特朗普正在卖硬币。监管机构会敲门吗？

特朗普组织和分支机构持有$特朗普硬币代币的80％，这些代币持续了三年的解锁期。至少在纸上，由于疯狂的购买而引起的任何价格赞赏都会提高特朗普家族的财富。

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.

特朗普组织和分支机构拥有$特朗普硬币代币的80％，这是三年的解锁期。至少在纸上，由于疯狂的购买而引起的任何价格赞赏都会提高特朗普家族的财富。根据区块链企业链分析的数据，特朗普家族企业及其合作伙伴从硬币交易产生的收入超过3亿美元。每个交易的百分比都被路由到与硬币创建者相关的加密钱包，类似于交易费。

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.

当特朗普先生在就职前几天发出模因硬币时，他说要点是“玩得开心”。正如我们当时指出的那样，该合资企业造成了政治风险和道德冲突。彭博新闻（Bloomberg News）上周报道说，在网站排行榜上注册的$特朗普硬币的前25名持有人中，除六个持有人中，所有其他人都使用声称排除美国客户的交易所购买了硬币。

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?

这表明大多数买家都在海外。禁止外国人为美国的政治运动做出贡献，但他们没有在政治家的业务中购买股票。这实际上是特朗普先生代币的外国买家正在做的事情。有些人可能试图与特朗普政府购买商誉？

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.

然后是特朗普家族的其他加密货币世界自由金融公司（World Liberty Financial），自10月以来，它已通过代币筹集了5.5亿美元。与特朗普先生及其家人相关的商业实体拥有世界自由的大部分。它的代币不能像大多数加密货币一样公开交易，尽管据说硬币所有者对公司的治理进行了投票。

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.

总部位于阿拉伯联合酋长国的加密货币公司DWF Labs上个月宣布已购买了2500万美元的世界自由财务代币。 DWF实验室执行合伙人告诉《纽约时报》，“由于这笔交易，我们在美国的知名度得到了提高。” “我们希望与决策者进行直接对话。”无疑。

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·维特科夫（Steve Witkoff）的儿子扎克·维科夫（Zach Witkoff）共同创立了世界自由金融，并帮助进行了日常运营。他能否通过另一个联合创始人来ping他的父亲来实现“对话”吗？年轻的威特科夫本月表示，阿布扎比将使用世界自由金融的新铸造的Stablecoin向加密货币交易所投资20亿美元。

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.

这项交易将促进特朗普的稳定币，并为世界提供更多的投资资产。 2023年的Binance对违反美国反洗钱法律和制裁认罪。它的联合创始人Changpeng Zhao也对违反《银行保密法》表示认罪。媒体报道说，赵先生正在寻求总统赦免。

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·维科夫（Zach Witkoff）上个月还与巴基斯坦总理Shehbaz Sharif和陆军参谋长Asim Munir会面。之后，世界自由金融宣布与巴基斯坦政府达成协议，以加速该国的加密货币。

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.

特朗普的加密货币兜售特别不明智，因为政府将规范加密产品和实践。民主党已经指责证券和交换委员会向特朗普加密企业提供通行证。周四，民主党人封锁了对两党立法的参议院一票，以创建一个规范稳定的框架。加密货币行业支持该法案，但现在民主党人要求更严格的规则和执法。

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.

希望新闻界在接下来的四年中追逐有关特朗普加密家族的故事。政治光学技术很糟糕，尤其是鉴于特朗普边境税。民主党中期竞选广告写了自己：特朗普家族的秘密加密货币利润数百万，但特朗普先生著名的“两个娃娃”和“五支铅笔”为其他所有人提供了资金。