Overview
- In a CNBC interview at the World Liberty Forum, Donald Trump Jr. and Eric Trump said banks’ post–Jan. 6 account closures pushed them to launch World Liberty Financial.
- Donald Trump Jr. called traditional banking a “Ponzi scheme” and said the firm’s stablecoin is intended to broaden access to lending and transactions.
- The brothers denied any role by President Trump and insisted the deal “has nothing to do with AI chips,” addressing a Wall Street Journal report of a 49% stake bought by an Emirati royal.
- Sen. Elizabeth Warren has labeled the reported $500 million stake “corruption” and urged reversing the administration’s decision to provide the UAE with advanced U.S. AI chips.
- The Mar-a-Lago event featured Goldman Sachs CEO David Solomon, who said he attended at the request of co-founder Alex Witkoff.