Despite this year's cryptocurrency market downturn, the family of former U.S. President Donald Trump appears to be attempting to bolster confidence. A cryptocurrency platform they back is reshaping Wall Street's relationship with digital assets. On Wednesday, Eastern Time, World Liberty Financial, a cryptocurrency platform co-founded with involvement from the Trump family, hosted a conference at the Mar-a-Lago estate. The event brought together financial industry executives, government officials, and crypto industry figures, highlighting how virtual assets are becoming both a policy priority and a potential profit center for the family during a potential second Trump term.
The World Liberty Financial event attracted approximately 500 attendees, including Goldman Sachs CEO David Solomon. The former crypto skeptic revealed at the event that he holds a small amount of Bitcoin, signaling a shift in his stance. Other attendees included Binance co-founder Changpeng Zhao, heads of the New York Stock Exchange and Nasdaq, and several current and former financial regulators.
According to the Bloomberg Billionaires Index, in 2025, the first year of a hypothetical second Trump term, the family's wealth increased by over $1 billion due to new crypto-related business ventures, an amount more than three times the value of Mar-a-Lago itself. World Liberty Financial, co-founded by Trump's eldest and second sons along with the son of presidential envoy Witkoff, is a key pillar of this rapidly accumulated wealth.
The gathering reflects a profound shift in attitude towards cryptocurrency, from the U.S. Congress to the upper echelons of domestic financial giants. Under the potentially more favorable policy direction of a Trump administration, Wall Street institutions are actively positioning themselves to benefit from a potential resurgence in crypto company listings, despite the sharp decline in crypto asset prices.
For years, Wall Street executives heavily criticized cryptocurrencies. A notable example occurred in 2022 when JPMorgan Chase CEO Jamie Dimon likened the asset class to "pet rocks." Reports indicate that when news of Dimon's comments broke, David Solomon was on a private jet and expressed surprise that Dimon could make such flippant remarks without consequence. Solomon himself had previously been skeptical of crypto products, though more restrained in public, having called cryptocurrencies speculative investments lacking real utility.
However, at Wednesday's Mar-a-Lago event, Solomon seemed to take a more serious view. He told the audience he holds a "very, very limited" amount of Bitcoin, clarifying he is not a "great Bitcoin prophet" but merely an observer of the asset. This posture could be beneficial for business. Wall Street firms are actively preparing to capitalize on a potential rebound in crypto company listings, following a period of stringent regulation during the Biden administration. Important client relationships are also a factor; the Witkoff family has business dealings with Goldman Sachs. Solomon stated he attended because Alex Witkoff called him, explaining that he makes time when important clients request his presence.
Nasdaq CEO Adena Friedman and NYSE President Lynn Martin were also in attendance. Both exchanges have listed companies supported by the Trump family. Over the past year, Donald Trump Jr. and Eric Trump have visited these exchanges for bell-ringing ceremonies.
Although Donald Trump Jr. positions World Liberty as a challenge to traditional finance, the conference attracted other Wall Street veterans, including hedge fund managers Marc Lasry, Daniel Loeb, and Philippe Laffont. Franklin Templeton CEO Jenny Johnson, who in 2022 called Bitcoin a "distraction," spoke at Mar-a-Lago about envisioning collaboration between crypto companies and traditional financial institutions. She expressed her efforts to understand the evolution, particularly at the intersection of traditional finance (TradFi) and decentralized finance (DeFi).
The event highlighted World Liberty's ability to leverage connections at the highest levels of the U.S. government, including officials responsible for regulating crypto assets. Government officials were present throughout the resort, including Small Business Administration head Kelly Loeffler and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, who helps oversee the crypto industry. Selig's predecessor, acting Chairman Caroline Pham, was also present; she recently accepted a position at digital asset company MoonPay.
Facing questions about government officials' participation, a White House spokeswoman stated that President Trump has "no conflict of interest." White House Counsel David Warrington said in a statement that the President is not involved in commercial transactions that might implicate his constitutional duties and performs them ethically.
Eric Trump remarked on the irony that some individuals in the room who may have previously opposed the family, or canceled their bank accounts, were now present. When questioned about potential conflicts of interest regarding new investments, including World Liberty Financial, the Trump brothers have repeatedly emphasized they are private businessmen.
Despite Bitcoin's market value nearly halving since its peak in October 2025, severely impacting companies in the sector, World Liberty Financial continues to expand at a pace exceeding most industry expectations. According to data provider CoinMarketCap, its USD1 stablecoin—a virtual asset designed to maintain parity with the U.S. dollar—now has a circulating supply exceeding $5 billion, making it one of the largest stablecoins globally. The company has applied for a banking charter and announced a new lending platform. It is also promoting a Trump-branded hotel project in the Maldives, allowing investors to purchase virtual tokens linked to the project's development.
Even before launching any products, World Liberty attracted powerful backers. Reportedly, in January 2025, just days before Trump's potential inauguration, an investment vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan, the National Security Advisor of Abu Dhabi and one of the most powerful figures in the Gulf region, purchased a 49% stake in the company for $500 million, a transaction later confirmed by a company spokesperson. This report prompted protests from Democratic lawmakers, with some calling for a Treasury Department investigation.
Donald Trump Jr. stated in an interview that World Liberty is unfairly targeted, while other financiers often accept similar investments. World Liberty has other foreign ties; its flagship stablecoin was reportedly developed with assistance from Binance, the world's largest cryptocurrency exchange. Binance's Changpeng Zhao pleaded guilty to federal charges in 2023 for failing to maintain an adequate anti-money laundering program and served a four-month prison sentence. Former President Trump pardoned Zhao last year. At Wednesday's event, Zhao mingled with other high-profile guests and posted on social media about learning from the CFTC Chairman's speech.
The Trump family's move to launch USD1 breaks with the longstanding precedent of presidential families avoiding direct involvement with challenges to the national currency monopoly since the dollar's establishment in 1792. During the Mar-a-Lago event, Trump's sons articulated their view that the dollar requires modernization. World Liberty Financial markets USD1 on its website as an improvement over the official dollar, branding it as "the dollar, upgraded" for a new era.
Donald Trump Jr. argued that this will "actually protect dollar hegemony," suggesting crypto companies are major buyers and that such a stablecoin would stabilize the dollar. He believes the federal government and major Wall Street banks are not agile or innovative enough to drive necessary change. Eric Trump questioned whether leadership should be left to JPMorgan or the federal government, citing Wall Street's complacency and vulnerability to technological disruption.
However, the driving force behind their venture is not merely inventor passion but a strong sense of retribution. The Trump sons view the broader financial system as part of an establishment that unjustly ostracized them after the January 6, 2021 Capitol riot, when banks widely refused to do business with the family. Donald Trump Jr. stated they entered the crypto space out of necessity, calling the traditional banking system a "Ponzi scheme." Eric Trump recalled the traumatic period after his father left the White Office, when accounts for their global business, residential, and golf course ventures were closed, hindering their ability to pay vendors and staff. This experience fueled a desire for revenge and an agenda to modernize finance, ensuring such situations don't happen to others again.