特朗普一家建立了一個加密帝國。現在他們正在兌現。由莫莉·懷特（Molly White）

隨著特朗普的掌權，加密貨幣行業正經歷著前所未有的監管放鬆。抓住這個機會，特朗普一家迅速佈置

With Trump back in power and the cryptocurrency industry experiencing an unprecedented loosening of regulation, the Trump family quickly forged related industries and created a crypto empire with a market value of billions of dollars, covering platform construction, token issuance, infrastructure control and even market manipulation, with power and capital closely intertwined.

隨著特朗普重新獲得權力，加密貨幣行業經歷了前所未有的監管放鬆，特朗普家族迅速鍛造了相關行業，並創建了一個具有數十億美元的市場價值的加密帝國，涵蓋了平台建設，代幣的簽發，基礎設施，基礎設施控制，甚至是市場操縱，並具有電力和資本，並封閉了電源。

This process not only brings huge profits, but also raises serious conflicts of interest and abuse of power. From platform holdings to policy intervention, from meme currency speculation to potential insider trading, the Trump family is turning the national regulatory system into a tool for their own profit.

這個過程不僅帶來了巨大的利潤，還帶來了嚴重的利益衝突和濫用權力的衝突。從平台持有到政策干預，從模因貨幣投機到潛在的內部交易，特朗普家族將國家監管制度變成了自己的利潤工具。

This article will sort out the operation path of the family crypto business, reveal how it profits in a regulatory vacuum, and explore the institutional risks caused by this "crypto empire expansion."

本文將闡明家庭加密業務的操作道路，揭示其在監管真空中的利潤，並探索由這種“加密帝國擴張”造成的機構風險。

Financial backers provide blood transfusions and rules are loosened: How can crypto capital quickly open up channels between government and business?

財務支持者提供輸血和規則的放鬆：加密資本如何迅速在政府和商業之間開放渠道？

After Trump returned to power, he quickly received at least $20 million in political donations from crypto industry financiers, including $5 million each from Ripple and Andreessen Horowitz, and millions of dollars in support from giants such as Coinbase, Gemini, Kraken, and Circle.

特朗普重新上台後，他很快從加密貨幣行業金融家那裡獲得了至少2000萬美元的政治捐款，其中包括Ripple和Andreessen Horowitz的500萬美元，以及Coinbase，Gemini，Kraken和Circle等巨人的數百萬美元的支持。

These financiers were rewarded with policies: at least eight U.S. Securities and Exchange Commission (SEC) enforcement cases against crypto companies were withdrawn or suspended. Many companies were also included in the new rule-making process, taking the opportunity to tailor market rules for themselves in an environment with a lack of supervision, low compliance requirements, and weak consumer protection.

這些金融家獲得了政策的獎勵：針對加密貨幣公司的至少八個美國證券交易委員會（SEC）執法案件被撤回或暫停。許多公司也被包括在新的規則制定過程中，藉此機會在缺乏監督，低合規性要求和消費者保護薄弱的環境中為自己量身定制市場規則。

The loosening of policies not only allowed the donating companies to make huge profits, but also cleared the institutional barriers for the Trump family's crypto expansion and laid the prerequisites for the entire set of business operations.

制定政策不僅允許捐贈公司賺取巨額利潤，而且還清除了特朗普家族加密貨幣擴張的機構障礙，並為整個業務運營提供了先決條件。

World Liberty Financial: The core asset of Trump's crypto empire

世界自由金融：特朗普加密帝國的核心資產

In August 2024, Trump and his partners founded the crypto company World Liberty Financial. Steven Witkov, the father of project co-founder Zach Witkov, is a long-time ally of Trump and the current special representative for the Middle East. He was recently appointed as Putin's personal envoy and a key figure in facilitating the project.

2024年8月，特朗普和他的合作夥伴創立了加密公司世界自由金融。項目聯合創始人扎克·維特科夫（Zach Witkov）的父親史蒂芬·維特科夫（Steven Witkov）是特朗普的長期盟友，也是現任中東特別代表。最近，他被任命為普京的個人特使，也被任命為促進該項目的關鍵人物。

Although the platform's promotion and positioning were almost all centered around Trump himself, and the official website also listed his son as a "DeFi visionary" and "Web3 ambassador", and promised that 75% of the protocol revenue would belong to him, the family still tried to create a "keep your distance" attitude in the early days. Until Trump took office again, he officially held a 60% stake and became the actual controller.

儘管該平台的晉升和定位幾乎全都圍繞特朗普本人，並且該官方網站還將他的兒子列為“遠處有遠見”和“ Web3大使”，並保證75％的協議收入將屬於他，但該家庭仍然試圖在早期創造一種“保持距離”的態度。在特朗普再次上任之前，他正式持有60％的股份，並成為實際的控制者。

According to the latest report by crypto data company ChainArgon, World Liberty Financial has so far raised at least $550 million from multiple institutions and private investors. Among them:

根據加密數據公司Chainargon的最新報告，到目前為止，世界自由金融已經從多家機構和私人投資者那裡籌集了至少5.5億美元。他們之中：

* Andreessen Horowitz, a well-known Silicon Valley venture capital firm, invested $200 million in convertible preferred shares.

*著名的矽谷風險投資公司Andreessen Horowitz投資了2億美元的可轉換優先股。

* A consortium of Middle Eastern sovereign wealth funds, including the Investment Corporation of Dubai and the Kuwait Investment Authority, jointly invested $150 million in Series A preferred shares.

*一個中東主權財富基金的財團，包括迪拜投資公司和科威特投資局，共同向A系列優先股投資了1.5億美元。

* Several U.S. crypto hedge funds, including Alameda Research and Three Arrows Capital, collectively invested $100 million in tokens sold in the private placement.

*包括阿拉米達研究和三大箭頭資本在內的美國加密貨幣對沖基金，共同投資了1億美元，以私人位置出售。

* Several Chinese crypto mining companies, including Bitmain and Canaan, invested a total of $50 million in Series B preferred shares.

*包括Bitmain和Canaan在內的幾家中國加密礦業公司在B系列優先股中投資了總計5000萬美元。

Among them, Andreessen Horowitz's investment is the largest single investment in a crypto startup this year. The report pointed out that the capital strength of these investors is very strong, and they are willing to invest heavily in promising projects. At present, World Liberty Financial is preparing for the next round of financing, and the expected amount will be even greater.

其中，安德烈森·霍洛維茨（Andreessen Horowitz）的投資是今年Crypto初創公司中最大的單一投資。該報告指出，這些投資者的資本實力非常強大，他們願意在有希望的項目上進行大量投資。目前，世界自由金融正在為下一輪融資做準備，預期金額將更大。

At the same time, the report also mentioned that World Liberty Financial is currently facing some challenges, such as the lack of a clear revenue model and the fact that its flagship product, a USD1 stablecoin, has yet to be launched. However, with the rapid development of the crypto industry and the strong support of the Trump administration, World Liberty Financial is expected to overcome these challenges and become a leading crypto company in the future.

同時，該報告還提到，世界自由財務目前正面臨一些挑戰，例如缺乏明確的收入模式以及其旗艦產品（USD1 Stablecoin）尚未推出的事實。但是，隨著加密貨幣行業的迅速發展以及特朗普政府的大力支持，世界自由財務有望克服這些挑戰，並將成為未來的主要加密公司。

It is worth noting that $75 million of the project came from Justin Sun, a foreign crypto entrepreneur who was investigated by the SEC and the Department of Justice for suspected fraud and could not donate directly to Trump. Subsequently, Sun was appointed as an advisor to World Liberty, and the SEC's lawsuit against him was shelved after Trump took office.

值得注意的是，該項目的7500萬美元來自外國加密企業家賈斯汀·孫（Justin Sun），他因涉嫌欺詐而受到SEC和司法部的調查，無法直接向特朗普捐款。隨後，Sun被任命為世界自由的顧問，特朗普上任後，SEC針對他的訴訟被擱置。

$WLFI issued by World Liberty is defined as a "governance token" and should theoretically give holders voting rights, but the platform team unilaterally promoted major matters including the issuance of stablecoins without any vote. The token also has a number of regulatory circumvention clauses, is only available to non-US citizens or "qualified investors", and is currently not tradable. Some investors bet that once SEC regulation is further weakened, the relevant restrictions will be lifted and the token may be able to enter the secondary market to bring

世界自由發行的$ WLFI被定義為“治理令牌”，理論上應該賦予持有人的投票權，但平台團隊單方面提出了重大事件，包括在沒有任何投票的情況下發行穩定的事項。代幣還具有許多監管機構規避條款，僅適用於非美國公民或“合格的投資者”，目前不可交易。一些投資者敢打賭，一旦SEC法規進一步削弱，將取消相關限制，而代幣也許能夠進入二級市場以攜帶