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Despite an earlier announcement, Eric Trump will no longer serve as a director on the board of directors of cryptocurrency companies.
Fintech Alt5 Sigma touts President Donald Trump's son is joining its board of directors and joined the board in an August 13 press release.
Trump called the Nasdaq opening the day after the announcement, marking a $1.5 billion crypto deal between Alt5 Sigma and World Liberty Financial, a company financially backed by the Trump family.
However, according to SEC filings, Trump has since been demoted to a board observer, where he can still attend meetings but does not have the power of a full board director,street Report first.
Meanwhile, Zachary Witkoff, son of President's Middle East envoy Steve Witkoff, was appointed chairman and board nominee for Alt5 Sigma.
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Fintech company Alt5 Sigma announced that Eric Trump joins its board of directors as he joins Nasdaq on August 13, marking a $1.5 billion cryptocurrency with World Liberty Financial (Getty Image)
According to the August 25 document, the change in Trump's position was “after discussions with Nasdaq Stock Market LLC” and “in order to comply with Nasdaq's listing rules.”
There is no further explanation in the document and the company has not yet made public comments. However, Trump is still listed as the board director on the Alt5 Sigma website.
independent Alt5 Sigma has been contacted for a comment.
The president and his family have accumulated as much as $6 billion on paper after opening up a new digital currency earlier this month Wall Street Journal Report.
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Since then, Trump has been demoted to board observers, and he can still attend meetings, but does not have the power of all board directors (Reuters)
The Trump family launched a new cryptocurrency – WLFI on cryptocurrency on September 1, equivalent to an initial public offering. Prior to this, people who purchased the world's financial free currency were unable to trade tokens.
The household owns a quarter of all tokens. Eric Trump is a co-founder of world freedom along with Donald Trump Jr and Barron Trump, and the president has been appointed as the “co-founder reputation.”
When Trump and his son ran for president last year, he started the world’s free finances and said he would “this time with cryptocurrencies to make America great again.”
There are concerns that world freedom will create a way to influence Trump’s family and investors seek help from the Trump administration.
But White House press secretary Karoline Leavitt said: “Neither the president nor his family have ever been involved and will not engage in conflicts of interest.”
Other reports by Eric Garcia.