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**Eric Trump’s Role in Crypto Firm Scaled Back After Nasdaq Concerns**
New York, NY – Eric Trump, son of former President Donald Trump, will no longer serve as a director on the board of Alt5 Sigma, a fintech company involved in cryptocurrency, just weeks after his appointment was announced. According to a Securities and Exchange Commission filing, Trump’s role has been downgraded to that of a board observer following discussions between the company and The Nasdaq Stock Market LLC.
Alt5 Sigma initially touted Eric Trump’s appointment in an August 13th press release, coinciding with Trump ringing the Nasdaq opening bell to celebrate a $1.5 billion crypto deal between Alt5 Sigma and World Liberty Financial, a company financially backed by the Trump family.
The SEC filing, dated August 25th, states the change was made “in order to comply with Nasdaq’s listing rules,” without providing further specifics. Zachary Witkoff, son of former President Trump’s Middle East envoy Steve Witkoff, has been appointed as chairman and board nominee. Alt5 Sigma has yet to publicly comment on the change, and Eric Trump is still listed as a board director on the company’s website.
This development comes amidst scrutiny surrounding the Trump family’s increasing involvement in the cryptocurrency market. The family recently launched a new cryptocurrency, WLFI, through World Liberty Financial, with Eric Trump, Donald Trump Jr., and Barron Trump listed as co-founders and the former president named a “Co-Founder Emeritus.” The family holds roughly a quarter of all WLFI tokens. The venture has raised concerns about potential conflicts of interest and influence, with some suggesting that World Liberty could be used to curry favor with the Trump family. White House Press Secretary Karoline Leavitt has denied any past or future engagement in conflicts of interest by the former president or his family.
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