特朗普一家建立了一个加密帝国。现在他们正在兑现。由莫莉·怀特（Molly White）

随着特朗普的掌权，加密货币行业正经历着前所未有的监管放松。抓住这个机会，特朗普一家迅速布置

With Trump back in power and the cryptocurrency industry experiencing an unprecedented loosening of regulation, the Trump family quickly forged related industries and created a crypto empire with a market value of billions of dollars, covering platform construction, token issuance, infrastructure control and even market manipulation, with power and capital closely intertwined.

随着特朗普重新获得权力，加密货币行业经历了前所未有的监管放松，特朗普家族迅速锻造了相关行业，并创建了一个具有数十亿美元的市场价值的加密帝国，涵盖了平台建设，代币的签发，基础设施，基础设施控制，甚至是市场操纵，并具有电力和资本，并封闭了电源。

This process not only brings huge profits, but also raises serious conflicts of interest and abuse of power. From platform holdings to policy intervention, from meme currency speculation to potential insider trading, the Trump family is turning the national regulatory system into a tool for their own profit.

这个过程不仅带来了巨大的利润，还带来了严重的利益冲突和滥用权力的冲突。从平台持有到政策干预，从模因货币投机到潜在的内部交易，特朗普家族将国家监管制度变成了自己的利润工具。

This article will sort out the operation path of the family crypto business, reveal how it profits in a regulatory vacuum, and explore the institutional risks caused by this "crypto empire expansion."

本文将阐明家庭加密业务的操作道路，揭示其在监管真空中的利润，并探索由这种“加密帝国扩张”造成的机构风险。

Financial backers provide blood transfusions and rules are loosened: How can crypto capital quickly open up channels between government and business?

财务支持者提供输血和规则的放松：加密资本如何迅速在政府和商业之间开放渠道？

After Trump returned to power, he quickly received at least $20 million in political donations from crypto industry financiers, including $5 million each from Ripple and Andreessen Horowitz, and millions of dollars in support from giants such as Coinbase, Gemini, Kraken, and Circle.

特朗普重新上台后，他很快从加密货币行业金融家那里获得了至少2000万美元的政治捐款，其中包括Ripple和Andreessen Horowitz的500万美元，以及Coinbase，Gemini，Kraken和Circle等巨人的数百万美元的支持。

These financiers were rewarded with policies: at least eight U.S. Securities and Exchange Commission (SEC) enforcement cases against crypto companies were withdrawn or suspended. Many companies were also included in the new rule-making process, taking the opportunity to tailor market rules for themselves in an environment with a lack of supervision, low compliance requirements, and weak consumer protection.

这些金融家获得了政策的奖励：针对加密货币公司的至少八个美国证券交易委员会（SEC）执法案件被撤回或暂停。许多公司也被包括在新的规则制定过程中，借此机会在缺乏监督，低合规性要求和消费者保护薄弱的环境中为自己量身定制市场规则。

The loosening of policies not only allowed the donating companies to make huge profits, but also cleared the institutional barriers for the Trump family's crypto expansion and laid the prerequisites for the entire set of business operations.

制定政策不仅允许捐赠公司赚取巨额利润，而且还清除了特朗普家族加密货币扩张的机构障碍，并为整个业务运营提供了先决条件。

World Liberty Financial: The core asset of Trump's crypto empire

世界自由金融：特朗普加密帝国的核心资产

In August 2024, Trump and his partners founded the crypto company World Liberty Financial. Steven Witkov, the father of project co-founder Zach Witkov, is a long-time ally of Trump and the current special representative for the Middle East. He was recently appointed as Putin's personal envoy and a key figure in facilitating the project.

2024年8月，特朗普和他的合作伙伴创立了加密公司世界自由金融。项目联合创始人扎克·维特科夫（Zach Witkov）的父亲史蒂芬·维特科夫（Steven Witkov）是特朗普的长期盟友，也是现任中东特别代表。最近，他被任命为普京的个人特使，也被任命为促进该项目的关键人物。

Although the platform's promotion and positioning were almost all centered around Trump himself, and the official website also listed his son as a "DeFi visionary" and "Web3 ambassador", and promised that 75% of the protocol revenue would belong to him, the family still tried to create a "keep your distance" attitude in the early days. Until Trump took office again, he officially held a 60% stake and became the actual controller.

尽管该平台的晋升和定位几乎全都围绕特朗普本人，并且该官方网站还将他的儿子列为“远处有远见”和“ Web3大使”，并保证75％的协议收入将属于他，但该家庭仍然试图在早期创造一种“保持距离”的态度。在特朗普再次上任之前，他正式持有60％的股份，并成为实际的控制者。

According to the latest report by crypto data company ChainArgon, World Liberty Financial has so far raised at least $550 million from multiple institutions and private investors. Among them:

根据加密数据公司Chainargon的最新报告，到目前为止，世界自由金融已经从多家机构和私人投资者那里筹集了至少5.5亿美元。他们之中：

* Andreessen Horowitz, a well-known Silicon Valley venture capital firm, invested $200 million in convertible preferred shares.

*著名的硅谷风险投资公司Andreessen Horowitz投资了2亿美元的可转换优先股。

* A consortium of Middle Eastern sovereign wealth funds, including the Investment Corporation of Dubai and the Kuwait Investment Authority, jointly invested $150 million in Series A preferred shares.

*一个中东主权财富基金的财团，包括迪拜投资公司和科威特投资局，共同向A系列优先股投资了1.5亿美元。

* Several U.S. crypto hedge funds, including Alameda Research and Three Arrows Capital, collectively invested $100 million in tokens sold in the private placement.

*包括阿拉米达研究和三大箭头资本在内的美国加密货币对冲基金，共同投资了1亿美元，以私人位置出售。

* Several Chinese crypto mining companies, including Bitmain and Canaan, invested a total of $50 million in Series B preferred shares.

*包括Bitmain和Canaan在内的几家中国加密矿业公司在B系列优先股中投资了总计5000万美元。

Among them, Andreessen Horowitz's investment is the largest single investment in a crypto startup this year. The report pointed out that the capital strength of these investors is very strong, and they are willing to invest heavily in promising projects. At present, World Liberty Financial is preparing for the next round of financing, and the expected amount will be even greater.

其中，安德烈森·霍洛维茨（Andreessen Horowitz）的投资是今年Crypto初创公司中最大的单一投资。该报告指出，这些投资者的资本实力非常强大，他们愿意在有希望的项目上进行大量投资。目前，世界自由金融正在为下一轮融资做准备，预期金额将更大。

At the same time, the report also mentioned that World Liberty Financial is currently facing some challenges, such as the lack of a clear revenue model and the fact that its flagship product, a USD1 stablecoin, has yet to be launched. However, with the rapid development of the crypto industry and the strong support of the Trump administration, World Liberty Financial is expected to overcome these challenges and become a leading crypto company in the future.

同时，该报告还提到，世界自由财务目前正面临一些挑战，例如缺乏明确的收入模式以及其旗舰产品（USD1 Stablecoin）尚未推出的事实。但是，随着加密货币行业的迅速发展以及特朗普政府的大力支持，世界自由财务有望克服这些挑战，并将成为未来的主要加密公司。

It is worth noting that $75 million of the project came from Justin Sun, a foreign crypto entrepreneur who was investigated by the SEC and the Department of Justice for suspected fraud and could not donate directly to Trump. Subsequently, Sun was appointed as an advisor to World Liberty, and the SEC's lawsuit against him was shelved after Trump took office.

值得注意的是，该项目的7500万美元来自外国加密企业家贾斯汀·孙（Justin Sun），他因涉嫌欺诈而受到SEC和司法部的调查，无法直接向特朗普捐款。随后，Sun被任命为世界自由的顾问，特朗普上任后，SEC针对他的诉讼被搁置。

$WLFI issued by World Liberty is defined as a "governance token" and should theoretically give holders voting rights, but the platform team unilaterally promoted major matters including the issuance of stablecoins without any vote. The token also has a number of regulatory circumvention clauses, is only available to non-US citizens or "qualified investors", and is currently not tradable. Some investors bet that once SEC regulation is further weakened, the relevant restrictions will be lifted and the token may be able to enter the secondary market to bring

世界自由发行的$ WLFI被定义为“治理令牌”，理论上应该赋予持有人的投票权，但平台团队单方面提出了重大事件，包括在没有任何投票的情况下发行稳定的事项。代币还具有许多监管机构规避条款，仅适用于非美国公民或“合格的投资者”，目前不可交易。一些投资者敢打赌，一旦SEC法规进一步削弱，将取消相关限制，而代币也许能够进入二级市场以携带