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The Trump Organization is working on creating an ethics policy that will include some restrictions on deals involving foreign entities. However, it is unlikely that this policy will be as strict as the one put in place eight years ago.
Written by Eric Lipton, Ben Protess, and David Yaffe-Bellany
For almost ten years, Eric Lipton and Ben Protess have been reporting on the Trump family business. David Yaffe-Bellany specializes in covering the cryptocurrency industry.
Eric Trump will be speaking at a cryptocurrency conference in Abu Dhabi next week, along with other speakers who are excited about the current success of Bitcoin. His keynote speech will also serve as a way to show that the Trump Organization is ready to engage in new business opportunities.
Following Donald J. Trump’s win in the election, his family business is preparing to take advantage of his presidency by launching new projects, as reported by the New York Times after reviewing financial records and speaking with sources familiar with his financial situation. Unlike his previous term, sources indicate that the Trump Organization plans to implement a less restrictive ethics plan that is not expected to hinder its expansion significantly.
With the inauguration drawing near, Eric Trump, the second son of Mr. Trump and the unofficial leader of the company, is anticipated to avoid making deals directly with foreign governments. However, he does not intend to uphold the company’s pledge made eight years ago to refrain from all other foreign deals while his father is in the White House.
If the guardrail from the Trump Organization’s ethics plan in 2017 was removed, the company would have the opportunity to make money from various business ventures in countries that are important to American foreign policy. Prior to Election Day, Eric Trump made real estate agreements in Vietnam, Saudi Arabia, and the United Arab Emirates, and has also expressed interest in starting new hotel projects in Israel and other nations in the Middle East, Latin America, and Asia.
The Trump family is expanding their connections with foreign countries beyond their real estate ventures.
A recently established cryptocurrency platform called World Liberty Financial, with involvement from the Trump family, has secured a significant investment from a Chinese entrepreneur. This deal has the potential to earn the family around $22 million. Additionally, the president-elect’s social media company, which is his primary source of wealth and is publicly traded, is considering foreign investments.
The new business ventures, which will be monitored by government regulators chosen by the president, demonstrate how the company’s recent growth has led to a more complex situation than during Mr. Trump’s first term. Similar to the previous administration, the Trump Organization will have more freedom to pursue new business opportunities in the upcoming term, potentially creating conflicts of interest between the presidency and the company.
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