Behind the $TRUMP phenomenon lies an even more ambitious project: World Liberty Financial (WLF). Throughout December, this platform owned directly by Trump went on a buying spree (ETH, LINK, AAVE, ONDO, etc.) worth several tens of millions of dollars.

The very day after the $TRUMP announcement, WLF bought $48M worth of ETH, bringing its reserves to 33,600 ETH. In reality, the Trump family took full control of World Liberty Financial while it was raising more than half a billion dollars¹¹. First launched in autumn 2024, WLF aims to give its users access to crypto-based financial services without intermediaries such as banks, through DeFi. WLF is also working on the USD1 stablecoin.

The deal struck with WLF gives the Trumps 75% of net revenue from token sales and 60% from WLF’s operations once the core business launches. By Reuters’ calculations, the Trump family has already taken around $400M in fees. After WLF’s co-founders take their cut, the company would be left with… just 5% of the $550M raised so far to build the platform.

Last month, it was Eric and Donald Trump Jr. who took a minority stake in the miner American Bitcoin¹², which is aiming for an IPO.

At a time when the crypto market is recovering and the White House now displays unwavering support for blockchain innovation, this convergence of political power and personal financial interests raises serious questions. Several members of Congress have already called for an investigation into Trump’s meme coin. Representative Sam Liccardo, a Democrat who represents Silicon Valley, has even introduced the Modern Emoluments and Malfeasance Enforcement Act (MEME Act), which would bar the president, senior White House officials, members of Congress, and their spouses or children from issuing or endorsing any financial asset.