World Liberty Financial’s cryptocurrency token fell short of investors’ hopes. But a previous deal paved the way for a payment to the Trump family of potentially hundreds of millions of dollars.

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    “They have this obvious conflict of interest, given Donald J. Trump’s role as president,” Mr. Stark said. “One thing you have to give them credit for: They are doing just everything in plain view. Way back when, you would hide these associations. The president’s family celebrates them like a badge of honor.”