According to reports, a company associated with U.S. President Donald Trump and his family has reduced its stake in the cryptocurrency platform World Liberty Financial (WLFI) over the past 11 days.
According to a report by Forbes on Thursday, a holding company controlled by Trump and his family, DT Marks DeFi LLC, has been gradually decreasing its stake in WLFI. The report noted that as of December 2024, DT Marks DeFi LLC held a 75% stake in WLFI, but according to World Liberty's website, the company's shareholding ratio had dropped to "about 60%" as of January, and further decreased to 40% after June 8.
It remains unclear whether the Trump family has profited from this move, but Forbes' analysis suggests that the proceeds from such sales could amount to millions of dollars.
This divestment comes at a time when U.S. lawmakers are calling for an investigation into the president's connections to the cryptocurrency industry. World Liberty Financial also began issuing its own USD1 stablecoin in March, while Congress is advancing the GENIUS Act, which is regulatory legislation for domestic payment stablecoins.
The GENIUS Act was passed last week in the U.S. Senate with support from both Democratic and Republican lawmakers, but it may face similar challenges in the House due to Trump's connections to cryptocurrency. The president urged the House on social media on Wednesday night to pass the bill "as soon as possible."
WLFI, supported by Trump and his family, has been a focal point of controversy surrounding the president as he attempts to formulate cryptocurrency-related policies through executive orders and legislation in a Republican-controlled Congress.
In May, a company based in Abu Dhabi announced plans to use the platform's USD1 token to settle a $2 billion investment in Binance.
As of March, the company had raised approximately $550 million through two public token sales. Trump personally reported over $57 million in income from the project, with data as of June.
Related: U.S. Senate Passes GENIUS Stablecoin Bill, Systemic Risk Concerns Emerge
Original: “Reports indicate that Trump family company reduced its stake in World Liberty Financial by 20%”
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