Latest news with #EmolumentsClause
Yahoo
2 days ago
- Business
- Yahoo
Trump Is Doing Crypto Corruption With a Billionaire Leader of Fake Country: Report
One of the many ways that Donald Trump's first presidential term was unprecedented is that his brazen self-dealing triggered multiple federal lawsuits alleging violations of the Emoluments Clause, or the provision of the U.S. Constitution that bars federal officials from accepting money and gifts from both foreign and domestic actors. But two of those suits were dismissed after Trump lost the 2020 election, while a third was dismissed by the Supreme Court, overturning lower court rulings that let the case against Trump proceed. In the opening months of his second term, Trump has been more aggressive than ever about cashing in on his powerful position, particularly in the cryptocurrency space. And new research from the anti-corruption watchdog group shared exclusively with Rolling Stone, suggests that he is flouting the federal law against receiving emoluments in a new way. Trump isn't only cozying up to foreign governments, including the United Arab Emirates, through deals with his family's burgeoning crypto empire. He is also increasingly entangled with a major investor who claims the title of prime minister for a tiny European nation that doesn't technically exist — yet. More from Rolling Stone Supreme Court Hands Trump 'GIANT WIN' in Birthright Citizenship Case Trump and Hegseth Are Melting Down Over Leaked Iran Strike Intel Scarlett Johansson, Sheryl Crow, Zayn Malik Urge Congress Not to Cut Food-Assistance Programs The crypto industry backed Trump in 2024 — becoming the biggest corporate spender of the election cycle — and the president's family has been substantially enriched by their new crypto plays, including collectible meme coins and the crypto exchange World Liberty Financial. Their combined net worth has soared by billions, crypto now accounts for a majority of Trump's personal fortune, and his administration has made every effort to deregulate the digital asset economy. The situation has created obvious opportunities for individuals from within the U.S. and abroad to try to get close to the president by backing the Trumps' digital asset ventures. Last month, for example, Eric Trump and Zach Witkoff, a co-founder of World Liberty Financial, announced an eyebrow-raising deal. The United Arab Emirates-backed venture firm MGX, they said, would use the World Liberty digital coin USD1 for a $2 billion deal with Binance, the world's largest crypto exchange. The Trumps and Witkoffs — Zach is the son of billionaire Steve Witkoff, the World Liberty co-founder emeritus and White House envoy to the Middle East — stand to reap tens of millions from the transaction. What's more, in 2023, Binance pleaded guilty to an array of financial crimes, including money laundering, paying a fine of $4 billion. A separate Securities and Exchange Commission civil suit against the company was formally dropped in May as the agency abandoned a spate of enforcement actions against crypto firms. Democratic Sens. Elizabeth Warren and Jeff Merkley warned in a letter that the creation of the USD1 token had 'set the stage for a new level of public corruption by creating a fuss-free mechanism for foreign governments to provide [Trump] with kickbacks and bribes.' The lawmakers also noted that the MGX deal 'may provide a template for other foreign governments to curry [Trump's] favor.' Trump's ties to one crypto magnate in particular may raise similar emoluments concerns, according to That would be Justin Sun, a Chinese-born crypto billionaire who until recently could not travel to the U.S. for fear of arrest for alleged financial crimes. Sun no longer has any problem attending events on American soil — including events with the president, or the ultra-MAGA Bitcoin 2025 conference in Las Vegas — because after he invested $75 million into $WLFI, the first digital token from World Liberty, the SEC froze its fraud case against him. Now Sun is an official advisor to (and prolific promoter of) World Liberty, and his own digital asset platform, Tron, which the United Nations Office on Drugs and Crimes has called a 'preferred choice for crypto money launderers' in Asia. Tron is set to go public in the U.S., with Eric Trump taking a role at the company. Sun has separately spent an estimated $40 million on $TRUMP, the meme coin the president launched two days before taking office, making him the largest investor in the gimmick token; he and approximately 200 other top buyers were invited to an exclusive dinner banquet at Trump's golf club outside Washington, D.C. last month. That's not all. In October, Sun was elected prime minister of Liberland, a globally unrecognized micronation. Founded in 2015 by the Czech libertarian activist Vít Jedlička on about 2.5 square miles of land in Croatia next to the Danube, it remains mostly forested and has no permanent residents. But a website for the project claims that it has more than 1,000 citizens and has received nearly 800,000 applications for citizenship. The country's theoretical economy and administrative functions are all blockchain-based, with one token used for business transactions and another for voting. There is no gun control, and taxes are voluntary, though only those who contribute them can vote on political candidates and legislative policy. Its motto: 'To Live and Let Live.' Sun serves as a de facto ambassador from the theoretical country and is campaigning along with Jedlička, the president of Liberland, to legitimize it in the eyes of other nations — the U.S. included. In May, Jedlička shared a video of Sun entering the White House complex with the caption 'Prime minister of @Liberland in White House today!' Speaking about his initial investment in World Liberty ahead of Trump's inauguration, Sun called it 'a very precious opportunity for Liberland in 2025' and mentioned meeting with Steve Witkoff, who has retained a stake in World Liberty even while working for the White House. 'I think if we have a very good stand on U.S. policies we will have a big breakthrough in the diplomatic relationship,' Sun said in a video shared on the Liberland YouTube account. Sun, Jedlička, and Liberland vice president Bogie Wozniak were all VIP guests for Trump's inauguration festivities. Richard Painter, a lawyer and professor and vice-chair of the watchdog group Citizens for Responsibility and Ethics in Washington, thinks Sun is probably 'living in fantasyland' when it comes to turning Liberland into a real country. But he says that a 'real, genuine effort to set up a sovereign nation' — which Sun represents as a head of state — could put the emoluments question in play. Such a separatist campaign could encompass Sun claiming 'his own financial regulations in this country,' says Painter, who served as George W. Bush's chief White House ethics lawyer, asserting that 'you can do things in crypto in [Liberland] that you couldn't do in Croatia, because [Sun] can make the rules. This sort of becomes what Bermuda is for tax havens.' Likewise, Sun and his fellow ministers could signal a serious attempt to break away from existing governance by defying the financial regulations of the European Union, to which Croatia belongs. In this type of scenario, Painter explains, Sun might indeed be seen as a foreign leader, and Trump profiting from his investments would be improper under constitutional law. 'The Emoluments Clause applies to foreign princes and heads of state of foreign governments, but would also apply to those who claim to be foreign governments who claim sovereignty, whether or not the United States recognizes that,' he says. 'We don't formally recognize Taiwan anymore, but if something came in from the government of Taiwan, we'd see it as an emoluments violation.' Having the Trump administration acknowledge Liberland as a distinct state outside Croatian and EU law would throw this corruption issue into sharper relief — yet Sun and his allies clearly stand to gain from such a diplomatic development. Running their own blockchain-based sovereign country as a cabal of crypto kingpins, they would no doubt make the most of the freedom from regulatory oversight there. Neither World Liberty Financial nor Sun returned requests for comment about the ethics of the business relationship between Sun, the president, and the crypto ventures controlled by the Trumps. White House Deputy Press Secretary Anna Kelly did get back to Rolling Stone with a statement. 'The President is working to secure good deals for the American people, not for himself,' she wrote. 'President Trump only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media.' Executive Director Tony Carrk disagrees about Trump's priorities. 'In total disregard for the Emoluments Clause and every presidential ethical standard, Trump and Steve Witkoff are using a barely regulated crypto scheme to grab up tens of millions from an accused Chinese crypto fraudster whose riches seemingly helped elevate him to be leader of his own micronation — and now wants recognition from the U.S. government,' Carrk said in a statement shared with Rolling Stone. 'While Sun and many other foreign investors with hidden agendas were invited to buy first-class access to the president, Trump has yet to make time for any one of the millions of Americans about to lose their health coverage and food aid under the 'beautiful' Trump tax giveaway for the rich,' added Carrk. 'Wearing corruption on his sleeve seems to be President Trump's strategy for avoiding congressional scrutiny. But his allies in Congress shouldn't wait around for Trump's many self-enrichment schemes leveraging the power of the White House to leave American working people and our national security worse off.' Representatives for World Liberty Financial have not been shy about advertising how major investments in the firm can secure a line to the president, who until recently was listed as the company's 'chief crypto advocate' and is the first person featured on its website, as a co-founder emeritus, alongside his sons. He also, of course, effectively dictates U.S. crypto policy. World Liberty has approached a wide range of foreign businesses in looking to establish relationships that raise its profile and, as of March, had sold more than half a billion dollars worth of its tokens. When it comes to the conflicts of interest Trump has embraced in this field, and the scale of these possible emoluments violations, both have absolutely dwarfed the repeated allegations of foreign governments paying Trump through his hotels and restaurants in his first term — the deals that brought the unsuccessful emoluments suits against him in his first term. Liberland did once get in on the Trump hotel scheme, though. In 2018, a year after a delegation from the tiny region attended the president's first inauguration, its leadership threw an exclusive reception for American lawmakers at Trump International Hotel in Washington, D.C., spending at least $750,000 on accommodations. The Trump Organization sold the hotel in 2022, and today, the first family sees far bigger windfalls from its crypto partners. After more than a century as real estate moguls, the dynasty has found greener pastures. Best of Rolling Stone Every Super Bowl Halftime Show, Ranked From Worst to Best The United States of Weed Gaming Levels Up
Business Times
17-06-2025
- Business
- Business Times
Trump Mobile joins the Oval Office sales parade
THE president of the US' two eldest sons are getting into the mobile phone business. Their company, Trump Mobile, is now offering a monthly plan, serviced by three existing telecommunications heavyweights – AT&T, Verizon Communications and T-Mobile US. Eric Trump and Donald Trump Jr, who are stewards of the family's holding company, the Trump Organization, said they would also offer customers a 'sleek, gold smartphone' that will be 'Made In The USA'. They are pitching their new enterprise as 'transformational'. It really is not a transformational deal, however. Ryan Reynolds slapped his name on a similar service years ago, Mint Mobile, that added the magic dust of his celebrity and low rates to a service built on existing technology. Reynolds did, however, score a big payday when he sold Mint to T-Mobile. That may be what the Trumps, who have no experience in the cellular business, had in mind with their new gig. They even flag Reynolds' company in their press release announcing it. What truly separates Trump Mobile from competitors, though, is that President Donald Trump looms in the background – around this venture and all others his sons are pursuing. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While the sons note in their press release that the Trump Organization is not involved with selling, developing or distributing Trump Mobile service and products, none of their current dealmaking would be as accessible or as profitable if the paterfamilias was not sitting in the White House. Besides, the sons go out of their way to invoke Donald Trump's political movement by noting that Trump Mobile – a startup phone service, mind you – is 'building on the movement to put America first'. Apart from the challenges the Trumps are likely to face fashioning a mobile handset from parts sourced entirely in the US, what they are really putting first is their wallets. In theory, the Trump sons are private citizens and free to make coin however they see fit, along with reaping the rewards or consequences of doing so. But they are not flying solo. And the fruits of their labour flow to their father, as Donald Trump's federal financial disclosure forms, released on Jun 13, showed. The riches Donald Trump is harvesting as president represent a raw financial conflict of interest that shreds the integrity of his office and the bona fides of some of his core policy goals. Presidents are not subject to ethics codes that govern other federal employees, because the Constitution's framers felt a strict set of rules would invariably hamstring the executive. (They did try to prevent foreign bribery with the Emoluments Clause, which seems quaint now.) Still, presidents in the modern era have typically placed their financial holdings in a blind trust managed by an independent third party, which I highlighted in 2016 when Donald Trump was pursuing his first successful presidential bid. Despite numerous opportunities to do as his predecessors from both political parties had done, Donald Trump did not distance himself in substance or practice from the operations of the Trump Organization or Trump-affiliated entities during his first presidential term. Even Nelson Rockefeller – heir to a fortune far more substantial and consequential than Donald Trump's – sat for congressional grillings in 1974 about his family's operations. And he was only seeking confirmation to be vice-president. But that was the post-Watergate 1970s, and holding elected officials accountable for their business dealings was a non-partisan measure of good government and good faith. Times have changed. Although the Trumps and the White House emphasise that Donald Trump's holdings are in a trust, it is a trust overseen by his eldest son, Donald Trump Jr, and is not, therefore, 'blind'. There simply is not a meaningful firewall separating Donald Trump from his businesses. Even the porous financial buffer between him and foreign entities seeking favours from the US, or domestic operators seeking federal deals or regulatory or tax relief, that existed in his first term has given way to no buffer at all. (Spend some time with Bloomberg News reporter Max Abelson's account of the Trump financial locomotive for a thorough look at all of this.) Some of the wheeling and dealing that used to take place at Donald Trump's Washington hotel during his first term now just take place inside the White House itself. Consider the private dinner Donald Trump hosted at his Virginia golf club, followed by a tour of 1600 Pennsylvania Avenue the next day, for cryptocurrency players willing to invest enough money in the $Trump memecoin to be considered one of its top 25 holders. (A larger group of 220 investors got the meal but not the tour.) The value of the memecoin rose 56 per cent when Donald Trump's Washington crypto fete was announced. That came on the heels of Donald Trump's own push to give federal regulatory blessings and support to the crypto industry. The president is not a detached observer of any of this. His financial disclosures show he personally earned at least US$57.7 million from his family's crypto dealings last year. Trump Media & Technology Group, a publicly traded firm that began as a holding company for a social media platform, Truth Social, has made a push into crypto that appears to have helped keep its valuation aloft. Donald Trump has moved recently to unload most of his majority holding in Trump Media – a stake now worth more than US$2 billion. Donald Trump's crypto machinations may be his most lucrative and glaring financial conflict, but it is far from the only one. The financial disclosure forms also showed tens of millions of dollars in royalty payments from Trump-branded watches, sneakers, fragrances, non-fungible tokens and a guitar. A Save America coffee table book and a Trump Bible also contributed to the haul. Donald Trump has always been a human shingle, willing to license his name on almost anything to almost any bidder. But most of the flotsam he is selling now benefits from an Oval Office sales boost. There is also old-fashioned pay-to-play mud baths that have always surrounded Washington. Elon Musk, who donated lavishly to Donald Trump's re-election bid, has lots of business with the government, and for a time oversaw the president's federal downsizing efforts. There is the US$400 million Qatari jet Donald Trump has accepted as a budget-friendly replacement for the existing Air Force One, but it will revert to his presidential library when he leaves office. He has weakened environmental regulations for oil companies, as he promised to do while fundraising with oil majors at a Mar-a-Lago gathering during the 2024 campaign. Business leaders are reportedly paying millions of dollars to a political action committee for the privilege of dining with him at the same Palm Beach resort. Donald Trump's state visit to the Middle East last month followed his two sons' successful pursuit of real estate deals in the region before the president travelled there. And so on. So what are the chances that Donald Trump will use his sons' new mobile venture as a reason to lean on AT&T, Verizon and T-Mobile to give his children or the market they inhabit favourable treatment in exchange for some form of regulatory or business relief? Probably just as good as the chances of money from the cellular startup finding its way into Donald Trump's coffers. It is a sorry state of public affairs and, until the rules are changed and enforced, Donald Trump and his family will continue feathering their nest. BLOOMBERG The writer, a senior executive editor of Bloomberg Opinion, is author of TrumpNation: The Art of Being the Donald
Yahoo
16-06-2025
- Business
- Yahoo
Trump Mobile announced with a $499 gold 'T1' phone
On Monday morning, the Trump Organization announced that it will be launching a Trump-branded smartphone and wireless service in September. A press release for the new company promised that it would be "a transformational, new cellular service designed to deliver top-tier connectivity, unbeatable value and all-American service for our nation's hardest-working people." Trump Mobile also announced the launch of the T1 Phone, a gold-colored, made-in-America smartphone etched with an American flag that will retail for $499. The company's signature mobile plan, the 47 plan, will offer unlimited talk, text, and data for $47.45 per month. Credit: Trump Mobile Ever since the introduction of his "Liberation Day" tariffs, President Donald Trump has been pressuring Apple CEO Tim Cook to start building the iPhone in America. As Mashable has previously reported, a made-in-America iPhone could cost as much as $3,000, while Apple itself would potentially need to spend billions to create the domestic infrastructure needed to build its flagship smartphone in the United States. Trump has targeted Cook with Truth Social posts, even threatening to place a 25 percent tariff on iPhones and other smartphones. "Trump Mobile is going to change the game, we're building on the movement to put America first, and we will deliver the highest levels of quality and service. Our company is based right here in the United States because we know it's what our customers want and deserve," said Donald Trump Jr, EVP of The Trump Organization, in a press release. The announcement was timed to celebrate the 10th anniversary of the launch of President Trump's first campaign for president. Once upon a time, U.S. presidents were expected to eschew investment and financial opportunities while occupying The White House to avoid conflicts of interest. In fact, the U.S. Constitution includes an Emoluments Clause, which explicitly prohibits the president from profiting off the office. Former president Jimmy Carter even put his beloved peanut farm into a blind trust while he was in office to avoid even the appearance of a conflict of interest. The Emoluments Clause is essentially enforced by the honor system; the Trump Administration has also interpreted the constitutional doctrine in novel ways. The Trump Organization says a U.S.-based customer service team will be at the ready 24/7 to help customers switch to Trump Mobile. The plan also comes with a number of benefits to woo potential customers, including: 24/7 roadside assistance via Drive America Telehealth medical services Free International calling (more than 100 countries included) "No contracts, no credit check"
NBC News
23-05-2025
- Business
- NBC News
Who attended Trump's crypto dinner? Photos and social media offer some clues
'Mostly men, I think I was one of the maybe 5 women there,' she wrote. 'Felt like 50/50 of people from the states compared to those from other countries — we met people from China, Philippines, Dubai, Korea, etc.' The event has been widely criticized ever since its announcement, with government ethics experts and Democratic politicians decrying it as an extreme breach of presidential norms. Some Republican lawmakers also said the event made them uncomfortable. And while the Emoluments Clause of the Constitution gives Congress the power to limit the president from profiting off his position through foreign gifts, Trump's broad embrace of crypto and many other businesses has gone far beyond what any previous president has done while in office. The White House did not respond to requests for comment Friday. Earlier this week, a spokesperson said Trump 'only acts in the best interests of the American public.' As for the memecoin, which launched in January, Trump's interests are not entirely clear. While the website for the contest claims that Trump 'is appearing at the dinner as a guest and not soliciting any funds for it,' it also says that 80% of the $TRUMP coin project is owned by two Trump-affiliated companies, CIC Digital and Fight Fight Fight LLC. The coin's creators receive a transaction fee every time someone buys or sells the coin. 'You're essentially allowing people who want to ingratiate themselves to put money directly into the President's pocket, both people who are American citizens and permanent residents and foreign nationals,' said Dan Weiner, the director of the Elections and Government Program at the Brennan Center for Justice, ahead of Thursday's event. 'And that flies in the face of all of the norms we have built up around public service. It's why every other president in recent memory, voluntarily, you know, divested from any assets that might pose a conflict of interest.' The splashiest arrivals included Justin Sun, the top buyer of $TRUMP who had revealed his identity ahead of the event, and Odom, who used to play for the Los Angeles Lakers but on Thursday night appeared promoting his own meme coin. But alongside them was a lesser-known set of individuals. If they were among the top 220 holders of the $TRUMP coin, they also had the option to give their ticket to someone else, according to the published rules. Winners, or people who received tickets from them, were not allowed to bring guests. NBC News requested comment from everyone it was able to identify. Most did not respond. Some of the attendees had deep connections to the world of cryptocurrency. Jack Lu, the CEO of the San Francisco-based NFT marketplace Magic Eden, posted a photo of himself at the event on X and was photographed entering the event by NBC News. Lu hadn't previously posted about owning $TRUMP or about politics. Alongside him in his photo was Magic Eden's Chief Business Officer Chris Akhavan. In 2024, Akhavan tweeted about appearing at a Trump NFT event, but had not tweeted about potentially holding $TRUMP, according to a search by NBC News. In the same photo was Clinton Bembry, the founder of Slingshot Finance, a crypto company that was recently acquired by Magic Eden. Bembry also had not previously posted about purchasing $TRUMP coin. Another attendee, Michael Raumann, posted a signed menu on Instagram and was photographed outside the event. Raumann has worked for a German crypto startup, according to past media coverage and YouTube videos. Stephen Hess, the founder of Metaplex, a platform that launches crypto products, posted a photo of himself ahead of the dinner, and was photographed by NBC News outside of the event in a Metaplex hat. Mackenzie Hom, who leads strategy at the Cayman Islands-based Metaplex foundation, was included in the photo, and posted photographs from the event alongside Hess and Clay Helms, head of partnerships at the company. Metaplex software 'powered the $TRUMP token launch,' according to the dinner's website. Sandy Carter, chief operating officer of San-Francisco-based Unstoppable Domains, a blockchain-based web-hosting company, was also photographed at the event with the group of Metaplex executives. A former vice president at Amazon Web Services, she also posted several photos to X. Bryce Paul, the chief investment officer of San Diego-area investment fund Tower 18 Capital, posted a selfie from the event on X. 'Never stop fighting for what you believe in,' he wrote. He's also the host of a crypto podcast and the author of a crypto book, marketed as, 'How to make a fortune in the new crypto bull run… without needing much money.' Another crypto owner, Kendall Davis, spoke to NBC News outside the event as he sparred with protesters. He said the industry had made him a multimillionaire after he previously was homeless, and he characterized his attendance as a once-in-a-lifetime opportunity to dine with a sitting president. Many of the attendees maintained more discreet profiles. Brian Ng, a poker player from Massachusetts, was photographed entering the event, but did not post any identifiable content using his name. In a phone call, he confirmed he attended and said it was a great networking event. Yasin Okan, who is based in Turkey and has worked as a flight attendant according to his X and LinkedIn profiles, posted on Instagram from the event. He did not respond to a request for comment. New Zealand financial trader and amateur soccer player Dylan Stansfield was also photographed at the event. When reached for comment, Stansfield said he was 'infuriated to have been identified' and that ''doxxing' crypto people put their lives at risk.' There has been some growing cause for concern in the crypto world regarding personal security. In France, a string of violent kidnappings has targeted the crypto community in the last month. Nick Pinto, an influencer who posted on TikTok, Instagram and X from the event, said others at the event were keen to maintain privacy. 'The attendees didn't like cameras. A lot of times when an event photographer came around they'd reject the request for photos,' he told NBC News. Pinto said he tried to get a photo with Trump when he appeared, but that Trump's appearance was brief. 'He gave his speech and then immediately left. I wrote 'Can I get picture?' on my phone screen using Snapchat text like people do at concerts, and I know that he read it as he looked at me several times during his speech. I was at the front of the line. He didn't even stay to personally hand the watches to the top 4 people that paid 8 figures to get that rank.'
Indian Express
22-05-2025
- Politics
- Indian Express
US formally accepts Qatar's luxury jet for use as Air Force One for Trump
The United States has formally accepted a luxurious Boeing 747-8 jet from Qatar as a gift which is poised to be used for the Air Force One fleet and the US Air Force has been tasked to find a way to rapidly upgrade it, in order to transport President Donald Trump, the Pentagon said on Wednesday. The Pentagon added that US Secretary of Defence, Pete Hegseth, accepted the plane by Qatar for use as Trump's official plane. 'The secretary of defense has accepted a Boeing 747 from Qatar in accordance with all federal rules and regulations,' Chief Pentagon spokesperson Sean Parnell said. Pentagon's Parnell further said the Defence department will work to ensure proper security measures and functional-mission requirements are considered. The Boeing 747-8 jet will be modified as per the requirements of the Air Force One fleet, which is the official mode of transport for the US president. The White House has said that the Qatari gift is legal but the announcement last week caused a huge uproar in Washington. The luxurious jet is a gift by Qatar's Royal family and is estimated to cost about $400 million. The White House has said that the new plane would be transferred to the presidential library at the end of his term. President Trump justified the transfer of the jet to US, stating 'They're giving us a gift,' adding that it would be 'stupid' to turn down the plane. However, according to the US Constitution's provision of Emoluments Clause, the public officials are prohibited from accepting gifts from the foreign countries without the prior approval of Congress. The Qatari jet transfer has not received Congressional approval. The Democrats have criticised the move by the Trump administration and have also sought to block the handover. Senate Democratic Leader Chuck Schumer said 'Today marks a dark day in history: the president of the United States of America officially accepted the largest bribe from a foreign government in American history,' Reuters reported.
