特朗普正在賣硬幣。監管機構會敲門嗎？

特朗普組織和分支機構持有$特朗普硬幣代幣的80％，這些代幣持續了三年的解鎖期。至少在紙上，由於瘋狂的購買而引起的任何價格讚賞都會提高特朗普家族的財富。

The Trump Organization and affiliates own 80% of $TRUMP coin tokens, which are subject to a three-year unlocking period. Any price appreciation caused by frenzied buying boosts the Trump family fortune, at least on paper. The Trump family businesses and their partners have benefited from more than $300 million in revenue generated by trading in the coin, according to the blockchain firm Chainalysis. A percentage of each trade is routed to crypto wallets linked to the coin’s creators, similar to a transaction fee.

特朗普組織和分支機構擁有$特朗普硬幣代幣的80％，這是三年的解鎖期。至少在紙上，由於瘋狂的購買而引起的任何價格讚賞都會提高特朗普家族的財富。根據區塊鏈企業鏈分析的數據，特朗普家族企業及其合作夥伴從硬幣交易產生的收入超過3億美元。每個交易的百分比都被路由到與硬幣創建者相關的加密錢包，類似於交易費。

When Mr. Trump issued his meme coin days before his inauguration, he said the point was to “have fun.” As we noted at the time, the venture creates political risks and ethical conflicts. Bloomberg News last week reported that all but six of the top 25 holders of the $TRUMP coin that have registered on the website’s leaderboard have bought the coins using exchanges that claim to exclude U.S. customers.

當特朗普先生在就職前幾天發出模因硬幣時，他說要點是“玩得開心”。正如我們當時指出的那樣，該合資企業造成了政治風險和道德衝突。彭博新聞（Bloomberg News）上週報導說，在網站排行榜上註冊的$特朗普硬幣的前25名持有人中，除六個持有人中，所有其他人都使用聲稱排除美國客戶的交易所購買了硬幣。

This suggests most of the buyers are overseas. Foreigners are prohibited from contributing to U.S. political campaigns, but there’s no bar on them buying stock in a politician’s business. That’s effectively what foreign buyers of Mr. Trump’s tokens are doing. Might some be trying to buy goodwill with the Trump Administration?

這表明大多數買家都在海外。禁止外國人為美國的政治運動做出貢獻，但他們沒有在政治家的業務中購買股票。這實際上是特朗普先生代幣的外國買家正在做的事情。有些人可能試圖與特朗普政府購買商譽？

Then there’s the Trump family’s other crypto venture, World Liberty Financial, which has raised $550 million through token sales since October. A business entity affiliated with Mr. Trump and his family members owns a major chunk of World Liberty. Its tokens can’t be publicly traded like most crypto-currencies, though coin owners supposedly get a vote on the company’s governance.

然後是特朗普家族的其他加密貨幣世界自由金融公司（World Liberty Financial），自10月以來，它已通過代幣籌集了5.5億美元。與特朗普先生及其家人相關的商業實體擁有世界自由的大部分。它的代幣不能像大多數加密貨幣一樣公開交易，儘管據說硬幣所有者對公司的治理進行了投票。

DWF Labs, a crypto firm based in the United Arab Emirates, announced last month that it had bought $25 million of World Liberty Financial’s tokens. “Our visibility in the U.S. has been increased because of this deal,” a DWF Labs managing partner told the New York Times. “We would like to have direct dialogue with the policymakers.” No doubt.

總部位於阿拉伯聯合酋長國的加密貨幣公司DWF Labs上個月宣布已購買了2500萬美元的世界自由財務代幣。 DWF實驗室執行合夥人告訴《紐約時報》，“由於這筆交易，我們在美國的知名度得到了提高。” “我們希望與決策者進行直接對話。”無疑。

Zach Witkoff, son of Trump diplomatic envoy Steve Witkoff, co-founded World Liberty Financial and helps run its day-to-day operations. Could he make the “dialogue” happen by pinging his dad, another co-founder? The younger Witkoff said this month that Abu Dhabi would use World Liberty Financial’s newly minted stablecoin to invest $2 billion in the crypto exchange Binance.

特朗普外交所史蒂夫·維特科夫（Steve Witkoff）的兒子扎克·維科夫（Zach Witkoff）共同創立了世界自由金融，並幫助進行了日常運營。他能否通過另一個聯合創始人來ping他的父親來實現“對話”嗎？年輕的威特科夫本月表示，阿布扎比將使用世界自由金融的新鑄造的Stablecoin向加密貨幣交易所投資20億美元。

The deal will boost the Trump stablecoin and give World Liberty more assets to invest. Binance in 2023 pleaded guilty to violating U.S. anti-money laundering laws and sanctions. Its co-founder Changpeng Zhao also pleaded guilty to violating the Bank Secrecy Act. Media reports say Mr. Zhao is seeking a presidential pardon.

這項交易將促進特朗普的穩定幣，並為世界提供更多的投資資產。 2023年的Binance對違反美國反洗錢法律和製裁認罪。它的聯合創始人Changpeng Zhao也對違反《銀行保密法》表示認罪。媒體報導說，趙先生正在尋求總統赦免。

Zach Witkoff also met last month with Pakistan’s Prime Minister Shehbaz Sharif and army chief of staff Asim Munir. Afterward, World Liberty Financial announced a deal with the Pakistan government to accelerate crypto adoption in the country.

扎克·維科夫（Zach Witkoff）上個月還與巴基斯坦總理Shehbaz Sharif和陸軍參謀長Asim Munir會面。之後，世界自由金融宣布與巴基斯坦政府達成協議，以加速該國的加密貨幣。

The Trumps’ crypto peddling is especially ill-advised because the Administration will regulate crypto products and practices. Democrats are already accusing the Securities and Exchange Commission of giving the Trump crypto businesses a pass. On Thursday Democrats blocked a Senate floor vote on bipartisan legislation to create a framework for regulating stablecoins. The crypto industry backs the bill, but now Democrats are demanding tougher rules and enforcement.

特朗普的加密貨幣兜售特別不明智，因為政府將規範加密產品和實踐。民主黨已經指責證券和交換委員會向特朗普加密企業提供通行證。週四，民主黨人封鎖了對兩黨立法的參議院一票，以創建一個規範穩定的框架。加密貨幣行業支持該法案，但現在民主黨人要求更嚴格的規則和執法。

Expect the press to spend the next four years chasing stories about the Trump crypto family. The political optics are awful, especially in light of the Trump border taxes. The Democratic midterm campaign ads write themselves: Millions in secretive crypto profits for the Trump family, but Mr. Trump’s famous “two dolls” and “five pencils” for everyone else.

希望新聞界在接下來的四年中追逐有關特朗普加密家族的故事。政治光學技術很糟糕，尤其是鑑於特朗普邊境稅。民主黨中期競選廣告寫了自己：特朗普家族的秘密加密貨幣利潤數百萬，但特朗普先生著名的“兩個娃娃”和“五支鉛筆”為其他所有人提供了資金。