Key Takeaways
- Former Obama Chief of Staff Bill Daley has joined crypto asset manager Forteus as a partner.
- The move comes as the Trump administration continues to reduce regulatory barriers on the crypto industry.
- Trump’s crypto ventures, particularly the $TRUMP memecoin, has sparked legal and ethical scrutiny.
Bill Daley, former chief of staff to President Barack Obama, has joined the crypto firm Forteus, citing recent regulatory advancements in the U.S. crypto industry.
Daley Joins Crypto Firm
According to a statement released Tuesday, reported by Bloomberg, Daley will join crypto firm Forteus as a partner and focus on expanding the firm’s institutional relationships.
Forteus is the digital asset management division of Numeus Group. It currently manages over $130 million in assets.
Daley previously served as vice chairman of public affairs at Wells Fargo & Co., a position he left in 2024 after more than four years.
The former chief of staff also held senior roles at JPMorgan Chase and the Bank of New York.
“I’m excited to help bring this emerging asset class to a broader range of U.S. institutional investors,” Daley said.
He added that his move comes during “a time of renewed optimism and regulatory progress for the crypto industry in the U.S.”
Trump’s Crypto Focus
Donald Trump has pushed to roll back strict regulations on the crypto industry.
In December 2024, he appointed former PayPal executive David Sacks as the White House’s first “AI and Crypto Czar,” tasked with developing a legal framework to support the growth of digital assets in the U.S.
Speaking to reporters aboard Air Force One last week, Trump said : “I’m a big crypto fan… I’ve been that from the beginning, right from the campaign.”
According to the watchdog group State Democracy Defenders Fund, Trump’s crypto-related ventures were estimated to be worth around $2.9 billion as of March.
These include a novelty memecoin and a family-run enterprise called World Liberty Financial. Both have faced criticism over potential legal and ethical concerns.
Memecoin Dinner Under Fire
On May 22, the top 220 purchasers of the $TRUMP memecoin were invited to a dinner at his Virginia golf club, with a private reception held for the top 25 buyers.
The event has raised alarms within the White House over the possible presence of foreign nationals among attendees.
Over 30 House Democrats have called on the Department of Justice to investigate the dinner. In a letter signed by 35 Democratic members of Congress, they wrote :
“U.S. law prohibits foreign persons from contributing to U.S. political campaigns.
“However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”
Senate Democrats introduced a bill this month that aims to prevent Trump from using his presidential office to personally benefit from his crypto-related businesses.
