Eric Trump booted from cryptocurrency board after company talks with stock regulators
Eric Trump will no longer serve as board director of cryptocurrency firm
- Fintech firm Alt5 Sigma announced in August that Eric Trump would join its board of directors.
- This announcement coincided with Eric Trump ringing the Nasdaq opening bell to mark a $1.5 billion crypto deal between Alt5 Sigma and World Liberty Financial, a company financially backed by the Trump family.
- An August 25 Securities and Exchange Commission filing revealed Eric Trump was demoted to a board observer, a change made after discussions with Nasdaq to comply with its listing rules.
- The Trump family, including Eric, Donald Jr., and Barron Trump as co-founders, launched the WLFI cryptocurrency on September 1, holding approximately a quarter of all existing tokens.
- Concerns have been raised regarding potential conflicts of interest, though a White House Press Secretary stated that neither Trump nor his family would engage in such conflicts.