Wall Street elites and government officials gather at Mar-a-Lago, with the Trump family project WFLI acting as a crypto advocate

Article by: Li Dan

Source: Wall Street Journal

Although cryptocurrencies have plummeted this year, the Trump family appears to be attempting to salvage their reputation. The crypto platform they support is reshaping the relationship between Wall Street and digital assets.

On Wednesday, the 19th, Eastern Time, the crypto platform World Liberty Financial, co-founded by the Trump family, held a conference at Mar-a-Lago. The event brought together financial executives, government officials, and crypto industry figures, highlighting how virtual assets are becoming both a policy priority and a family profit center during Trump’s second term.

This event at World Liberty Financial attracted about 500 attendees, including Goldman Sachs CEO David Solomon. The former crypto skeptic revealed he holds a small amount of Bitcoin, signaling a shift in his stance. Attendees also included Binance co-founder Changpeng Zhao, leaders from the NYSE and Nasdaq, and several current and former financial regulators.

According to the Bloomberg Billionaires Index, in the first year of Trump’s second term in 2025, the family’s wealth increased by over $1 billion due to new crypto ventures, more than tripling the value of Mar-a-Lago itself. World Liberty Financial was founded by Trump’s eldest and youngest sons, along with the son of the presidential envoy Witkoff, and is a key pillar in this rapid wealth accumulation.

The gathering reflects a profound shift in attitudes toward cryptocurrencies, from Congress to top domestic financial institutions. Under a more friendly policy approach from the Trump administration, despite sharp declines in crypto prices, Wall Street firms are actively positioning themselves to benefit from a rebound in crypto IPOs.

Wall Street’s Shift: From Skepticism to Embrace

For years, Wall Street executives have criticized cryptocurrencies. The most notable example was in 2022, when JPMorgan CEO Jamie Dimon compared the asset class to a “pet rock.”

Sources say that when news of Dimon’s remarks broke, David Solomon was on a private jet, surprised that Dimon could make such a flippant comment without repercussions. Solomon himself had previously been skeptical of crypto products but has since become more restrained in public statements, calling cryptocurrencies speculative investments lacking real use cases.

However, at the event at Mar-a-Lago this Wednesday, Solomon appeared to take a more serious view of cryptocurrencies. He told the audience that he holds a “very, very limited” amount of Bitcoin and said he is not a “great Bitcoin prophet,” just an observer of the asset.

This stance may benefit his business. Wall Street firms are actively positioning themselves to profit from a rebound in crypto IPOs, after facing strict regulation during the Biden administration.

There are also important client relationships to consider: the Witkoff family has business dealings with Goldman Sachs. Solomon said at the event, “The reason I came is because Alex Witkoff called me. When an important client of the firm calls and asks me to do something, I make time.”

Nasdaq CEO Adena Friedman and NYSE President Lynn Martin were also invited. Both exchanges have companies supported by the Trump family listed for trading. Over the past year, Trump’s eldest son, Donald Trump Jr., and his second son, Eric Trump, visited these exchanges to ring the opening bell.

While Donald Trump Jr. positions World Liberty as a challenge to traditional finance, the conference also attracted other seasoned Wall Street figures, including hedge fund managers Marc Lasry, Daniel Loeb, and Philippe Laffont.

Franklin Templeton CEO Jenny Johnson, who in 2022 called Bitcoin a “distraction,” argued that it diverts attention from the disruptive potential of blockchain technology supporting virtual assets. But at Mar-a-Lago, she expressed hope that crypto companies could collaborate with traditional financial institutions.

Johnson said, “For me, I’ve been trying to understand how all this is evolving, especially at the intersection of traditional finance (TradFi) and decentralized finance (DeFi).”

Government Officials Gather: Boundaries of Regulation and Business

The event highlighted World Liberty’s ability to leverage high-level connections within the U.S. government, including officials responsible for regulating crypto assets.

Government officials were seen throughout the resort, including Small Business Administration head Kelly Loeffler and Commodity Futures Trading Commission Chair Michael Selig, who helps oversee crypto regulation. Selig’s predecessor, acting Chair Caroline Pham, was also present; she recently took a position at digital asset firm MoonPay.

In response to questions about government officials attending the event, White House spokesperson Anna Kelly stated that President Trump “has no conflicts of interest.” White House legal adviser David Warrington said in a statement, “The President is not involved in any business transactions that could implicate his constitutional duties. President Trump is fulfilling his constitutional responsibilities in an ethical manner, and any other suggestion is either uninformed or malicious.”

Eric Trump said on Wednesday, “It’s ironic that the whole world has turned around. Some people in this room may have once been opposed to us, canceled our bank accounts just because my father wore a ‘Make America Great Again’ hat, and kicked us out of their big banks.”

Regarding concerns about potential conflicts of interest with new investments—including World Liberty Financial—Trump brothers repeatedly emphasized they are private businessmen.

Rapid Expansion: Powerful Supporters and Controversial Deals

Since Bitcoin hit a record high in October 2025, its market cap has nearly halved, devastating many industry companies, yet World Liberty Financial continues to expand at a pace that surpasses most in the industry.

According to data provider CoinMarketCap, its USD1 stablecoin—aimed at maintaining the dollar’s value—has a circulating supply exceeding $5 billion, making it one of the largest stablecoins globally. The company has applied for a banking license and announced a new lending platform. It is also promoting a Trump-branded Maldives hotel project, allowing investors to buy virtual tokens related to the development.

Even before launching any products, World Liberty Financial has attracted strong supporters. Reports say that in early January 2025, just days before Trump’s inauguration, an investment vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan, one of the Gulf region’s most powerful figures and Abu Dhabi’s national security adviser, purchased a 49% stake in the company for $500 million. The company’s spokesperson later confirmed this.

The report sparked strong protests from Democratic lawmakers, some calling for the Treasury Department to investigate the deal.

In an interview, Donald Trump Jr. said that World Liberty has been unfairly targeted, and that other financiers often accept similar investments. “Because it’s us, ‘Oh, that’s the problem,’” he said.

World Liberty also has ties to other foreign companies. Bloomberg previously reported that its flagship stablecoin was developed with Binance’s help. Binance is the world’s largest crypto exchange. In 2023, Binance CEO Changpeng Zhao admitted to federal charges of failing to implement proper anti-money laundering procedures for the platform. He resigned and was sentenced to four months in prison. President Trump pardoned Zhao last year.

At Wednesday’s event, Zhao interacted with other high-profile guests and posted on social media that he “learned a lot” from the Commodity Futures Trading Commission chairman’s speech.

Trump Family’s Stablecoin Vision: “The Dollar’s Upgraded Version”

The Trump family’s launch of USD1 challenges the longstanding American tradition since 1792 of the president’s family holding a monopoly over the national currency.

During the event at Mar-a-Lago on Wednesday, Trump’s eldest and youngest sons explained to the media why they believe the dollar needs a modern upgrade.

World Liberty Financial promotes USD1 on its website as an improvement over the official dollar, with the slogan “The Upgraded Dollar,” claiming this stablecoin is “still the dollar, but for the new era.”

Donald Trump Jr. argued, “This actually will protect dollar hegemony. There are top five buyers of crypto companies in the world. This will stabilize the dollar and do everything we need.” He believes the U.S. federal government and Wall Street’s big banks are too inflexible and uninnovative to drive the necessary change.

Eric Trump said, “As Americans, we will lead the way. Who else should we leave this to—JPMorgan? The federal government?” He thinks Wall Street is overconfident and faces technological disruption.

However, what drives their entrepreneurial push is not a passion for creating better products but a strong sense of revenge. Trump’s sons see the broader financial system as unjustly excluding their establishment after the January 6, 2021 Capitol riot, when banks generally refused to do business with the Trump family.

Donald Trump Jr. stated, “We entered the crypto space not because we’re at the forefront. We did it out of necessity. They basically forced us to do this.” He called the traditional banking system a “Ponzi scheme.”

Eric Trump recalled the period when his father left the White House between two presidential terms, describing it as a traumatic time for the family. “These are commercial buildings, residential developments, golf courses around the world. They’re not political entities, but they pulled our accounts like they were treating dogs. We couldn’t pay vendors, couldn’t pay employees. So we said, ‘There has to be a better way.’”

Eric Trump said, “We almost had this revenge, and suddenly we started pushing an agenda—great. Our goal is to modernize finance so this never happens to anyone again.”