David Yaffe-Bellany of The New York Times reported on a startling development in Dubai that will enrich the Trump family by hundreds of millions of dollars. Is it a conflict of interest? Of course. Will it matter to the Republican leaders in Congress? No. Has there ever been a President who used his office for financial gain so brazenly? No. Trump is #1.

Gaffe-Bellamy writes:

Sitting in front of a packed auditorium in Dubai, a founder of the Trump family cryptocurrency business made a brief but monumental announcement on Thursday. A fund backed by Abu Dhabi, he said, would be making a $2 billion business deal using the Trump firm’s digital coins.

That transaction would be a major contribution by a foreign government to President Trump’s private venture — one that stands to generate hundreds of millions of dollars for the Trump family. And it is a public and vivid illustration of the ethical conflicts swirling around Mr. Trump’s cryptofirm, which has blurred the boundary between business and government.

Zach Witkoff, a founder of the Trump family crypto firm, World Liberty Financial, revealed that a so-called stable coin developed by the firm, would be used to complete the transaction between the state-backed Emirati investment firm MGX and Binance, the largest crypto exchange in the world.

Virtually every detail of Mr. Witkoff’s announcement, made during a conference panel with Mr. Trump’s second-eldest son, contained a conflict of interest.

MGX’s use of the World Liberty stablecoin, USD1, brings a Trump family company into business with a venture firm backed by a foreign government. The deal creates a formal link between World Liberty and Binance — a company that has been under U.S. government oversight since 2023, when it admitted to violating federal money-laundering laws.

And the splashy announcement served as an advertisement to crypto investors worldwide about the potential for forming a partnership with a company tied to President Trump, who is listed as World Liberty’s chief crypto advocate.

“We thank MGX and Binance for their trust in us,” said Mr. Witkoff, who is the son of the White House envoy to the Middle East, Steve Witkoff. “It’s only the beginning.”

Mr. Witkoff and Eric Trump were speaking on a panel at Token2049, a major crypto conference in the United Arab Emirates, where more than 10,000 digital currency enthusiasts have gathered for a week of networking. It was the latest stop in an international tour by Mr. Witkoff, who visited Pakistan last month with his business partners to meet the prime minister and other government officials. Eric Trump, who runs the family business, has spent the week in Dubai, where he announced plans to back a Trump-branded hotel and tower.

There is more.

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