Donald Trump’s latest foray into the digital asset world has ignited a fresh storm of controversy, with the Trump cryptocurrency scandal exposing new channels for self-enrichment and foreign influence. While past presidents have taken steps to avoid conflicts of interest, Trump’s second term is marked by a blatant embrace of the cryptocurrency space to monetize his office — a move that experts warn could jeopardize both ethical standards and national security.

Trump Coin: The Birth of a Speculative Grift

In January, days before his second inauguration, Trump-affiliated businesses launched a memecoin dubbed $Trump — a digital token with no underlying value beyond market speculation. Despite its lack of utility, the token surged to $75 per coin before quickly crashing. Speculators fueled the initial hype, but the Trump family benefited regardless, collecting millions in trading fees. Since the coin’s launch, over $312 million in crypto transactions and $43 million in other fees have flowed to Trump-linked entities.

The Trump cryptocurrency scandal isn’t just about personal gain — it also reveals how easily political figures can exploit poorly regulated markets to attract undisclosed funds. The mechanics of the Trump coin echo classic pump-and-dump schemes, but with the added danger of being led by the most powerful man in the world.

Gala Access: Trading Crypto for Influence

In a bid to inflate the token’s value again, Trump’s team announced that the top 220 holders of the $Trump token would receive exclusive invites to a gala dinner at Trump National Golf Club in Virginia. The top 25 buyers were offered an even more coveted prize: a VIP reception with the president and a private White House tour.

This crypto-powered sweepstakes wasn’t framed as a political fundraiser, but a private event organized by Trump’s business. Campaign laws — which require donor disclosures and spending restrictions — didn’t apply. This loophole allowed Trump to legally collect massive sums from anonymous buyers, many of whom were foreign investors.

Foreign Ties: The Risk of Crypto Influence

According to The Washington Post, nearly half of the top 220 memecoin holders used exchanges that ban U.S. users, suggesting international involvement. Among them was Justin Sun, the Chinese billionaire founder of crypto platform Tron. Despite being charged with fraud by the Securities and Exchange Commission (SEC) in 2023, Sun attended the gala after buying more than $20 million worth of Trump memecoins.

Strikingly, the SEC moved to pause its lawsuit against Sun shortly after Trump’s second term began. The optics of this decision, combined with Sun’s appointment as an adviser to Trump’s latest crypto venture, World Liberty Financial, raise serious concerns about political interference and favoritism.

Stablecoins, Abu Dhabi, and $2 Billion in Exposure

The Trump cryptocurrency scandal doesn’t stop at memecoins. On May 1, Trump’s son Eric and real estate partner Zach Witkoff announced that World Liberty would receive a $2 billion investment backed by the government of Abu Dhabi, using the platform’s stablecoin. That investment, if finalized, could result in hundreds of millions in profits for Trump and his family.

The move places a sitting U.S. president in the direct financial path of a foreign government’s strategic investments — a clear conflict of interest and a potential national security risk.

Deregulation Agenda: Dismantling Oversight

Adding to the alarm, the Trump administration has already begun rolling back crypto regulations. In April, the Justice Department was ordered to disband its crypto fraud unit, and Trump has vowed to make the U.S. the “crypto capital of the planet.” These deregulatory moves could open the floodgates for even more abuse.

While Trump once called crypto “a scam,” he now praises it as “common sense,” especially after reaping millions from it. The hypocrisy underscores how the Trump cryptocurrency scandal is less about belief in blockchain and more about building wealth unchecked.

Conclusion

With digital assets becoming a key pillar of Trump’s business empire, the boundaries between presidential power and personal profit are rapidly eroding. As foreign actors gain access to the president through crypto, the Trump cryptocurrency scandal reveals a troubling new blueprint for monetizing political office — one that undermines transparency, national security, and public trust.

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Sumsub’s Travel Rule solution is now available for seamless app integration through SDK, automating required checks and ensuring compliance without losing users.

LONDON, June 5, 2025 /PRNewswire/ — Sumsub, a global full-cycle verification platform, today announces its Travel Rule SDK solution is now available for crypto, fintech, and iGaming businesses. It is designed to be easily incorporated directly into client apps, enabling companies to automate compliance checks and verify sender/recipient information in real time to ensure Travel Rule compliance.

Travel Rule, known as FATF Regulation 16, requires VASPs to share originator and beneficiary data on crypto transactions. With more countries enforcing Travel Rule each year, it is continually becoming an obligatory part of virtual asset transfers. However, implementation challenges remain acute for crypto providers operating globally, with jurisdictions imposing different requirements and thresholds, and governments not providing any unified approach or standard. On top of that, collecting and transmitting compliance data during crypto transactions creates friction, slowing things down and urging users to leave the app without finishing the transfer.

To address the aforementioned challenges, Sumsub offers Travel Rule SDK, letting crypto companies build effective, user-friendly compliance flows. Key benefits include:

• Easy setup with minimum engineering effort, ensuring quick integration into the app and reduced development costs;
• Flexible and fully customizable workflow, with pre-configured country-specific requirements as rules and automatic jurisdiction detection;
• Effortless collection of additional data during deposits, withdrawals and transfers to meet Travel Rule compliance requirements;
• Access to the largest and fastest-growing Travel Rule ecosystem of 1,700+ VASP;
• VASP attribution, secure communication coupled with unhosted wallet verification feature;
• Real-time transaction updates allowing to take immediate action;
• Seamless and speedy user experience that reduces drop-offs by 35%, on average.

“While Travel Rule compliance logic is complex, failure to adhere to the regulation is associated with high reputational, legal and financial risks. Sumsub offers flexible integration options–SDK, API and protocols–built to simplify Travel Rule compliance programs for VASPs and other regulated entities engaged in crypto transfers,” explains Andrew Novoselsky, CPO at Sumsub. “Without sophisticated custom builds, our SDK automatically integrates all the necessary compliance checks while keeping the UX seamless, thus allowing teams to focus on their core business goals.”

To find out more about Sumsub’s Travel Rule solution for the crypto industry, please go to https://sumsub.com/travel-rule/

About Sumsub

Sumsub is the #1 verification provider for the crypto industry working with 8 out of 10 top global crypto exchanges. With Sumsub’s customizable KYC, KYB, Travel Rule, Non-Doc Verification, AML Screening, Address Verification, Crypto Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, maximize pass rates, meet compliance requirements, reduce costs, and protect your business.

With over 4000 clients across crypto, fintech, gaming, mobility and edtech industries, Sumsub supports the largest Travel Rule ecosystem of 1700+ virtual asset service providers (VASPs). Having integrated TRP, GTR (owned by Binance), CODE, and Sygna, Sumsub offers fully interoperable single communication Travel Rule protocol, which aims to automate data transfers, reporting, and transaction screening to improve compliance, security, and transparency.

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A heated debate unfolded on Capitol Hill this week as Democratic lawmakers voiced strong opposition to a new crypto wallet linked to former President Donald Trump. The Trump crypto wallet controversy took center stage during a House Financial Services Committee hearing focused on digital asset regulation.

Rep. Maxine Waters (D-CA), ranking Democrat on the committee, sharply criticized Trump’s crypto ventures, stating, “Trump doesn’t just want Americans to use his crypto. He wants to put our money in his digital wallet while he guts our financial regulators, the watchdogs that protect families from financial fraud.” Her remarks underscore concerns about the growing influence of Trump-backed digital assets amid ongoing legislative efforts to regulate the crypto market.

New Trump-Linked Crypto Wallet Sparks Debate

The controversy intensified following the recent launch of a crypto wallet connected to Trump’s Solana-based meme coin, in partnership with the NFT marketplace Magic Eden. The wallet’s website went live on June 3, 2025, allowing users to join a waitlist, confirmed as legitimate by Magic Eden representatives.

Despite denials from Trump’s sons regarding involvement, the wallet’s announcement reignited scrutiny of the former president’s expanding crypto empire, which includes meme coins, NFTs, stablecoins, and decentralized finance (DeFi) projects.

Rep. Waters highlighted that conservative estimates suggest Trump and his family’s wealth has increased by approximately $2.9 billion through these crypto initiatives. The issue took a controversial turn after a private dinner exclusive to the top 220 holders of Trump’s meme coin drew allegations of pay-to-play corruption — an event Waters lambasted as “just 20 minutes of Trump time” served alongside “Walmart steak” and “Costco-freezer halibut.”

Legislative Efforts and Market Impact

The hearing coincided with discussions around the Digital Asset Market Clarity Act, a bipartisan bill introduced by House Financial Services Committee Chairman French Hill (R-AR) aimed at clarifying regulatory guidelines on digital assets. The Act seeks to define which cryptocurrencies should be regulated as securities versus commodities, addressing long-standing regulatory uncertainty.

Despite this legislative focus, the hearing was repeatedly overshadowed by the Trump crypto wallet controversy, mirroring disruptions seen during a similar hearing a month earlier. At that time, Democratic lawmakers staged a walkout protesting the influence of Trump-backed crypto ventures on policy-making.

Regulatory Concerns and Industry Voices

Timothy Massad, former chair of the Commodity Futures Trading Commission (CFTC) under President Barack Obama, echoed Waters’ concerns, warning that Trump’s extensive crypto interests complicate the regulatory landscape. Massad pointed out that Trump is “making billions of dollars selling meme coins and stablecoins, investing in crypto exchanges and wallets, and Bitcoin mining,” all areas potentially affected by pending legislation.

“If any member of this committee did any of those things, you would all be outraged,” Massad remarked, emphasizing the perceived conflict of interest and the difficulty lawmakers face in balancing crypto innovation with consumer protection.

Crypto Regulation in the Spotlight

The controversy emerges amid broader efforts in Congress to update financial regulations for the digital age. Recent legislative actions include the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which, despite substantial Democratic support, failed to advance last year.

In parallel, lawmakers are exploring new rules for stablecoins, a segment of the crypto market that has drawn increasing attention due to its potential systemic risks.

The Trump crypto wallet controversy thus highlights the challenges of regulating a rapidly evolving and politically charged digital asset sector. As lawmakers navigate these complexities, the spotlight on Trump-backed crypto products raises fundamental questions about the intersection of politics, profit, and regulation in the blockchain era.

Conclusion

The Trump crypto wallet controversy underscores how political figures and their crypto ventures complicate the path toward clear and effective regulation. With a growing ecosystem of Trump-backed digital assets, congressional efforts to define and enforce rules face heightened scrutiny and partisan conflict.

As the crypto market continues to expand, this debate will likely remain a pivotal factor shaping the future of digital asset governance in the United States.

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XRP price (CRYPTO:XRP) recently traded at around $2.30, marking a 40% rebound from its lowest point this year but still 33% below its January peak. Several catalysts are fueling optimism that XRP could rally significantly in the coming weeks or months.

Strong Fundamentals Backing XRP Price

One key driver is the soaring likelihood—now at 98%—that the U.S. Securities and Exchange Commission (SEC) will approve XRP exchange-traded funds (ETFs) later this year. The SEC is expected to complete its review of Franklin Templeton’s XRP ETF filing soon, though delays remain possible as other filings undergo scrutiny.

Corporate adoption of XRP is also on the rise. Companies like VivoPower and Webus have recently raised $121 million and $300 million respectively, earmarking portions of their treasury in XRP tokens. Hyperscale Data announced plans to acquire over $10 million worth of XRP, signaling growing institutional confidence.

The SEC’s recent withdrawal of its appeal in the Ripple lawsuit could open the door for stronger partnerships with major U.S. banks. RippleNet, Ripple’s payments network, aims to rival SWIFT and expand global transaction capabilities.

In parallel, Ripple USD—the company’s stablecoin—has secured compliance under Europe’s MiCA regulation and obtained a license in Dubai, positioning it to compete in a stablecoin market projected to be worth $1.6 trillion by 2030.

CME Group has also listed XRP futures contracts, with data showing increased interest from Wall Street investors, further legitimizing XRP as a financial asset.

XRP Price Technical Outlook: The Wyckoff Method

A nearly 95-year-old Wyckoff Method technical theory suggests XRP is poised for a strong rally. The Wyckoff Method identifies four key market phases: accumulation, markup, distribution, and markdown.

Currently, XRP appears to be in the accumulation phase, characterized by low trading volume and subdued volatility. The Average True Range (ATR), a volatility indicator, is at its lowest since November last year, while the volume indicator has steadily declined.

Meanwhile, the accumulation/distribution line is trending upward, signaling more buying pressure than selling. These technical signals indicate XRP is likely to enter the markup phase, where demand outpaces supply, pushing prices higher.

Chart Patterns Confirm Bullish Momentum

Further reinforcing this bullish outlook is the formation of a bullish pennant pattern, a consolidation pattern that often precedes a breakout. As the two converging trend lines near each other, a breakout above the pennant could propel XRP price first toward this year’s high of $3.3585, and potentially further toward $5.

What This Means for Investors

For investors watching XRP, the combination of positive regulatory developments, increasing institutional adoption, and favorable technical signals creates an enticing setup. While market risks remain, including potential SEC delays or macroeconomic headwinds, the Wyckoff Method’s historical reliability adds weight to expectations of an impending rally.

In conclusion, XRP price surge potential is supported by both fundamental catalysts and time-tested technical theory, making it one of the more compelling cryptocurrencies to watch in 2025.

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SHENZHEN, China, June 3, 2025 /PRNewswire/ — MicroCloud Hologram Inc. (NASDAQ: HOLO), (“HOLO” or the “Company”), a technology service provider, announced that they have purchased up to $200 million in Bitcoin and cryptocurrency-related securities derivatives. As of Jun. 03, the  cumulative investment income has reached $19.08 million. HOLO currently holds $303 million in cash reserves. The company plans to allocate these $303 million reserves toward derivatives and technology development in cutting-edge fields such as Bitcoin-related blockchain, quantum computing, quantum holography, and AI-powered AR.This move marks HOLO’s further exploration and practice in the cryptocurrency sector while also demonstrating its determination and strategic vision for future business expansion.

The purchased Bitcoin and its derivatives this time will be incorporated into HOLO’s capital reserve strategy, aiming to enhance the company’s financial stability and long-term growth potential through diversified investments. HOLO stated that purchasing Bitcoin and cryptocurrency derivatives is a key initiative in its exploration of the cryptocurrency market, helping it gain insights into market mechanisms, price fluctuations, and investment strategies. Through this plan, HOLO seeks to accumulate valuable experience for future business expansion and capital operations in the cryptocurrency sector.

The company currently holds approximately $303 million in cash reserves. The allocated funds of up to $200 million will primarily be used to invest in Bitcoin or other cryptocurrencies with significant market influence and growth potential, as well as related securities derivatives. These assets will become a crucial part of HOLO’s financial reserves, helping to enhance the diversity and risk resilience of its overall asset portfolio. Meanwhile, HOLO also announced that its the  cumulative investment income have now reached $19.08 million. This figure highlights HOLO’s commitment to maintaining a strong financial position while also striving to create long-term value for its shareholders. HOLO emphasized that it will continue to uphold a prudent business strategy, enhance profitability and market competitiveness, and generate greater returns for its shareholders.

As a technology service provider, HOLO has also achieved significant breakthroughs in quantum system research and large-scale DeepSeek integration. These technological innovations not only provide strong support for HOLO’s investments in the cryptocurrency sector but also lay a solid foundation for its future business expansion.

With the continuous growth of the cryptocurrency market, more and more enterprises are entering this field. As one of the pioneers, HOLO’s investment decisions and strategic planning will undoubtedly serve as a model for other companies. Moving forward, HOLO will continue to explore and advance in the cryptocurrency sector, creating greater value for its shareholders while making a positive contribution to the overall development of the industry.

About MicroCloud Hologram Inc.

MicroCloud is committed to providing leading holographic technology services to its customers worldwide. MicroCloud’s holographic technology services include high-precision holographic light detection and ranging (“LiDAR”) solutions, based on holographic technology, exclusive holographic LiDAR point cloud algorithms architecture design, breakthrough technical holographic imaging solutions, holographic LiDAR sensor chip design and holographic vehicle intelligent vision technology to service customers that provide reliable holographic advanced driver assistance systems (“ADAS”). MicroCloud also provides holographic digital twin technology services for customers and has built a proprietary holographic digital twin technology resource library. MicroCloud’s holographic digital twin technology resource library captures shapes and objects in 3D holographic form by utilizing a combination of MicroCloud’s holographic digital twin software, digital content, spatial data-driven data science, holographic digital cloud algorithm, and holographic 3D capture technology. For more information, please visit http://ir.mcholo.com/

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic; financial condition and results of operations; the expected growth of the holographic industry and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (“SEC”), including the Company’s most recently filed Annual Report on Form 10-K and current report on Form 6-K and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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