Written by: Li Dan

Source: Wall Street Watch

Although cryptocurrencies have plummeted this year, it appears that the Trump family is trying to redeem themselves. The cryptocurrency platform they support is reshaping the relationship between Wall Street and digital assets.

On Wednesday, the 19th, Eastern Time, the cryptocurrency platform World Liberty Financial, co-founded by the Trump family, held a meeting at Mar-a-Lago. At the meeting, executives from the financial industry, government officials, and people from the cryptocurrency industry gathered, highlighting how virtual assets have become both a policy priority and a profit center for the family during Trump’s second term.

The event by World Liberty Financial attracted around 500 attendees, including Goldman Sachs CEO David Solomon. The former cryptocurrency skeptic revealed during the meeting that he holds a small amount of Bitcoin, marking a shift in his stance. Attendees also included Binance’s co-founder Changpeng Zhao, heads of the New York Stock Exchange and NASDAQ, as well as several current and former financial regulators.

According to the Bloomberg Billionaires Index, in the first year of Trump’s second term in 2025, the family’s wealth is expected to increase by more than $1 billion due to the new cryptocurrency business, an amount that exceeds three times the value of Mar-a-Lago itself. World Liberty Financial, co-founded by Trump's eldest and second sons and the son of presidential envoy Witkoff, is a crucial pillar in this rapidly accumulating wealth.

This gathering reflects a profound shift in the attitude toward cryptocurrency from Congress to the upper echelons of domestic financial giants. Under the Trump administration's more friendly policy direction, Wall Street institutions are still actively preparing to benefit from the recovery of cryptocurrency businesses, despite the significant drop in prices of crypto assets.

Wall Street's Shift: From Skepticism to Embracement

For years, Wall Street executives have criticized cryptocurrencies. The most notable example occurred in 2022 when JPMorgan CEO Jamie Dimon compared this asset class to "pet rocks."

Media reports revealed that when news of Dimon’s remarks surfaced, Solomon was on a private jet and expressed surprise that Dimon could make such a flippant comment without repercussions. Solomon himself had previously been skeptical of crypto products but had been more restrained in public, referring to cryptocurrencies as speculative investments lacking real use cases.

However, during the event at Mar-a-Lago this Wednesday, Solomon seemed to start taking cryptocurrencies more seriously. He told the audience that he holds a "very, very limited" amount of Bitcoin and stated that he is not a "great Bitcoin prophet," merely an observer of the asset.

Such a stance from Solomon may benefit business. Wall Street institutions are actively positioning themselves to benefit from the recovery of cryptocurrency companies that faced a harsh regulatory environment during the Biden administration.

There are also important client relationships to consider: The Witkoff family has business dealings with Goldman Sachs. Solomon said at the event: "I came because Alex Witkoff called me. When an important client of the company calls me asking me to do something, I make time for that."

NASDAQ CEO Adena Friedman and NYSE President Lynn Martin were also in attendance. Both exchanges have companies listed that are supported by the Trump family. Over the past year, Trump’s eldest son Donald Trump Jr. and second son Eric Trump have visited both exchanges for bell-ringing ceremonies.

While Donald Trump Jr. positions World Liberty as a challenge to traditional finance, the meeting still attracted other senior Wall Street figures, including hedge fund managers Marc Lasry, Daniel Loeb, and Philippe Laffont.

Jenny Johnson, CEO of asset management firm Franklin Templeton, previously called Bitcoin a "disruptor" in 2022, saying it distracted attention from the disruptive potential of the blockchain technology underlying virtual assets. However, when speaking at Mar-a-Lago, she expressed the vision of cryptocurrency companies collaborating with traditional financial institutions.

Johnson said: "For me, I’ve been trying to understand how everything is evolving, especially at the intersection of traditional finance (TradFi) and decentralized finance (DeFi)."

Gathering of Government Officials: The Border of Regulation and Business

This event highlighted World Liberty's ability to leverage relationships at the highest levels of the U.S. government, including officials responsible for regulating crypto assets.

Government officials were seen throughout the resort, including the Small Business Administration Administrator Kelly Loeffler, and Commodity Futures Trading Commission Chairman Michael Selig, who helps regulate the crypto industry. Selig’s predecessor, acting chairman Caroline Pham, was also in the crowd; she recently took a position with the digital asset company MoonPay.

In response to questions about the presence of government officials at the event, White House press secretary Anna Kelly stated that President Trump "has no conflict of interest." White House counsel David Warrington said in a statement: "The President is not involved in any business transactions that might involve his constitutional responsibilities. President Trump is fulfilling his constitutional obligations in an ethical manner, and any other implications are either uninformed or malicious."

Eric Trump remarked on Wednesday: "Ironically, the whole world has turned full circle. Some people in this room may have once stood against us, once canceled our bank accounts, simply because my father wore a hat that said 'Make America Great Again,' they kicked us out of their big banks."

In the face of questions about potential conflicts of interest regarding new investments—including World Liberty Financial—the Trump brothers have repeatedly emphasized that they are private businessmen.

Rapid Expansion: Powerful Supporters and Controversial Deals

Since hitting a record high in October 2025, Bitcoin's market value has shrunk by almost half, severely impacting companies in the industry, but World Liberty Financial continues to push forward with an expansion that is surpassing nearly everyone's expectations in the industry.

According to data provider CoinMarketCap, its USD1 stablecoin—a virtual asset designed to maintain the value of the dollar—currently has a circulation of over $5 billion, making it one of the largest stablecoins in the world. The company has applied for a banking license and announced the launch of a new lending platform. It is also promoting a Maldives hotel project branded by Trump, allowing investors to purchase virtual tokens related to the development of that project.

Even before launching any products, World Liberty Financial had attracted powerful supporters. Reports indicate that in January 2025, just days before Trump's inauguration, an investment vehicle connected to Abu Dhabi's national security adviser and one of the most powerful figures in the Gulf region, Sheikh Tahnoon bin Zayed Al Nahyan, purchased a 49% stake in the company for $500 million, which a company spokesperson subsequently confirmed.

This report provoked strong protests from Democratic lawmakers, with some calling for the Treasury to investigate the deal.

Donald Trump Jr. stated in an interview that World Liberty is being unfairly targeted, and other financiers often accept similar investments. "Because it’s us, 'oh, there’s the problem,'" he said.

World Liberty is also connected to other foreign companies. According to prior reports from Bloomberg, its flagship stablecoin was developed with help from Binance. Binance is the largest cryptocurrency exchange globally. Changpeng Zhao of Binance acknowledged federal charges in 2023 for failing to operate appropriate anti-money laundering procedures on the platform. He resigned from the company and was sentenced to four months in prison. President Trump pardoned Zhao last year.

At Wednesday’s event, Zhao interacted with other high-profile guests and posted on social media that he "learned a lot" from the speech by the Commodity Futures Trading Commission chairman.

The Trump Family's Stablecoin Vision: "An Upgraded Dollar"

The Trump family’s launch of USD1 broke the default attitude of U.S. presidential families toward monopolizing the national currency since the dollar's inception in 1792.

This Wednesday, during breaks at the Mar-a-Lago event, Trump’s eldest and second sons explained to the media why they believe the dollar needs a modernization upgrade.

World Liberty Financial promotes USD1 on its website as an improvement to official dollars, branding it with the slogan "an upgraded dollar," and claiming that this stablecoin is "still a dollar, but suitable for a new era."

Donald Trump Jr. argued: "This will actually protect the dollar's hegemony. There are crypto companies among the top five buyers in the world. This will actually stabilize the dollar and do all the things we need to do." He believes the U.S. federal government and Wall Street’s big banks are not flexible or innovative enough to drive the needed change.

Eric Trump stated: "As Americans, we will lead the way. Who are you leaving this to, JPMorgan? Are you leaving it to the federal government?" He believes that Wall Street is too complacent and thus faces technological disruption.

However, what drives their venture is not a passion for inventing better products, but a strong sense of revenge. Trump’s sons believe the broader financial system is unfairly excluding them as part of the establishment after the January 6, 2021 Capitol riots when banks broadly refused to do business with the Trump family.

Donald Trump Jr. stated: "We did not enter the cryptocurrency space because we were at the forefront. We did it out of necessity. They basically forced us to do so." He called the traditional banking system a "Ponzi scheme."

Eric Trump recalled that the period between his father’s two presidential terms, when the family left the White House, was traumatic. "These are commercial buildings, residential buildings, golf courses around the world. They are not political entities, but they pulled these accounts from us like dealing with dogs. We couldn’t pay suppliers, couldn’t pay employees. So we said, listen, there has to be a better way."

Eric Trump added: "We almost had this sense of revenge, and suddenly we started pushing a great agenda. Our agenda is to modernize finance and ensure that such things never happen to anyone again."