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$GRVT BitGo is facing a $141 million lawsuit over tokens that two firms tied to DWF Labs claim it sold earlier than agreed, per the Financial Times on Friday.  The parties in the case filed in London’s High Court have one thing in common: ties to the Trump-backed World Liberty Financial DeFi project. The DWF Labs firms and BitGo all have ties to Trump’s World Liberty Why BitGo is being sued  The $141 million London lawsuit BitGo faces is based on DWF Maas and Falcon Digital claims that BitGo might have breached lock-up and vesting period agreements for the Falcon Finance (FF) and ESPORTS tokens they bought at a discount in a private over-the-counter deal.  The plaintiffs allege that BitGo went back on their three-month lock-up and vesting limits arrangement when it moved those tokens to exchanges, presumably to sell them, roughly two months before the first agreed unlock date.  The DWF Labs-linked firms claim that BitGo’s token sales into a low-liquidity market dragged down the value of the tokens they held.  Per the claimants, Falcon Finance was trading at about $0.08 in early March and $0.07 in late April. ESPORTS, on the other hand, went from trading around $0.28 in mid-March to $0.07 in early June.   How is World Liberty connected to DWF Labs and BitGo? The DeFi project backed by President Donald Trump is the thread connecting all the firms in this litigation.  DWF Labs made what it described as a “strategic private transaction” when it bought $25 million of WLFI tokens in April 2025 as part of its plan to supply liquidity for USD1.  World Liberty invested $10 million into Falcon Finance in July 2025 to work on conversions between USDf and USD1. The USDf stablecoin issued by the firm runs on DWF Labs infrastructure. DWF Labs and Falcon Finance share a founder: Andrei Grachev. BitGo became the custodian for the reserves behind World Liberty’s USD1 stablecoin. It is also responsible for minting and burning the stablecoins, too. Nearly $4.3 billion of USD1 is in circulation across Ethereum, BNB Chain, Solana and Tron. World Liberty is pulling USD1 away from BitGo The BitGo-World Liberty connection may already have an expiry date. The Office of the Comptroller of the Currency granted World Liberty Trust Company preliminary conditional approval for its national trust bank on August 14, 2026.  The charter document states the new bank plans to issue and redeem USD1 itself, “assuming this role from BitGo Bank & Trust, National Association, the current exclusive issuer and custodian for USD1.”  Final approval still hinges on pre-opening conditions and can be revoked. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.

$GRVT TL;DR: WLFI presented at Token2049 Singapore its plan to integrate payments with the USD1 stablecoin across major online business platforms. Mesh announced a partnership with World Liberty Financial to allow USD1 holders to use the stablecoin across its merchant network this quarter. The OCC conditionally approved a national trust bank for WLFI, which would allow it to directly assume the issuance of USD1, currently handled by BitGo. During a panel on stablecoins at the Token2049 Singapore conference, executives from World Liberty Financial (WLFI) presented their plans to expand payments with USD1 to some of the largest online businesses in the market. The firm’s co-founder, Zak Folkman, and CEO Zach Witkoff, shared the stage with Bam Azizi, co-founder and CEO of Mesh, who announced a partnership with WLFI to integrate USD1 into the merchant network of its payments infrastructure. The rollout is scheduled for the current quarter. “Beyond the use of the World Liberty app itself, we are already in plans to deploy this same technology across some of the largest Web2 businesses in the market,” Folkman stated during the session. The USD1 stablecoin is designed to maintain a $1 peg and is currently issued by BitGo. Its reserves are composed of cash, U.S. government money market funds and cash equivalents. At the time of the conference, its market capitalization stood at around $4.45 billion, according to CoinGecko. WLFI Seeks to Take Over USD1 Issuance In August, the U.S. Office of the Comptroller of the Currency (OCC) granted a conditional approval for WLFI to establish a national trust bank authorized to issue dollar-backed stablecoins and custody digital assets. According to Witkoff, this license would allow the company to directly assume the issuance of USD1. “Today we issue through BitGo,” he noted. “With this trust charter, we will be able to take on that responsibility ourselves.” The approval drew criticism from Senator Elizabeth Warren, who pointed to conflicts of interest tied to the Trump family’s ties to WLFI. Warren and other senators pushed the legislation known as the Ending Presidential Corruption in Banking Act in response to the situation. The OCC responded that its leadership and staff acted consistently with their statutory and ethical obligations when evaluating the application. At the panel, Witkoff stated that the approval is an achievement obtained “despite some of the attacks against us,” referring to criticism from media outlets and political figures.

$GRVT World Liberty Financial (WLFI) executives unveiled plans to bring USD1 stablecoin payments to major online businesses during a panel discussion at Token2049 in Singapore on Wednesday. WLFI CEO Zach Witkoff and co-founder Zak Folkman took part in a stablecoin-focused panel discussion at the industry conference alongside Mesh co-founder and CEO Bam Azizi. Azizi unveiled a partnership with WLFI that would enable USD1 holders to spend the stablecoin across the payment infrastructure provider’s merchant network. The rollout is planned for this quarter. “Beyond the use of the World Liberty app itself, we are already in plans to roll out this exact same technology to some of the largest Web2 businesses that are in the marketplace,” Folkman said. WLFI is a crypto venture backed by US President Donald Trump’s family. Its USD1 stablecoin is designed to maintain a value of $1 and is issued by BitGo, with reserves comprising cash, US government money market funds and other cash equivalents. The stablecoin’s market capitalization stood at $4.45 billion, at the time of writing, according to CoinGecko. Related: Study suggests WLFI could act as an ‘early warning signal’ in crypto WLFI seeks to take over USD1 issuance In August, the US Office of the Comptroller of the Currency (OCC) granted conditional approval for WLFI to establish a national trust bank intended to issue dollar-backed stablecoins and custody digital assets. The move would allow it to take over USD1 issuance, according to Witkoff. Related: Trump-linked WLFI hits new low as token-backed loan triggers concern “Today we’re issuing through BitGo,” he said. “With this trust charter, we’ll be able to take on that responsibility ourselves.” The charter approval drew criticism from Senator Elizabeth Warren, who alleged conflicts of interest involving the Trump family’s ties to WLFI. Warren and other senators have introduced the Ending Presidential Corruption in Banking Act in response. The OCC said its leadership and staff had acted consistently with their statutory duties and ethical obligations when reviewing the application. At the panel, Witkoff described the conditional approval as something WLFI had achieved “in spite of some of the attacks against us,” referring to criticism from the mainstream media and politicians. Magazine: Stablecoins can drain from banks and nations at lightning speed

The final text of the U.S. Digital Asset Markets Clarity Act was released on Sunday. The latest version incorporates several amendments previously proposed by Democrats, shifting market focus to the upcoming procedural vote in the Senate. With Trump agreeing to include some ethical constraints, the bill's progress is expected to accelerate significantly. Final Version Includes Ethics and Stablecoin Provisions The new text requires certain public officials to manage related holdings or place assets into qualified blind trusts. This arrangement draws inspiration from the 1978 Government Ethics Act. Penalties for violations are 20% of the transaction amount or $500,000, whichever is higher. These rules will take effect within 360 days of the bill's enactment, or 60 days after the implementation details of Section 10102 are released. Regarding stablecoins, the bill includes a separate restriction mechanism. If the U.S. Treasury Secretary determines that funds are flowing out of community banks on a large scale and into on-chain stablecoins, the Treasury can restrict stablecoin reward programs for up to 18 months. Expanded Exemptions for Developers The Blockchain Regulatory Certainty Act, which accompanies the bill, has undergone relatively minor changes, but its impact on developers and infrastructure participants is direct. The new text retains the protection of developers exempt from registering as remittance businesses, while extending this protection to miners and validators. This change means that some participants who only provide network operation, verification, or code development services have clearer boundaries under the federal regulatory framework. More Specific Decentralization Criteria Part A of the bill outlines the "coordinated control" criteria to determine whether a network can escape securities classification. The text proposes five core conditions, including whether the code is open source, whether the network is permissionless and neutral, whether the tokens or voting rights are decentralized, whether the system has autonomous operation capabilities, and whether the token value mechanism is independently established. The bill also defines a "distributed ledger controller," that is, an individual or entity capable of altering network functionality or consensus rules. If a project is controlled by a single operator with a unique orderer or a primary set of validators, it may be more difficult to meet this criterion. The concentration threshold for tokens or voting rights is 49%. If a single entity can unilaterally alter the network, the risk will increase. Sorter and validator control are becoming key areas of scrutiny. Some applications face increased scrutiny pressure. The report mentions that Hyperliquid may become a typical example to observe among large on-chain applications. This is because its validator pool is relatively small, its foundation has strong influence, and it has a history of manual intervention in network operations. According to the article, Hyperliquid Foundation validators account for approximately 47% of all staked HYPE, which is still below the 49% threshold, but if the team's share is also considered, compliance assessments may be more complex. Meanwhile, Trump recently publicly stated his desire to bring Hyperliquid to the US market. This means that if the bill continues to advance, relevant platforms may need to proactively adjust their structures to meet the requirements of the new framework. Additional information: The report also mentioned that Trump's 2025 financial disclosures show that his crypto-related income exceeds $1.4 billion, a significant portion of which comes from World Liberty Financial, the USD1 stablecoin, and the TRUMP token. This is also an important background for the Democrats' push to include ethics clauses.$GRVT