Don't panic over the sharp drop in currency prices? Trump family cryptocurrency platform holds conference at Mar-a-Lago, Wall Street changes attitude.

Although cryptocurrencies have experienced a significant drop this year, it appears that the family of U.S. President Trump is attempting to restore their honor. The cryptocurrency platform they support is reshaping the relationship between Wall Street and digital assets. On Wednesday, the 19th of the month, World Liberty Financial, a cryptocurrency platform founded by the Trump family, hosted a meeting at the Mar-a-Lago Estate. Financial industry executives, government officials, and cryptocurrency industry professionals gathered to highlight how virtual assets have become a policy priority and a profit center for the family during Trump's second term. The event hosted by World Liberty Financial attracted approximately 500 attendees, including Goldman Sachs CEO David Solomon. This former cryptocurrency skeptic revealed that he holds a small amount of Bitcoin, marking a shift in his position. Other attendees included the co-founder of the largest cryptocurrency exchange Binance, the heads of the New York Stock Exchange and Nasdaq, as well as several current and former financial regulatory officials. According to the Bloomberg Billionaires Index, in the first year of Trump's second term in 2025, his family's wealth increased by over $1 billion due to new cryptocurrency businesses, surpassing the value of the Mar-a-Lago Estate by more than three times. World Liberty Financial, co-founded by Trump's eldest and second sons along with the son of special envoy Witkoff, is a key pillar in this rapid wealth accumulation. This gathering reflects a profound shift in attitudes towards cryptocurrencies, from the U.S. Congress to senior executives in the financial industry. Despite the plunge in cryptocurrency asset prices, Wall Street institutions are actively positioning themselves to benefit from the resurgence of cryptocurrency company listings in a more crypto-friendly policy environment under the Trump administration. From skepticism to embrace: Wall Street's stance shifts For years, Wall Street executives have criticized cryptocurrencies. One of the most notable examples occurred in 2022 when JPMorgan Chase CEO Jamie Dimon likened the asset class to "pet rocks." Reports indicate that at the time the news about Dimon's comments came out, David Solomon was on a private plane and expressed surprise that Dimon could make such flippant remarks. Solomon himself had previously been skeptical of cryptocurrency products, but he has been more restrained in his public statements, referring to cryptocurrencies as speculative investments lacking real-world use cases. However, at the event at Mar-a-Lago on Wednesday, Solomon appeared to be taking cryptocurrency more seriously. 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. Solomon's stance may be beneficial for his business. Wall Street institutions are actively positioning themselves to benefit from the resurgence of cryptocurrency company listings, as these companies experienced a strict regulatory environment during the Biden administration. Moreover, there are important client relationships to consider: the Witkoff family has business dealings with Goldman Sachs. Solomon said at the event, "I'm here because Alex Witkoff called me. When a company's important client calls me and wants me to do something, I make time for it." Nasdaq CEO Adena Friedman and NYSE President Lynn Martin were also invited to attend. Both exchanges have companies supported by the Trump family listed. In the past year, Trump's eldest son Donald Trump Jr. and second son Eric Trump visited these two exchanges for bell-ringing ceremonies. Although Donald Trump Jr. positioned World Liberty as a challenge to traditional finance, the meeting still attracted other senior Wall Street figures, including hedge fund managers Marc Lasry, Daniel Loeb, and Philippe Laffont. The CEO of asset management company Franklin Templeton, Jenny Johnson, previously called Bitcoin a "disturbance" in 2022, diverting attention from the disruptive potential of blockchain technology supporting virtual assets. However, at the Mar-a-Lago Estate, she expressed the vision that cryptocurrency companies could collaborate with traditional financial institutions. Johnson said, "For me, I've been trying to understand how everything has evolved, especially at the intersection of traditional finance (TradFi) and decentralized finance (DeFi)." Government officials gather: the boundary between regulation and business This event highlights World Liberty's ability to leverage top-level relationships within the U.S. government, including officials responsible for regulating cryptocurrency assets. Government officials were seen everywhere in the resort, including Small Business Administration Director Kelly Loeffler and Commodity Futures Trading Commission Chairman Michael Selig, who helps regulate the cryptocurrency industry. Selig's predecessor acting chair Caroline Pham was also present, and she recently took a position at digital asset company MoonPay. In response to questions about government officials attending the event, White House spokesperson Anna Kelly said that President Trump has "no conflicts of interest." White House counsel David Warrington said in a statement, "The President has no business transactions involving his constitutional duties. President Trump fulfills his constitutional duties in a manner consistent with ethics, and any suggestion otherwise is either uninformed or malicious." Eric Trump said on Wednesday, "Ironically, the whole world has come full circle. Some people in this room may have once been on the opposite side of us, once canceled our bank accounts simply because my father wore a hat that said 'Make America Great Again' and kicked us out of their big banks." In response to questions about potential conflicts of interest in new investments including World Liberty Financial the Trump brothers repeatedly emphasized that they are private businessmen. Rapid expansion: powerful supporters and controversial transactions Since reaching a historic high in October 2025, Bitcoin has lost nearly half of its market value, severely affecting companies in the industry. However, World Liberty Financial continues to expand at a pace almost beyond anyone's expectations in the industry. According to data provider CoinMarketCap, its USD1 stablecoin a virtual asset designed to maintain the value of the U.S. dollar currently has a circulating supply of over $5 billion, making it one of the world's largest stablecoins. The company has applied for a banking license and announced the launch of a new lending platform. It is also promoting a Trump-branded hotel project in the Maldives, allowing investors to purchase virtual tokens related to the development of the project. Even before the launch of any products, World Liberty Financial has attracted powerful supporters. In January 2025, just days before Trump took office, an investment instrument related to Sheikh Tahnoon bin Zayed Al Nahyan, a national security advisor from Abu Dhabi and one of the most influential figures in the Gulf region, purchased a 49% stake in the company for $500 million, which was later confirmed by a company spokesperson. The report sparked strong protests from Democratic lawmakers, with some calling for the Treasury Department to investigate the transaction. Donald Trump Jr. said in an interview that World Liberty has been unfairly targeted, as other financial figures often receive similar investments. "Because it's us, 'Oh, that's a problem,'" he said. World Liberty also has connections to other foreign companies. Bloomberg previously reported that its flagship stablecoin was developed with the help of Binance, the world's largest cryptocurrency exchange. Binance's Zhao Changpeng admitted to federal charges in 2023 for failing to implement appropriate anti-money laundering procedures. He resigned from the company and was sentenced to four months in prison. Last year, President Trump pardoned Zhao Changpeng. At the event on Wednesday, Zhao Changpeng interacted with other high-profile guests and posted on social media that he "learned a lot" from the speech of the Chairman of the Commodity Futures Trading Commission. The Trump family's stablecoin vision: "An upgraded version of the dollar" The launch of USD1 by the Trump family breaks the default stance of U.S. presidential families monopolizing the national currency since the birth of the USD in 1792. On Wednesday, in between the activities at Mar-a-Lago, Trump's eldest and second sons explained to the media the reasons they believe the dollar needs a modernization upgrade. On its website, World Liberty Financial promotes USD1 as an improvement on the official dollar, with the brand slogan "an upgraded version of the dollar," claiming that this stablecoin is "still the dollar but suitable for a new era." Donald Trump Jr. argued, "This will actually protect the dollar's dominance. There are cryptocurrency companies that are among the top five buyers in the world. This will actually stabilize the dollar and do everything we need to do." He believes that the U.S. Federal government and Wall Street banks are not flexible or innovative enough to drive the necessary changes. Eric Trump said, "As Americans, we will lead the way. Do you leave this to JPMorgan? Do you leave it to the federal government?" He believes that Wall Street is too complacent and is facing technological disruption. However, what is driving their entrepreneurial venture is not a passion from inventors to create better products but a strong sense of retaliation. The Trump sons believe that the broader financial system unfairly excluded them as part of the establishment in the aftermath of the January 6th Capitol riot in 2021, when the banking industry widely refused to do business with the Trump family. Donald Trump Jr. stated, "We didn't enter the cryptocurrency space because we were ahead of the curve. We did it out of necessity. They basically forced us to do it." He called the traditional banking system a "Ponzi scheme." Eric Trump recalled the traumatic period for the family between his father's two terms as president when they left the White House. These are commercial buildings, residential buildings, golf courses around the world. They are not political entities, but they took these accounts away from us like treating dogs. We couldn't pay our suppliers, we couldn't pay our employees. So we said, there has to be a better way. Eric Trump said, "We had almost this retaliatory, all of a sudden, we started to push an agenda, like great. Our agenda is to modernize finance and make sure this never happens to anyone again." This article was translated from "Wall Street News" by Li Dan; GMTEight Editor: Liu Jiayin.