No need to panic about the sharp drop in cryptocurrency prices? The Trump family's cryptocurrency platform holds a conference at Mar-a-Lago, and Wall Street's attitude shifts

Although cryptocurrencies have plummeted this year, former U.S. President Trump's family seems to be trying to restore their reputation. The cryptocurrency platform supported by them is reshaping the relationship between Wall Street and digital assets.

On Wednesday, the 19th, Eastern Time, World Liberty Financial, a cryptocurrency platform co-founded by the Trump family, hosted a conference at Mar-a-Lago. Financial executives, government officials, and cryptocurrency industry figures gathered to highlight how virtual assets have become both a policy priority and a profit center for the family during Trump's second term.

The event by World Liberty Financial attracted around 500 attendees, including Goldman Sachs CEO David Solomon. This former cryptocurrency skeptic revealed at the conference that he holds a small amount of Bitcoin, marking a shift in his stance. Attendees also included Binance co-founder Changpeng Zhao, heads of the New York Stock Exchange and Nasdaq, as well as 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 is expected to increase by over $1 billion due to the new cryptocurrency business, 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 and the son of presidential envoy Witkoff, is a key pillar in this rapid wealth accumulation.

This gathering reflects a profound shift in attitudes towards cryptocurrencies from Congress to the upper echelons of domestic financial giants. Under the Trump administration's more favorable policy orientation, despite the sharp decline in cryptocurrency asset prices, Wall Street institutions are still actively positioning themselves to benefit from the recovery of cryptocurrency companies going public.

Wall Street's Shift: From Skepticism to Embrace

For years, Wall Street executives have criticized cryptocurrencies. The most notable example occurred in 2022 when JPMorgan CEO Jamie Dimon compared this asset class to "pet rocks."

Media reports indicate that when news of Dimon's comments surfaced, Solomon was on a private jet and was surprised that Dimon could make such a flippant remark without consequence. Solomon himself had previously been skeptical of cryptocurrency products but had been more restrained in public statements, referring to cryptocurrencies as speculative investments lacking real use cases.

However, at the event at Mar-a-Lago this Wednesday, Solomon seemed to begin taking cryptocurrencies more seriously. He told the audience that he holds a "very, very limited" amount of Bitcoin and stated that he is not a "great Bitcoin prophet," merely an observer of the asset.

Solomon's stance may be beneficial for business. Wall Street institutions are actively positioning themselves to benefit from the recovery of cryptocurrency companies going public, which had faced a harsh regulatory environment during the Biden administration.

Additionally, important client relationships need to be considered: the Witkoff family has business dealings with Goldman Sachs. Solomon said at the event, "The reason I came is that Alex Witkoff called me. When an important client of the company calls me and asks me to do something, I make time for it." Adena Friedman, CEO of Nasdaq, and Lynn Martin, President of the New York Stock Exchange, were also invited to attend. Both exchanges have companies listed that are supported by the Trump family. Over the past year, Donald Trump Jr. and Eric Trump have also visited these two exchanges to participate in bell-ringing ceremonies.

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

Jenny Johnson, CEO of asset management firm Franklin Templeton, referred to Bitcoin as a "disruption" in 2022, stating that it diverted attention from the disruptive potential of the blockchain technology supporting virtual assets. However, while speaking at Mar-a-Lago, she expressed the vision of cryptocurrency companies collaborating with traditional financial institutions.

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

Gathering of Government Officials: The Boundary Between Regulation and Business

The event highlighted World Liberty's ability to leverage relationships at the highest levels of the U.S. government, including officials responsible for regulating crypto assets.

Government officials were seen throughout the resort, including Small Business Administration Director Kelly Loeffler and Commodity Futures Trading Commission Chairman Michael Selig, who helps regulate the crypto industry. Selig's predecessor, acting chair Caroline Pham, was also in the crowd; she recently took a position with digital asset company 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 advisor David Warrington said in a statement, "The President is not involved in business transactions that may implicate his constitutional duties. President Trump fulfills his constitutional responsibilities in an ethical manner, and any other insinuations are either uninformed or malicious."

Eric Trump stated on Wednesday, "Ironically, the whole world has turned around. Some people in this room may have once stood 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 the face of concerns about potential conflicts of interest regarding new investments—including World Liberty Financial—the Trump brothers have repeatedly emphasized that they are private businessmen.

Rapid Expansion: Strong Supporters and Controversial Deals

Since Bitcoin reached an all-time high in October 2025, its market value has shrunk by nearly half, severely impacting companies within the industry, but World Liberty Financial continues to push for expansion at a pace that exceeds expectations across the industry

According to data provider CoinMarketCap, its USD1 stablecoin—a virtual asset designed to maintain the value of the dollar—currently has a circulation of over $5 billion, making it one of the largest stablecoins in the world. The company has applied for a banking license and announced the launch of a new lending platform. It is also promoting a hotel project in the Maldives under the Trump brand, allowing investors to purchase virtual tokens related to the project's development.

Even before launching any products, World Liberty Financial has attracted strong supporters. Reports indicate that in January 2025, just days before Trump's 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 49% of the company for $500 million, a company spokesperson later confirmed.

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

Donald Trump Jr. stated in an interview that World Liberty is being unfairly targeted, while other financiers often accept similar investments. "Because it's us, 'oh, that's the problem,'" he said.

World Liberty also has connections with other foreign companies. According to previous reports by Bloomberg, its flagship stablecoin was developed with the help of Binance, the world's largest cryptocurrency exchange. Binance's Zhao Changpeng admitted in 2023 to federal charges of failing to operate proper anti-money laundering procedures for the platform. He resigned from the company and was sentenced to four months in prison. President Trump pardoned Zhao Changpeng last year.

At an 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 Vision for Stablecoins: "An Upgraded Dollar"

The Trump family's launch of USD1 breaks the default attitude of presidential families in the U.S. monopolizing the national currency since the dollar's inception in 1792.

On Wednesday, during a break at the Mar-a-Lago event, Trump's eldest and second 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 brand slogan "An Upgraded Dollar," claiming that this stablecoin is "still a dollar, but suitable for a new era."

Donald Trump Jr. argued, "This will actually protect the dollar's hegemony. There are crypto companies that are among the top five buyers in the world. This will actually stabilize the dollar and do all the things we need to do." He believes that the U.S. federal government and Wall Street's big banks are fundamentally not flexible or innovative enough to drive the necessary changes Eric Trump, the son of Donald Trump, stated: "As Americans, we will lead the way. Who are you going to leave this to, JP Morgan? Are you going to leave it to the federal government?" He believes that Wall Street is too complacent and thus faces technological disruption.

However, what drives their entrepreneurship is not the inventors' passion for creating better products, but a strong sense of revenge. Trump's son believes that the broader financial system unjustly excluded them as part of the establishment after the Capitol riot on January 6, 2021, when the banking industry broadly refused to do business with the Trump family.

Donald Trump Jr. stated: "We entered the cryptocurrency space not because we were at the forefront. We did it out of necessity. They basically forced us to do it." He referred to the traditional banking system as a "Ponzi scheme."

Eric Trump recalled that the period when his father left the White House between two presidential terms was a traumatic time for the family. "These are commercial buildings, residential buildings, golf courses around the world. They are not political entities, but they withdrew these accounts from us like they were treating dogs. We couldn't pay vendors, we couldn't pay employees. So we said, listen, there has to be a better way."

Eric Trump stated: "We almost had this sense of revenge, and suddenly we started pushing an agenda, which is great. Our agenda is to modernize finance so that this never happens to anyone again."