renovate its Washington headquarters — an allegation Powell has pushed back on. For decades, Federal Reserve leaders have operated with a high degree of independence from the rest of the government, allowing them to make decisions about the nation's monetary policy with little input from politicians. Florida Rep. Anna Paulina Luna, one of the Republicans who voted against advancing the crypto legislation, wrote in an X post Tuesday night, "Hearing Jerome Powell is getting fired! From a very serious source." In a later post, she wrote, "I'm 99% sure firing is imminent." Several lawmakers in the Oval meeting declined to comment, saying the discussion was private. White House spokespeople didn't immediately comment. Some members of the House Financial Services Committee were planning to meet with Powell on Wednesday night, sources told CBS News. Some members want to reinforce the independence of his role, one of the sources said. But a spokesperson for the committee's chairman, Rep. French Hill, said the meeting was canceled due to uncertainty with vote timing in the House. Hill said the meeting had been scheduled months ago to introduce freshman members of the committee to Mr. Trump. Mr. Trump's dissatisfaction with Powell, and his view that the Federal Reserve is not acting quickly enough to cut interest rates, has been a frequent topic of discussion for the president in recent weeks. Mr. Trump has nicknamed Powell — who was first elevated to the role of Fed chair by Mr. Trump — "Mr. Too Late." "I think he's terrible," Mr. Trump told reporters Tuesday. "You talk to the guy, it's like talking to a — nothing. It's like talking to a chair. No personality." "I think he's a total stiff. But the one thing I didn't see him is a guy that needed a palace to live in," he said, referring to the building renovation. Last month, Mr. Trump insisted he wouldn't force Powell out, though he has called on Powell to resign before his term as chair ends in May 2026. "The fake news is saying, 'Oh, if you fired him, it would be so bad, it would be so bad.' I don't know why it would be so bad, but I'm not going to fire him," the president said June 12. Mr. Trump has lashed out against the Fed for leaving interest rates steady so far this year after cutting rates last year. Further rate cuts could boost economic growth and make it easier for Americans to borrow money, but at the risk of causing inflation to spike. Interest rates remain near a two-decade high, after the Fed hiked rates in 2022 and 2023. Inflation has dropped significantly since then, but it remains above the Fed's 2%-per-year target, and Powell has indicated he plans to move cautiously. Powell has also said the Fed is concerned Mr. Trump's tariffs could cause inflation to worsen. Mr. Trump has argued inflation is already low enough to start cutting rates. He has criticized Powell in increasingly sharp terms, calling him a "Total and Complete Moron" and a "numbskull" in a Truth Social post last month. Powell was initially picked as Fed chair by Mr. Trump during his first administration, and former President Joe Biden nominated him for a second four-year term in 2022. A firing would immediately spark a legal challenge. The U.S. Supreme Court recently indicated they don't think Mr. Trump has the authority to do so. The justices in May ruled Mr. Trump can fire members of independent federal agencies including the National Labor Relations Board, but said its decision did not necessarily apply to the Federal Reserve because it is a "uniquely structured, quasi-private entity." Mike Johnson breaks from Trump, calls on DOJ to release Epstein files Details on Israeli strikes against Syria Trump denies report about firing Powell, here's what to know
Yahoo
27 minutes ago
- Yahoo
Trump says US will stick to 25% tariff on Japan, may have deal with India soon
By Trevor Hunnicutt and Andrea Shalal WASHINGTON (Reuters) -President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday. "We have some pretty good deals to announce," Trump told reporters at the start of a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa at the White House. He said he would also discuss trade issues with the Bahraini leader. "The big one really is going to be on the 150 countries that we're really not negotiating with, and they're smaller -- we don't do much business with." On July 7, Trump announced 25% tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10%. He said those smaller countries would receive a "notice of payment" with a uniform tariff rates for the whole group. The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most U.S. imports are due to rise again. The European Union and Canada, meanwhile, are readying countermeasures if their talks with the U.S. fail to produce a deal. Trump has said he does not expect to reach a broader deal with Japan. Trump's trade moves have upended decades of negotiated reductions in global trade barriers. They have unsettled international financial markets and stoked worries about a new wave of inflation. Kevin Hassett, Trump's top economic adviser, told Fox News that "a whole bunch" of additional trade deals would be announced very soon, but gave no details. He said Trump's strict August 1 deadline had spurred a flurry of new activity, including talks with countries that had not previously been in touch. Trump on Wednesday repeated his prediction of a deal with India, which faces a 26% tariff rate, but gave no details. An Indian trade delegation arrived in Washington on Monday for fresh talks, with more officials expected to arrive Wednesday. European Union trade chief Maros Sefcovic also headed to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters. He plans to meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. Trump has threatened a 30% tariff on imports from the EU from August 1, a level Europe says is unacceptable and would end normal trade between two of the world's largest markets. Greer, Trump's top trade negotiator, told business executives in Detroit, that he was focused on shrinking the $1.2 trillion U.S. trade deficit and stemming the loss of U.S. advanced manufacturing capacity. Trump's tariff policies called for a universal tariff rate of 10% on all countries, with higher rates for the most "problematic" ones, including China, which has the highest tariff rate of 55%, Greer said, adding the president was willing to negotiate if countries want to invest. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
