One industry that has greatly benefited from President Trump's first 100 days back in office is the crypto community. Jo Ling Kent reports on one crypto firm that's closely-affiliated with the Trump family, whose association has raised concerns about possible conflicts of interest.

Washington

World Liberty Financial, a cryptocurrency firm with close ties to the Trump family, is facing scrutiny over potential conflicts of interest. This company, inspired by former President Trump, has the Trump family owning a 60 percent stake in the platform. As cryptocurrency becomes increasingly relevant in financial sectors, World Liberty Financial asserts it has raised over $550 million, and, recently, an additional $2 billion investment from an Abu Dhabi company.

Despite the enthusiasm surrounding its potential impacts on future banking systems, ethical concerns have been raised. Critics argue this company may enable financial gain for the Trump family without transparency, a situation akin to historical concerns regarding Trump's commercial ventures. The degree of benefit the Trump family stands to gain remains undisclosed. 

Additionally, World Liberty Financial has attracted notable investors such as Chinese billionaire Justin Sun, who previously faced securities fraud charges from the SEC in 2023. Following a $75 million investment in World Liberty, federal prosecutors paused an investigation involving Sun, prompting concerns over the intersection of politics and finance. CBS News reports the government has halted numerous cases against crypto firms since January, casting further doubts on regulatory oversight.

Presenting their vision for revolutionizing financial systems, the World Liberty team, alongside Donald Trump Jr., promoted their platform at a March crypto industry conference. However, World Liberty has declined requests for interviews, leaving questions unanswered about their intentions and affiliations.



Trump-linked crypto firm under the spotlight

When Donald Trump was campaigning for re-election, he was also campaigning for cryptocurrency. Big news, the World Liberty Financial token sale is now live. Crypto is the future. World Liberty Financial is a digital currency platform that says it's inspired by President Trump. But it's more than inspired. A company affiliated with the Trump family owns a 60 percent stake. We believe that his crypto assets are as much as $2.9 billion. Virginia Cantor has overseen ethics rules as a senior government lawyer in both Democratic and Republican administrations. President Trump has sold stakes. He sold gold sneakers, Bibles. How is this any different? At least those had some intrinsic value. This is like a perfect vehicle to funnel money to him and his family to enrich them. World Liberty says it's raised more than $550 million. And this week it announced it received a new $2 billion investment from an Abu Dhabi company. How much the Trump family stands to benefit is unknown. Another investor is Justin Sun, the eccentric Chinese billionaire, perhaps best known for buying. It's yours. Congratulations. Thank you very much indeed. And then eating a $6.2 million banana duct taped to a wall. Back in 2023, President Biden's SEC charged Sun with securities fraud. After Trump's reelection, Sun announced a $75 million investment in World Liberty Financial. And just five weeks later, federal prosecutors asked a judge to pause the Sun investigation, citing public interest. A CBS News analysis shows that the government has dropped a dozen cases against crypto firms since January. Sun is one of more than 85,000 investors in World Liberty so far. Most are unnamed and unknown. We've got the president of the United States' firstborn, Donald Trump Jr. At a crypto industry conference in Washington in March, the founders of World Liberty Financial promoted the company, along with the president's son. I'm just super excited about what this can mean for the future of banking, for the future of the financial systems. We tried to approach the World Liberty team, but they have declined our multiple requests for an interview.

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Jerusalem

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London

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Tel Aviv-Yafo

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Warsaw

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New York

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Tunis

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Brasilia

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