One of the companies connected to US President Donald Trump and his family’s position in World Liberty Financial (WLF) has reportedly reduced its stake in the cryptocurrency platform in the last 11 days.
According to a Thursday Forbes report, DT Marks DeFi LLC, an umbrella company controlled by Trump and his family, has been slowly reducing its stake in WLF. The report noted that DT Marks DeFi LLC had a 75% stake in WLF as of December 2024, but World Liberty’s website said the company owned “approximately 60%” as of January — a stake that was further reduced to 40% sometime after June 8.
While it’s unclear whether the Trump family profited from the move, a Forbes analysis suggested that proceeds from such a sale could amount to millions of dollars.
The divestment comes amid US lawmakers calling for investigations into the president’s connections to the crypto industry. World Liberty Financial also began issuing its own USD1 stablecoin in March as Congress moves forward with the GENIUS Act, legislation to regulate payment stablecoins in the country.
The GENIUS Act passed the US Senate last week with support from both Democratic and Republican lawmakers, but could face similar challenges in the House of Representatives over Trump’s crypto ties. The president took to social media on Wednesday evening to urge the chamber to pass the bill “ASAP.”
Related: World Liberty Financial brushes off oversight concerns from Congress
Conflicts of interest claims abound between Trump and crypto
WLF, backed by Trump and his family, has been at the center of controversies surrounding the president as he attempts to enact policies related to cryptocurrency through executive orders and acts of a Republican-controlled Congress.
In May, an Abu Dhabi-based company said it intended to use the platform’s USD1 token to settle a $2 billion investment in Binance.
As of March, the company had raised roughly $550 million through two public token sales. Trump personally reported more than $57 million in income through the venture as of June.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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