Justin Sun Taking his Throne Blockchain Public in the United States, while growing ties to the Trump family could complicate the passage of us Stablecoin legislation.
June 16, Economic times Broken the news that faith blockchain, founded by Justin Sun, is planning to publish Nasdaq via a reverse fusion with SRM Entertainment, a fighting theme couple’s supplier.
The report was quickly confirmed by SRM, which announced That it had reached a deal with “a private investor” that will take an investment of $ 100 million in SRM. As a result, SRM will reclassify when Tron Inc and Sun (Alias ”Investor”) has been appointed adviser to the new unit.
The deal will also see SRM issued 100,000 new shares in its series B Convertible Preferred share, which will be convertible to 200 million shares in SRM’s ordinary share. There will also be 220 million warrants to acquire joint shares to $ 0.50 per piece, which gives the total investment to $ 210 million.
SRM plans to use the funds to “initiate a throne token (TRX) Treasury Strategy.” As many of the companies that have launched “Treasury” strategies In recent months, SRM was a loss company with some hope of withdrawing its financial spiral. In April SRM was granted a six -month committee by Nasdaq October 2024 threat to deliver the stock because of its inability to stay above $ 1 minimum bid price.
News about Sun Deal seems to have leaked at the end of last week, since SRM’s share price – which had been associated with about $ 0.60 during most of June – more than doubled by June 13. The shares closed about $ 9.19 Monday, a modest 534% increase during the day.
The deal was mediated by Dominari Securities, a Nasdaq-listed company with A colorful story It is based from Trump Tower in Manhattan and Added President Trump’s sons, Eric and Donald Trump Jr., to their list of advisers In February. Dominari’s share price, which struggled to stay over $ 1 at that time, shot up over $ 12. Each brother received 750,000 Dominari shares At the time they joined, efforts that are currently worth $ 3.75 million per piece.
Dominari also delivered the shell company that changed into American Bitcoin Corp (Abtc) Block reward mining Venture Trumps launched this spring with miners The hut 8 (Nasdaq: Hut).
FT reported that Eric Trump was expected to take a role as adviser to Tron Inc. but Eric Tweetad Monday that “I’m the biggest fan of faith and love @Justinstron – He is a great friend and an icon in the crypto gym. As I said (FT’s claim) is incorrect – I do not have public commitment. “(The word” public “can make some heavy lifting there.)
Regardless, Sun continues to deepen his ties to the Trump family’s crypto initiatives, which began last year with Sun To buy $ 75 million in WLFIThe steering token for the drum controlled Decentralized funding (Defi) Project World freedom economic (WLF). WLF then appointed sun as adviser And both Eric and Don Jr. have praised the sun through its personal X accounts.
Sun later bought more than $ 20 million $ Trump Memecoin It was issued by the president just a few days before his inauguration in January. Sun’s status as a $ Trump choice gave him access to Last month’s gala dinner On a Trump-owned golf course for the best $ 220 Trump owners.
It wasn’t that long ago that the sun did not dare to set foot on US soil, partly because of his Legal Difficulties with Securities and Exchange Commission (Sec) but also over concern that the Ministry of Justice (DOJ) can wait with unprecedented criminal charges. But Sec has since then Mothbolled its civilian complaintAnd doj is under new leadership and leaves the sun free to come and go as he wants.
After the SRM sensation – but before Eric denies having any role in the business – rope. Sean Casten (D-il) Tweetad That ”
A brilliant move?
Sun was quoted in the SRM edition and says “Stablecoins and Blockchain revolutionizes global payments.” SRM’s CEO Rich Miller praised the faith as “the industry leader for cross -border in the US Dollar Stablecoin.”
For the record, Ton’s native token TRX is not a StableCoin, and while the faith hosts the majority ($ 78.7 billion) by USDT, the market-leading dollar-denominated Stablecoin issued by TetherSun has not been shy to market USD1Stablecoin launched by Trump’s WLF this spring.
Faith recently began mint USD1 and the sunbathing Cooperative (before Huobi) became the first digital replacement of asset to List USD1 as trade options In May. USD1’s market value has stuck about $ 2.1 billion for a while now, but may it be about to change?
It will be interesting to see if Sun’s new business can affect Tuesday’s Senate Gulf voting on Guiding and establishing national innovation for us Stablecoins (Genius) law. Genius passed some procedural votes with a significant number of dems that join their Republican colleagues, but the publicity around yet another Sun/Trump-binding-it is denied that some of these Pro-Crypto Dems reconsider their support when it comes to the final vote.
It thinks of last week’s Decrypt Article, in which an unidentified crypto -lobbyist seized the Trump family and its crypto -eventure -partners “hate us. They announce a new product every time there is a key vote” on legislation in Congress.
Trump’s next archiving should be a doozy
June 15, Economic times reported on An archiving June 13 with the US Office of Government Ethics describing the president’s income and assets in 2024. The notification lists almost $ 57.4 million from Trump’s WLF revenue, as well as his control over 15.75 billion WLFI (of a total supply of 100 billion).
Trump earned $ 1.1 million through the sale of noticeable tokens (NFT), while Trump’s wife, Melania, earned almost $ 217,000 from his own NFT collection. Notification also shows that Trump has between $ 1 million and $ 5 million in Ethereum Network’s Native Ethics Token (probably earned through its four different NFT collections).
The submission only describes income/assets from 2024, which means that it lacks WLF grants from this year. It also does not include over $ 400 million in fees from $ Trump Memecoin sales, contributions from ABTC Mining Venture or the Crypto activities for his Trump Media & Technology Group (TMTG) (Nasdaq: DJt).
Speaking of TMTG, US SEC gave his approval stamp Last week to the company’s “BTC Treasury” strategy, alias Collect $ 2.4 billion to buy BTC And give investors a reason to buy the company’s shares. TMTG generates some revenue (less than $ 1 million during the first quarter of 2025) from its actual business operations, which includes the social platform of truth.
TMTG’s long-term plan could see that it raises up to $ 12 billion to finance additional BTC purchases on any future date. But investors seem uninterested, as TMTG opened Monday’s $ 19.52, less than half of its $ 43 peak in January. The shares continued its downward track on Monday and closed the day at $ 18.67 (-4.35%).
June 16 TMTG Archived a new application For a truth social bitcoin and ethereum etf (Bytes traded fund). The exact composition of the new ETF has not yet been established, but “initially is expected to approximately a three-to-one ratio of the value” for BTC to the value of the ETH it has.
TMTG announced earlier plans to issue several crypt -focused ETFs and submitted an application to Sec earlier this month to start Truth Social Bitcoin ETF. Tokens in TMTGS ETFs will be stored by Foris Dax Trust Co, a projection of Crypto.com Digital asset exchange.
Trump campaign “planted crypto flags” to attract minority voters
At last week’s summit with the state of New York presented by Coin base (Nasdaq: Coins) exchange, President Trump sent A pre -recorded video to deal with those present. To no surprise, Trump’s conversation mainly consisted of listing his efforts to loosen cryptoors and reminding everyone how much worse they would be without him in their corner.
Chris Lacivita, who also shows up at the Summit (personally), which co -aged president’s election campaign 2024. Coin base appointed Lacivita as its global advisory advice Shortly after Trump’s inauguration and Lacivita, I eager seemed to remind the summit of the bands that should bind them to the president’s party.
Lacivita too revealed That Republicans decided to “plant our flag on the (crypto) question” because it offered “an opportunity to reach a wider cut by voters, and maybe those who were a little outside, eh, by Republican, you know, box.”
Republicans have traditionally struggled to infringe with minority voters, including black, Latin American and Asian groups. But these groups report Significantly higher prices for digital asset than white voters who offer an opportunity for outreach that GOP was only too keen to exercise.
Lacivita admitted that Republicans “have conducted campaigns that have sometimes been accused of subtraction” rather than trying to grow their “tent” beyond their base. Go into Crypto, which “gave us an opportunity to establish common land with an area and a demographic that we must expand in to succeed.”
Thoughts, no thanks
A few days after the summit was coinbase A high -profile sponsor of the president’s military parade through the streets of Washington, DC, with Its logo apparently appears Behind the president’s podium.
Coinbase’s commitment to the very polarizing event did not go well with crypto members who saw this public embrace of state power as antithetic for Bitcoin’s individualistic origin. Many also saw CEO Brian Armstrong as hypocritical, given His 2020-up-ed It suggested employees who want to get involved in political advocate may want to find employment elsewhere.
Coinbase Execs that have defended sponsorship has publicly argued That the event celebrated the Army’s 250th birthday, not any politician or party. But much of the controversy around the parade was because that day was also the president’s 79th birthday. So far, Trump has Nevertheless to notify some similar parties for the Navy or Marinkor SetBoth are celebrating their own 250 days this year, just not on his birthday.
Coinbase made a seven-digit contribution to Trump’s inaugural committee and has signed as A “major sponsor” for America2502026 party for the country’s 250 anniversary. But the company has repeatedly pointed out that its political efforts are two-party and will support politicians of all stripes if they are sufficiently pro-crypto.
However, it is precisely this mercenary strategy that seems to have unlimited some cryptos supporters, the proposal that a party or politician’s overall policy can be disregarded as long as they continue to promote Crypto’s cause.
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