Skeptics Have Also Raised Concerns About Trump's Ties to the Space

At a Senate hearing about one of the proposed bills earlier this month, top Democrat Senator Elizabeth Warren pointed to Binance's checkered legal past

Despite skepticism from some, a new report from Bloomberg sheds light on the surprising alliance between former President Donald Trump and a group of crypto executives who are working to promote a new project, World Liberty Financial, and secure favorable legislation for the industry.

The report highlights how Trump's ties to the space and his company's involvement with Binance, a cryptocurrency exchange, have raised concerns among some. Notably, during a Senate hearing about one of the proposed bills earlier this month, top Democrat Senator Elizabeth Warren expressed skepticism towards Binance due to its legal issues in other countries.

"We should be standing up to this kind of naked corruption, not trying to figure out how to build a super highway so it can take off even faster, bigger, and better," said Warren.

World Liberty Financial was introduced in September as a decentralized finance (DeFi) project, meaning one that provides financial services like lending and trading crypto without any intermediaries, though it has yet to offer such services. The project is co-founded by Steve Witkoff, a close ally of Trump’s who is now the president’s envoy to the Middle East, and Witkoff’s son Zach.

The Trump family, including the president and his sons Donald Jr. and Eric Trump, have been actively promoting the project through social media and public appearances.

In July, BitGo chief executive Mike Belshe hosted a fundraiser for Trump’s presidential campaign that was headlined by the Republican nominee’s running mate, JD Vance. The event, which took place at Belshe’s Malibu home, raised funds for Trump’s campaign and was attended by prominent figures in the crypto industry.

The report also mentions that Trump's company, Trump Organization, had a partnership with Binance, which is being investigated by the U.S. authorities for potential violations of sanctions and money laundering regulations.

As the crypto industry continues to grow and face increasing scrutiny, the alliance between Trump and these crypto executives could have far-reaching implications for the future of digital assets in the U.S.