Dominari Holdings Forms New Crypto Advisory Board
Dominari Holdings, an investment firm with ties to Trump and headquartered in Trump Tower, announced on Tuesday the formation of a new Crypto Advisory Board aimed at navigating its entry into the rapidly evolving digital asset market. This board is designed to provide guidance on digital acquisitions and partnerships, complementing Dominari’s existing Advisory Board, as detailed in an official press release.
Inaugural Members of the Crypto Advisory Board
The inaugural members of this Crypto Advisory Board are notable figures in the cryptocurrency space. Sonny Singh, a former executive at BitPay, brings considerable experience to the role. A crypto enthusiast since 2012, he co-founded Beluga, an educational platform, and was instrumental at BitPay for securing New York’s BitLicense, launching the first crypto debit cards in collaboration with Visa and Mastercard, and raising over $70 million from prominent investors like Founders Fund and Sir Richard Branson. Joining him is Tristan Chaudhry, a distinguished blockchain entrepreneur who has invested early in cryptocurrencies like Litecoin and Dogecoin. Chaudhry has since created several decentralized finance (DeFi) protocols and is actively developing Polyester, a decentralized exchange that operates across multiple blockchain platforms.
CEO’s Vision for the Future
According to Anthony Hayes, CEO of Dominari, the firm sees tremendous potential in the crypto ecosystem, viewing it as an essential aspect of the future of global finance.
“Digital assets are becoming central to financial operations rather than being peripheral,”
Hayes stated, emphasizing that this new venture into the digital asset arena aligns with the firm’s goal to uncover transformative investment opportunities for shareholders and clients alike.
Transformation and Strategic Moves
Dominari’s shift towards cryptocurrency marks a new phase in its evolution from a struggling biotech firm originally known as Spherix, which rebranded to AIkido Pharma before pivoting to an investment model in 2021. Key to this transformation was Hayes’ recruitment of experienced banker Kyle Wool and relocating the firm’s headquarters to Trump Tower. This move fostered relationships with Donald Trump’s sons, Eric and Donald Jr., who subsequently invested $1 million each in Dominari’s stock. This investment not only lent credibility to Dominari but also opened avenues for collaborations in projects such as an American Bitcoin mining initiative and a drone manufacturing IPO linked to Trump.
Capitalizing on a Pro-Crypto Environment
Furthermore, Dominari has capitalized on Trump’s favorable stance towards cryptocurrency, channeling investments into Bitcoin projects, building data centers, and collaborating with notable figures like Justin Sun, the founder of Tron. The company is also on track to launch a Special Purpose Acquisition Company (SPAC) with backing from the Trump family, aiming to raise $300 million for further investments.
Supportive Policies from the Trump Administration
In the backdrop of these developments, the Trump administration has worked actively to promote a pro-crypto environment through a range of policies. President Trump signed an executive order aimed at dismantling regulatory barriers that inhibit 401(k) plans from including alternative assets such as cryptocurrencies. This policy change could potentially allow a significant segment of the American population to invest retirement funds into Bitcoin through regulated frameworks. Additionally, economist Stephen Miran, who champions digital assets, was nominated to the Federal Reserve Board, indicating a sustained pro-crypto position within the administration. Another executive order targeted discriminatory “debanking” practices affecting lawful crypto businesses, a move that the Blockchain Association commended as a crucial shift for consumer choice and blockchain enterprise operations.
