Credit: NOTICE NEWS
首先重溫連串事件的時間線 (Timeline)：
2021 年 1 月 6 日：約 2,000 至 2,500 名來自全國以及支持時任美國總統特朗普（川普）的示威者衝進位於國會山莊的美國國會大廈，擾亂美國國會聯席會議。當時該會議正就選舉人團計票，並進行認證 2020 年美國總統選舉結果以宣告拜登 (Joe Biden) 正式獲勝。之後拜登上台，成為第 46 任美國總統 (2021 年 1 月至 2025 年 1 月)。
2021 年 2 月：JPMorgan Chase 通知特朗普將在 60 日後關閉他的賬户。根據英語傳媒的報導，特朗普曾經致電 JPMorgan Chase 董事長 Dimon （中譯：戴蒙），但對方沒有接聽他的電話。
2021 年 3 月：第一資本（Capital One Financial, NYSE:COF）通知特朗普集團，計劃關閉相關賬戶。跟據路透社 (The Reuters) 的報導，第一資本金融（Capital One Financial）在一份法庭文件中披露，該行在其反洗錢團隊進行了長達數月的審查後，關閉了逾 300 個與特朗普集團相關的賬戶。這份法庭文件是迄今首次有銀行正式將反洗錢方面的顧慮與其終止向美國總統唐納德·特朗普家族企業提供服務的決定掛鉤。第一資本並未指控特朗普集團從事非法洗錢活動。
2025 年 1 月 20 日：特朗普宣誓成為第 47 任美國總統，展開他的第二個任期。
2025 年 3 月：特朗普集團及埃里克·特朗普於在佛羅里達州聯邦法院提起訴訟，指控第一資本（Capital One Financial）在 2021 年 1 月 6 日美國國會大廈騷亂事件後，出於政治原因終止了雙方的業務關係。
2025 年 8 月：特朗普簽署行政令 (Executive Order) ，禁止金融機構以政治或宗教立場為由拒絕向客戶提供服務。
2026 年 1 月：特朗普對摩根大通（NYSE:JPM）提起訴訟，同樣指控其存在歧視性的「去銀行化」(Debanking) 行為，要求 50 億美元賠償。
2026 年 7 月初：特朗普向美國政府申報利益的文件顯示，他在第二個任期開始（2025 年 1 月）之後的一年內，透過加密貨幣以及相關項目（提示：Trump meme coin）帶來的商業收益 (Business Revenue) 超過 14 億美元。
2026 年 8 月中：根據美國政治媒體《NOTUS》報導，由特朗普家族支持的加密貨幣項目 World Liberty Financial (WLF) 預計將在近期獲得美國貨幣監理署（OCC）核准，正式成為「國家信託銀行」。未來可從事數位資產託管、美元穩定幣 (Stablecoin) 的發行與贖回，以及相關的資產轉換服務。
特朗普的盤算
事件的底層邏輯，是特朗普利用自己兩次被金融機構關閉戶口這個事實，把自己包裝成受害者，然後向相關的金融機構（JPMorgan Chase + Capital One Financial）提出法律訴訟，即是報復。往績顯示，他是好戰的老男人，有仇必報，愛打官司，訴訟紀錄有如水蛇春（提示：他跟香港地產商鄭家純的陳年官司）。
注意：展開第二個任期之後，他由指控加密貨幣 (Crypto currency) 是騙局，搖身一變成為 Crypto 最重要的支持者及保護傘，並且透過家族支持的加密貨幣項目 World Liberty Financial (WLF) 得到巨大的金錢利益。詳情請參考《延伸閱讀》部提供的英文傳媒報導。他是否利用兩宗 Debanking 官司，為 WLF 轉型成為「國家信託銀行」做鋪墊，也為捐錢給 WLF 的幣圈（或幕後老闆）做事，自己想。
須知道，加密貨幣是銀行系统以外的轉錢渠道，某程度上是傳統銀行業的競爭對手。銀行業得罪特朗普，幾年後他回復總統身份，就透過法律途徑報復，同時扶持銀行業的競爭對手（加密貨幣），以及透過 WLF 收受來自幣圈（提示：Justin Sun 孫宇晨）以及中東國家的金錢利益，而那些錢落入家族信託之內。如果那些錢其實來自中國或俄羅斯，孫宇晨或中東國家只不過是中間人，便是影響國家安全，也是敵對勢力干預美國的內政，對不對？總統賣國？非同小可！這種玩法明顯牽涉利益衝突，也威脅美國的國家安全。你以為美國的民主黨、司法部門、情報機關和主流傳媒會放過他？鏡頭前，民主黨的女議員 Elizabeth Warren 回應：在任的美國總統的批准、經營和監管由家族所開設的銀行，是史無前例，也是公然的以權謀私。
美國人的回應（來源：Facebook）：
Turns out "America first" means Trump Inc. first.
Not MAGA (Make America Great Again) but make his family great again.
The fox is in the hen house.
I think all the Republicans should put all their money in his bank.
Can anyone say "laundromat"? Will the loans be color coded?
Reply: It will be in crypto.
Reply: Probably the Swiss bank account transfers will, however!!
陰謀論：自知掌權（還是生存？）的日子不會太長，所以要盡快「揾著數」（粵語：撈錢或撈油水）？有權要用盡，否則來不及？怎麼越看越似中國的貪官？搞邊科（粵語：幹什麼）？
另外，美元穩定幣 (USD Stablecoin) 是（實體）美元的替代品，也是合法銀行系統以外的跨國轉錢渠道，可以是洗黑錢工具。在監管層面，有許多技術問題未解決。由美國總統的家族所掌管的「國家信託銀行」負責發行與贖回美元穩定幣 (Stablecoin) 以及提供相關的資產轉換服務，會對美元體制產生怎樣的影響？是加強還是削弱「美元霸權」(Dollar Hegemony)？須知道，從美國的角度看，「美元霸權」是美國用來對付「邪惡軸心」 (Axis of evil) （即是：俄羅斯、中國、北韓、伊朗）的金融武器，事關重大，應該比特朗普的家族利益重要，對不對？還是由美國總統的家族所掌管的「國家信託銀行」其實是利益輸送的渠道？事情的發展方向，再次指向利益衝突或以權謀私，對不對？
注意：美國跟「邪惡軸心」 (Axis of evil) （即是：俄羅斯、中國、北韓、伊朗）角力的過程中，經常使用公布制裁名單這一招，迫使銀行業關閉名單上的敵國官員（及其家屬）的賬戶，直接導致合規成本增加，也為銀行營運增加難度。自己曾經被銀行關閉賬戶，就迫銀行關閉敵人的賬戶（把金融業或合規工具武器化）。是己所不欲，施之於敵人。要敵人承受自己所承受過的痛苦，而且由得罪過自己的行業出手，一舉兩得，手段精準和狠辣，是他的一貫作風。
結論：一貫作風
特朗普和金融業的關係很有趣，既相生（支持加密貨幣的發展）也相剋（向關閉自己戶口的銀行業發動攻擊），但事情的發展其實符合他的一貫作風，他跟社交媒體的關係可供參照。
2021 年 1 月 6 日的國會山莊騷亂事件之後，社交媒體 Facebook 封鎖特朗普的賬戶（搜尋：Facebook blocks Trump's account after violence at Capital），處理手法跟銀行業的 JPMorgan Chase 及 Capital One Financial 相同，即是切割。之後特朗普自設社群媒體, 並且提供收費訂閱服務（搜尋：Truth Social selling early access to Trump’s Posts）, 目標顧客是華爾街的大戶。事件同樣引發利益衝突或以權謀私的爭議（原因：在任的美國總統出售內幕消息賺錢）。欲知詳情，請上網。
他的回應之道相同：你因為政治理由（即是：國會山莊騷亂事件或 PEP 身分）關閉我的賬戶？我自立門戶，跟你搶飯碗，而且收錢，那些錢將落入我（或家族成員）的口袋，是同一招來的。從特朗普的角度看：壞事變好事！美國總提供玩這一套，史無前例。至於所引發的爭議和後果（即是：他是否會被民主制度反噬），有待觀察。他是否為下台之後的日子做準備，所以要搶錢，自己想。
延伸閱讀／參考資料：
Trump
sues JPMorgan and Jamie Dimon for dropping him as a customer after Jan. 6
attack
By
Chris Isidore, Matt Egan
CNN
(Jan 23, 2026)
https://edition.cnn.com/2026/01/22/business/jpmorgan-chase-trump-lawsuit-debanking
Key
Points:
- President Donald Trump is suing JPMorgan Chase, the nation’s largest bank, and its CEO Jamie Dimon, alleging it improperly dropped him as a client in 2021 for political reasons. The suit in state court in Florida seeks $5 billion in damages.
- The suit says that the bank notified Trump and his various businesses it was closing their banking accounts at the bank in February 2021, giving them 60 days notice before the closures went into effect.
- The suit also charges that Trump, his family and various businesses were placed on a “blacklist” by JPMorgan “for any wealth management accounts that they have title to.” The suit alleges that placement on the blacklist was authorized by Dimon and that being placed on the blacklist led other banks not to deal with Trump and the other plaintiffs in the suit.
- The suit also comes one day after Dimon, speaking at the World Economic Forum in Davos, said that a proposal by Trump for a 10% cap on credit card interest rates “would be an economic disaster” because it would cut many American households off from access to credit.
- The complaint argues that the bank failed to provide a reason for terminating the accounts, and Trump and his businesses “have subsequently learned that they were debanked as a result of political discrimination against President Trump, the Trump Organization, its affiliated entities, and/or the Trump family.”
- The lawsuit also said that Trump reached out to Dimon directly about the accounts being closed and that Dimon assured Trump that he would get back to him to address the account closures, “but, ultimately, never did.”
- But Trump’s suit claims that JPMorgan Chase “has a notable history of debanking entities and individuals that have conservative political beliefs.”
- Trump has previously accused JPMorgan and Bank of America of rejecting his business after his first term ended, and he has decried so-called debanking throughout his second term.
（推介原因：特朗普在 2026 年 1 月初向 JPMorgan Chase 採取法律行動，要求 50 億美元賠償。提出控告的日期剛好在 JPMorgan Chase 董事長 Dimon （中譯：戴蒙）回應特朗普對信用卡利率的建議之後的一天，兩件事是否有關，只有特朗普知道。此外，Dimon 也曾經批評特朗普的關稅政策和移民政策。）
（银行的角度：如果你是 JPMorgan Chase 董事長 Dimon，那些衝擊美國國會山莊的特朗普粉絲是否暴徒或激進政治團體的成員，是否會為 JPMorgan Chase 帶來聲譽風險或合規風險？自己想。從銀行的角度看，特朗普是 Politically Exposed Person (PEP)，需要小心處理。萬一你不認識 Dimon，請上網。）
Trump sues JPMorgan for
$5bn over account closure after Capitol riot
Natalie
Sherman
Business
reporter
BBC
23
January 2026
https://www.bbc.com/news/articles/c2e11m2w2meo
Key Points:
- The complaint was filed in Florida, which bars banks from discriminating against clients for their political views.
- In the lawsuit, a copy of which was obtained by the BBC's US news partner CBS, Trump says JPMorgan's decision to close his accounts was a "key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views".
- The filing alleges that the move was driven by "unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views".
- "In essence, JPMC debanked plaintiffs' accounts because it believed that the political tide at the moment favored doing so," it says.
- Trump also accused the bank of trade libel over its decision to place his name, and that of his businesses "and/or family" on a "blacklist" - a roster that was shared with other banks and intended to identify people with a history of "malfeasant" activity. That move was allegedly approved by Dimon himself.
- In the aftermath of the Capitol riot, a number of companies had shunned doing business with the president.
- Debanking, or the process of closing accounts, has been a priority issue for Trump, who has publicly taken JPMorgan and other banks to task for the practice and ordered a review of their activities.
Trump
Takes On JPMorgan in $5bn ‘Debanking' Lawsuit: What It Means for Global Banks
and Markets.
By ACE
Investors
23
January 2026
Excerpt: Trump has described the move as an example of “debanking”, a term increasingly used to describe financial institutions cutting ties with individuals or organisations they deem high-risk.
Trump claims the bank informed him in early 2021 that multiple accounts would be closed within months, which he says caused both financial disruption and reputational damage. The lawsuit further alleges that JPMorgan placed Trump and his affiliated companies on an internal “blacklist”, typically reserved for clients considered non-compliant or problematic under bank policies.
JPMorgan has firmly rejected the claims. In a public statement, the bank said it does not close accounts based on political or religious views, arguing that such decisions are driven by legal, regulatory, and risk-management requirements. Large global banks, including JPMorgan, are subject to strict compliance obligations, particularly when dealing with politically exposed persons (PEPs), who are subject to heightened scrutiny due to their public profiles.
The timing of the lawsuit is notable. It follows comments made by Jamie Dimon at the World Economic Forum in Davos, where he publicly praised certain aspects of Trump’s economic and foreign policy positions, while also expressing concerns about proposed tariff and credit market policies.
For
investors, the case highlights growing tensions between politics, regulation,
and the banking sector. In recent years, banks worldwide have faced pressure
from regulators, governments, and activist groups over who they serve and how
they manage risk. Similar debates have also emerged in Australia, particularly
around access to financial services for controversial or high-profile clients.
While the legal outcome remains uncertain, the case could have broader implications for global banks, compliance frameworks, and political risk exposure. JPMorgan has previously disclosed that US authorities are examining whether banks provide fair access to financial services, adding another layer of regulatory complexity.
Trump Orders DOJ to Investigate Capital One Over ‘Debanking’ Claims
Capital
One closed Trump's accounts in 2021 over money-laundering concerns. Now Trump
is ordering the DOJ to investigate the bank for 'debanking.'
Context
Corner's avatar
By
Context Corner
Published
Aug 4, 2026
https://context-corner.com/news/trump-orders-doj-to-investigate-capital-one-over-debanking-claims/
Key Points:
- President Donald Trump has directed the Justice Department to investigate Capital One for alleged “debanking,” turning a years-old personal grievance into a federal inquiry aimed at one of the country’s largest banks.
- Capital One confirmed the accounts were closed in 2021 after an internal compliance review flagged concerns over possible money laundering. Trump, who has provided no specific evidence of wrongdoing, says the closures were politically motivated.
- Capital One stock fell roughly 2 percent after Trump announced the probe on social media.
- The bank shut down the Trump-linked accounts as part of its anti-money laundering protocols. The closures happened before Trump formally announced his 2024 presidential run.
- Capital One has not publicly detailed which transactions triggered the review. The bank is currently seeking regulatory approval for its $35.3 billion acquisition of Discover Financial — a pending deal that gives federal regulators considerable leverage over the institution.
- In January 2025, Trump signed a debanking executive order directing agencies to examine whether financial institutions were shutting down accounts on political or ideological grounds. His social media call for a DOJ investigation into Capital One followed from that order.
- Capital One CEO Richard Fairbank had met with Trump at the White House in January 2025, weeks before the investigation demand went public.
- Critics warn Trump’s move sets a troubling precedent. Directing federal scrutiny at a bank with a major acquisition pending before regulators, The Hill reported, “represents a dangerous use of executive power.”
- If the White House can pressure regulators to target institutions the president dislikes, the boundary between independent financial oversight and political retribution becomes difficult to defend.
- Supporters of the investigation argue that debanking — closing accounts based on a customer’s identity or affiliations — is a real problem that deserves federal attention. Conservative commentators have pointed to Capital One’s customer complaints as evidence of systemic bias.
- Skeptics counter that Trump has produced no documentation linking his closures to political motivation, and that banks routinely flag and close accounts through compliance software with no ideological intent.
- Trump’s directive has transformed a years-old bank compliance decision into a live federal investigation, applying pressure on Capital One at the very moment the bank needs regulatory goodwill to close its Discover acquisition. Whether the DOJ inquiry uncovers evidence of wrongdoing will send a clear signal to financial institutions about the risks of running afoul of a politically active White House.
Investopedia
Trump Signs Order to Ban Alleged ‘Debanking’ of Political, Religious
Groups
By Terry Lane
Published August 07, 2025
Key Points:
- An executive order signed today
by President Donald Trump would end the “reputational risk” standards that he said were used to
discriminate against political and religious ideology. This could result in investigations of banks accused
of “debanking” clients based on those beliefs.
- Trump accused major financial institutions of “debanking” him because of his conservative political beliefs.
- The order would also target financial institutions that deny services to lawful businesses, with a focus on cryptocurrency firms that also claimed discrimination from banks.
- In an interview with CNBC, Trump
said he was a victim of debanking after
a major national bank closed his account following the conclusion of his first
term as president, while another refused to start new accounts for him.“The
banks discriminated against me very badly,” Trump said.
- The order could also provide benefits to cryptocurrency firms, as the executive order also cited action taken by banks to deny services to the “digital assets industry.”
（推介原因：美國總統特朗普對 Debanking 議題的立場，聲稱自己也是受害者，留意他簽署的行政命令對加密貨幣圈子所帶來的影響。特朗普透過家族生意 World Liberty Financial 跟幣圈的人交易，是否利益交換或以權謀私，自己想。）
Fact Sheet: President Donald J. Trump Guarantees Fair Banking for All
Americans
The White House
August 7, 2025
GUARANTEEING FAIR BANKING FOR ALL AMERICANS
Executive Orders
August 7, 2025
Executive Order 14331
https://www.whitehouse.gov/presidential-actions/2025/08/guaranteeing-fair-banking-for-all-americans/
Viewpoints
The Executive Order on Debanking and BSA Collide
Article
September 22, 2025
John Zasada
Doeren Mayhew
https://www.doeren.com/viewpoint/the-executive-order-on-debanking-and-bsa-collide
Excerpt: While the intent of the order is to protect consumers from ideological discrimination, some have voiced concerns about how it impacts Bank Secrecy Act (BSA) compliance. Financial institutions are responsible for filing Suspicious Activity Reports (SARs) using oftentimes, subjective criteria. Some, but not all, BSA officers and industry experts have recently expressed fear that potential political pressure could cause financial institutions to retain members/customers that ordinarily they might shed due to perceived risks. They opine that BSA officers might be hesitant to file SARs or close accounts because of the conflicting mandates of the order and BSA.
（推介原因：特朗普簽署的行政命令讓銀行處於兩難局面。勉強留住高風險客戶可能會被捲入洗黑錢醜聞，然後要交罰款以及令聲譽受影響，但是關閉客戶賬戶又會被官府找麻煩，令銀行很難做。）
To Truly Fix Debanking, We Need Structural Reforms
Trump’s new executive order addresses political discrimination in
banking, but we need deeper reforms to money-laundering laws and the Bank
Secrecy Act to truly protect freedom and privacy.
Jorge Jraissati
Reason (8.12.2025)
https://reason.com/2025/08/12/to-truly-fix-debanking-we-need-structural-reforms/
Intro: Sometimes individuals, organizations, or entire industries are abruptly excluded from the financial system without any explanation or ways to resolve the issue. This is known as debanking. Several conservative organizations and crypto assets companies have claimed that financial regulators under the Biden administration debanked them as part of a political agenda.
President Donald Trump has echoed these allegations. He has said that after his first term, JPMorganChase gave him 20 days to withdraw more than $1 billion from the bank. Donald Trump Jr. has similarly said, "Once we got into that political sector…we were getting de-banked, we were getting de-insured, we were getting de-everything. It was brutal."
To address this issue, Trump signed an executive order on August 7, stating that "some financial institutions participated in Government-directed surveillance programs targeting persons participating in activities and causes commonly associated with conservatism." It proposes solutions with the aim that no American is "denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views."
While Trump's action is a good step, substantially deeper reforms are needed if his administration wants to end the weaponization of America's financial system and financial regulatory framework. Trump's executive order, as well as recent actions of the Federal Reserve Board and ongoing legislative proposals in Congress, address only the tip of the iceberg when it comes to the manipulation of banking regulations for either political or economic gain.
To truly fix debanking, Congress has to propose structural changes to America's anti–money laundering (AML) framework. These regulations can be weaponized given their lack of objectivity, transparency, and due process. Congress should also reform the Bank Secrecy Act (BSA), which allows the collection and sharing (even to foreign competitors) of virtually all the financial and private information of Americans without their knowledge or consent.
（推介原因：這篇文章解釋特朗普為什麼要簽署針對 Debanking 的行政命令，提供背景資料，讓你看見事件的脈絡，明確指出 Debanking 其實是把金融系統武器化，用來對付某人或實體。要解決 Debanking 必須改革洗黑錢法規，事情也牽涉到 Bank Secrecy Act (BSA) 。）
Trump earned over $1.4 billion from crypto ventures in 2025, financial
disclosure shows
Trump profited from cryptocurrency tokens and licensing the $TRUMP meme
coin.
By Nicholas Kerr and Will Lennon
ABC News
July 1, 2026
Key Points:
- President Donald Trump earned more than $1.4 billion from his cryptocurrency ventures in 2025, according to his personal financial disclosure released on Tuesday by the Office of Government Ethics.
- The over-900-page disclosure, which covers last year, showed that the president earned billions of dollars in revenue from his properties around the world and from his foray into cryptocurrency. The president also received numerous gifts totaling more than $370,000, according to the disclosure.
- But one of the standout performers last year was the president’s cryptocurrency investments.
- The president's disclosure listed earnings of $636 million from CIC Digital LLC, a cryptocurrency firm affiliated with the Trump Organization. The vast majority of that income came from a $635 million license agreement with Celebration Coin to sell the president’s $TRUMP meme coin, which he launched days before his second inauguration, billing himself as the "crypto president."
- Trump also reported earning an additional $526 million from the sale of cryptocurrency tokens through the Trump-connected firm World Liberty Financial (WLF) earned another $65 million from sales of equity in WLF’s holding company.
- World Liberty Financial came under scrutiny earlier this year after the firm reportedly sold a $500 million stake to a member of the Emirati royal family shortly before Trump’s inauguration.
- The president reported another $196,875,000 in income from investments in Stablecoin Holdco, LLC, the parent holding company of World Liberty Financial.
- The president also reported earning at least $389 million from his properties and golf courses and clubs in the U.S. and Scotland, including over $77 million alone from Mar-a-Lago.
- Outside of his businesses and physical holdings, the president received a number of gifts last year valued in the hundreds of thousands of dollars., according to the disclosure.
（推介原因：特朗普在第二個任期開始（2025 年 1 月）之後的一年內，透過加密貨幣以及相關項目（提示：Trump
meme coin）所得到的金錢利益。）
Why Trump-backer Justin Sun is suing the Trumps’ firm
Oliver Bullough
Coda Story
29 April 2026
https://www.codastory.com/oligarchy/why-trump-backer-justin-sun-is-suing-the-trumps-firm/
Excerpt: Donald Trump and the crypto world have done well out of each other. The Trump family has made profits of several billion dollars, and ‘cryptopreneurs’ have found the United States a newly supportive environment for their products. But the crypto world is not a single entity, and there are potential differences of opinion and approach between the parts that specialise in fraud, money laundering, and speculation (as well as the small number of societally beneficial uses), and a court case between billionaire Justin Sun（孫宇晨）and the Trump family’s World Liberty Financial threatens to blow those divides wide open.
He also had a key role in transforming Trump from cryptosceptic into cryptoenthusiast after investing millions of dollars in World Liberty Financial in late 2024, which helped to persuade the president — then running for re-election — that there was money to be made on the blockchain.
Sun is a colourful gentleman and a firm favourite of this newsletter, thanks to his efforts to essentially buy the Pitcairn Islands, his voyage into kind-of space, his consumption of a $6.2 million banana, his stewardship of the Tron blockchain, his premiership of Liberland, and his frankly adorable continued usage of “H.E.” (his excellency) as a title despite losing his Grenadian ambassadorship three years ago after being accused of fraud by the Securities and Exchange Commission.
Considering the improbability of the Trump family building an actually successful crypto company, and the strong likelihood World Liberty Financial would find a way to keep investors’ money as has happened with Trump ventures in the past, quite a lot of people assumed Sun’s money was in reality more of a gift than an investment. But it appears these doubters were wrong, at any rate that’s what it says in the suit that Sun has filed in California alleging that World Liberty Financial has abused his rights.
“Mr. Sun invested $45 million to purchase $WLFI tokens from World Liberty not only because of the project’s claims that it would promote adoption of decentralized finance… but also because of the Trump family’s association with the project,” his claim states. “But as Mr. Sun unfortunately has learned, World Liberty’s operators, including Chase Herro, see the project as a golden opportunity to leverage the Trump brand to profit through fraud.”
Sun has been careful to make clear this is not an attack on the president (“Unfortunately, certain individuals on the World Liberty project team have been operating the project in a manner that goes against President Trump’s values,” he posted on X), who is, he says, being betrayed by underlings — as autocrats have always been throughout history — but he is certainly airing a lot of dirty laundry, which is likely to upset influential people.
Perhaps the most significant allegations, which World Liberty Financial denies, is that the Trump family’s company is on the verge of collapse, having paid most of its money to its owners, and that it tried to extort money from Sun to keep it in business. This is not just significant for its investors but also for America’s diplomatic ties, since Abu Dhabi has invested $2 billion via World Liberty Financial’s USD1 stablecoin, and the United States can ill-afford to further irritate its allies in the Gulf right now.
The timing of the lawsuit is interesting. It was notable that, shortly after Trump returned to the White House, the Securities and Exchange Commission paused its investigation into Sun. In March, that investigation was finally wrapped up, with Sun paying $10 million but not admitting wrong-doing, so he is perhaps no longer concerned about facing legal action himself.
Sun was also a major investor in Trump’s memecoin, but is not the only person who seems to have soured on that particularly unlovely project. One of the perks of being an investor in the token is the right to have dinner with Trump, but the value of that ticket dropped this year to just $539,000 from $3.28 million in 2025, with the Financial Times quoting an expert as calling the friendship between Trump and the crypto-world “a shotgun marriage,” which seems fair.
The Trump family has, however, made $320 million in fees from the memecoin alone, so I suspect they’re not that bothered.
（推介原因：特朗普跟 Justin
Sun（孫宇晨）的利益瓜葛和是非恩怨。）
A record Bitcoin haul & crypto comes to the Pitcairn Islands
Oliver Bullough
22 October 2025
https://www.codastory.com/oligarchy/a-record-bitcoin-haul-crypto-comes-to-the-pitcairn-islands/
Excerpt: The Pitcairn crypto plan
Thanks to an Australian reader for tipping me off to an odd situation in the Pitcairn Islands, the only British Overseas Territory (BOT) in the Pacific, and the smallest territory in the world by population. Pitcairn has fewer than 50 inhabitants and is extraordinarily remote so unlike most BOTs – the Cayman Islands, the BVI, Gibraltar, Anguilla, etc – it has never developed an offshore financial services industry.
Anyway, it seems that in January 2020, Justin Sun（孫宇晨）– the Chinese-born billionaire head of the crypto giant TRON; prime minister of Liberland; first Kittitian in Space; former Grenadian ambassador extraordinary and plenipotentiary to the World Trade Organisation; eater of a $6.24 million banana; and early investor in Donald Trump’s crypto company – explored the possibility of turning Pitcairn into a crypto haven. According to the minutes of the meeting with the island’s council, three of Sun’s representatives were there on a friend-making mission: “TRON is looking to partner with a BOT to work together to craft regulations etc to help make crypto currency more mainstream.”
There was “a lot of community interest” among the locals for carving up this unexpected cash cow, but fate intervened in the form of a killjoy governor, who represents the U.K. in these parts. “TRON will not be permitted to establish bitcoin/crypto currency”.
According to one academic’s assessment of things, “a company with such a variable track record was never going to be afforded a foothold in the territory.” And, generally speaking, that should have been the end of the matter, leaving us with nothing more than a ghostly alternative timeline in which Pitcairn is a crypto hub (or, perhaps, a 21st century version of Nauru) and its few-dozen residents are multi-billionaires.
None of this has been confirmed by Tron, so I only have the Pitcairn administration’s documents to go on but it appears that the company did not in fact go away quietly. Instead, in order to “garner favour”, it began to provide solar panels to Pitcairn residents. An attempt by the governor to stop this collapsed, given that everyone really wanted them, and by July 2023, the council’s meeting minutes noted: “we all have solar units donated from TRON on our roofs”.
My Australian interlocutor informs me that Pitcairn residents are unsurprisingly now super-enthusiastic about Tron for having provided them with free electricity, though loath to publicise it. This year Tron advertised for a Project Director (Pitcairn Islands Development) to lead “a humanitarian infrastructure development project aimed at improving the medical and accommodation conditions of 35 indigenous fishermen residing on Pitcairn Island”, and is now looking for a “Legal Counsel (Pitcairn Islands Development)”.
Something’s happening here and I don’t know what it is, but if I worked for the British government I’d be trying to figure it out. Justin Sun’s stated philosophy is underpinned by the libertarian creed of “no forced obligations, no taxes, and no mandates”. It would be a challenging development if, now that he’s provided Pitcairn with free power, he managed to bring the islanders around to that point of view.
（推介原因：Oliver
Bullough 收到讀者報料，Justin
Sun（孫宇晨）正計劃把太平洋小島 Pitcairn
Islands 轉型成為 crypto
haven，但遇到阻力。Auntie
想起已經被遣返中國的太子集團（Prince
Group）董事長陳志（Chen
Zhi），他被指控通過空殼公司在西太平洋島國帕勞（Palau）建立豪華度假村，藉此洗黑錢以及轉移非法資金。共通點：來自中國的加密貨幣專家把影響力延申至太平洋島國，是同一種玩法。孫宇晨跟陳志是否同一類人？幕後老闆是否相同？自己想。 ）
Trump-linked crypto venture World Liberty Trust
granted bank status in unprecedented move for president
Democratic lawmakers are warning about potential
conflicts of interest.
By Nathan Lee
ABC News
August 16, 2026
Key Points:
- A Trump-appointed national bank regulator granted a wing of the Trump family's crypto business conditional approval to establish a bank charter, opening the door for larger clients and potentially heightened profits.
- The decision marks the first time in U.S. history that a company owned by the sitting president's family has been granted bank status, as Democratic lawmakers express concerns over potential conflicts of interest.
- In a letter published Friday, the Office of the Comptroller of the Currency granted World Liberty Trust Co., an organization that is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members," according to its website, the ability to issue stablecoin cryptocurrency tied to the U.S. dollar.
- World Liberty Financial, the listed sponsor of the conditionally approved trust, has previously relied on a third-party crypto company, BitGo, to provide a stable digital currency. Friday's approval allows the Trump family's business to cut out the middleman and provide the service directly.
- Digital currencies, like Bitcoin, are historically volatile and therefore less appealing for entities making large transactions. Crypto tied to more stable values, like the U.S. dollar or the price of gold, can be more attractive to big spenders and can be "marketed for use as a means of making payments, transmitting money, or storing value," according to the U.S. Securities and Exchange Commission.
- The decision allows the Trump-linked business to act as a bank, issuing digital currency to clients for transactions. Clients would exchange the U.S. dollar for the stablecoin, with profits going directly to the Trump family's crypto business.
- The president's family has seen extensive profit from World Liberty Financial, securing around $5 billion in the company's first days after going public, according to the token's value at the time, with major investments from individuals and foreign nations continuing to fuel the company's value.
- Trump himself has made more than $1.4 billion in business revenue from his family's crypto ventures, according to his released financial disclosures.
- White House spokeswoman Anna Kelly has maintained that the president "only acts in the best interests of the American public," and said that no conflict of interest exists in part because the president's assets are held in a blind trust managed by his children. Typically, a blind trust would operate with an independent trustee. "President Trump’s assets are in a trust managed by his children," Kelly said. "There are no conflicts of interest."
- State-backed Abu Dhabi investment firm MGX invested another $2 billion in the company in May 2025, promising to use the Trump family's USD1 stablecoin in large transactions with crypto exchange company Binance.
- The deal later came under scrutiny when the Trump administration then agreed to supply the UAE with highly coveted American-made AI chips despite prior administration concerns that they may make their way to China.
- "We thank MGX and Binance for their trust in us, and I think it's only the beginning," World Liberty Financial co-founder Zach Witkoff said after announcing the deal, alongside the president's son Eric Trump at a crypto convention in Dubai.
- Ranking Member of the Committee on Banking, Housing and Urban Affairs Sen. Elizabeth Warren, D-Mass., urged the OCC to halt approval of Trump-linked business ventures, writing a letter to the comptroller in January. As an executive branch office, the president has ultimate authority over the OCC, though the office considers itself independent.
- "For the first time in history, the president of the United States would be in charge of overseeing his own financial company," Warren wrote. Following the OCC's preliminary approval, Warren described the decision as the "most brazen act of self-dealing our financial system has ever seen." "I’m introducing a bill to stop this kind of unprecedented corruption," Warren said in a post on social media.
- The charter application will not be fully
approved until some conditions are met, including increasing the company's capital, the OCC said.
WOW: Elizabeth Warren called it "the most brazen
act of self-dealing our financial system has ever seen."
WOW: Elizabeth Warren called it "the most brazen act of self-dealing our financial system has ever seen."
Yes. A sitting president just got federal approval to operate a bank.
The Trump family owns a crypto company called World Liberty Financial. On Friday, the federal government gave that company approval to become an official bank.
Once it's a bank, it gets to create and control its own cryptocurrency — basically a Trump family version of the dollar that the U.S. government just agreed to regulate and oversee.
This is the same family that told us they'd drain the swamp and put America first.
Turns out "America first" means Trump Inc. first.
A president doesn't get to use federal regulators to hand-deliver banking charters to his own company while he's still in office. That's not business. That's corruption.
The OCC approved it anyway. Warren and 10 other Senate Democrats introduced a bill that would ban presidents and their families from owning federally approved banks.
That law didn't exist before, because no one thought a
president would need to be stopped from doing this. It won't pass. But at least
the record is clear: this is what unchecked Trump
power looks like.
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