Sun Yuchen's NASDAQ gambling game: How to “bind” the Trump family for six years?
In the summer of 2019, whenSun YuchenWhen Buffett spent 4.57 million dollars to photograph Buffett's charity lunch, no one expected that this meal would be a stepping stone for him to enter the US political and business district in the future. Today, six years later, the founder of Wave Field has successfully entered the core circle of the Trump family, and is even about to go through a “backdoor listing”Wave fieldLanding on NASDAQ.
According to foreign mediaFinancial TimesAccording to reports, Wave Field plans to go public in the US through a “backdoor” method, and the deal is handled by Dominari Securities, a boutique investment bank linked to Trump's second son Eric Trump. Eric himself is expected to take a position in the newly established “Tron Inc.” (althoughEric refuted that claim in a new tweet). This series of actions not only revealed the deep integration of the crypto industry with the core of US political power, but also outlined the timeline of increasingly close cooperation between Sun Yuchen and the Trump family.
The origin: Buffett's lunch in 2019 — the crypto world's first high-profile “breaking the circle”
Although not directly related to Trump himself, the charity lunch between Sun Yuchen and Warren Buffett was undoubtedly a landmark event where Sun Yuchen and the entire cryptocurrency sector first attempted to have a dialogue with America's traditional power elites.
June 2019: Sun Yuchen filmed Buffett's charity lunch with a record-breaking $456.78.88 million, which became the focus of the global media for a while. Sun Yuchen's move was aimed at promoting the value of blockchain and cryptocurrencies to Buffett — a famous Bitcoin skeptic. Sun Yuchen said, “This is not only a highlight of my personal career, but also a major day for Bochang TRON and BitTorrent, and a symbol of the victory of the entire blockchain community.” Interestingly, he also specially invited the then-president to eat together on Twitter @了特朗普 at the time, but the two sides didn't establish a substantial connection at the time.
July 2019: The lunch plan was cancelled for some reason.As the original lunch date approached, Sun Yuchen said on social media that she had cancelled lunch due to a sudden kidney stone outbreak. This change attracted widespread attention and speculation, and at one point had a negative impact on Sun Yuchen's personal image and the Bochang community.
However, this incident gave Sun Yuchen himself and Bo Chang huge exposure on a global scale. It symbolizes the crypto world's efforts to break the circle and connect with traditional financial and political executives. This incident also established Sun Yuchen's image as a “circle breaker” in the crypto field, paving the way for his future interactions with more core political forces.
Early days: Prudence and wait-and-see under crypto regulation (late 2019 - early 2024)
After Buffett's lunch in 2019, there was no clear direct intersection between Sun Yuchen and the Trump administration.
During this period, although the Trump administration's attitude towards cryptocurrencies fluctuated from time to time, Sun Yuchen, as a world-renowned crypto entrepreneur, has always faced certain regulatory challenges in the US. In particular, during the Biden administration, the US Securities and Exchange Commission (SEC) filed lawsuits against Sun Yuchen and several companies (including Wave Market), accusing them of unregistered securities issuance and market manipulation. This made Sun Yuchen avoid setting foot on the mainland of the United States for a while to avoid potential legal risks.
End of 2024: First direct intersection — strategic investment and advisory role
The real and direct commercial intersection began in late 2024, when Trump's re-election campaign for president was gaining momentum.
September 2024: Trump family launches crypto projectWorld Liberty Financial(WLF). It is a decentralized finance (DeFi) project that aims to provide lending services and plans to launch a stablecoin pegged to the US dollar. According to reports, the Trump family owns 60% of WLF Hold co LLC (WLF's parent company) through its company DT Marks DeFi LLC and is entitled to 75% of the proceeds from certain token sales.
November 2024: Sun Yuchen invested heavily in WLF and became the largest investor. Sun Yuchen announced that the Bochang Foundation has invested up to 75 million US dollars in WLFI tokens to World Liberty Financial, a subsidiary of the Trump family. This investment has made the Wave Field Foundation WLF's largest institutional investor. The move not only injected much-needed liquidity into WLF, but also marked the first deep commercial bundle between Sun Yuchen and the Trump family.
Becoming a WLF advisor: As his investment deepened, Sun Yuchen was appointed as an advisor to World Liberty Financial, further deepening his participation in the Trump family's crypto ecosystem.
The investment was seen as a clear sign of Sun Yuchen's goodwill for the Trump family, particularly in the context of his SEC lawsuit.
Early 2025: Regulatory shift to deepening interaction with individuals
As expectations for Trump's return to office in 2025 increase, the US regulatory attitude towards cryptocurrencies appears to have changed.
February 2025: SEC suspends lawsuit against Sun Yuchen. After the Trump administration hinted it would support looser crypto regulations, the SEC agreed to suspend fraud investigations against Sun Yuchen and his company and seek solutions. This decision was widely interpreted by the outside world as a sign of changes in the regulatory environment, opening a new door for Sun Yuchen's activities in the US.
Open interaction with members of the Trump family: Sun Yu Chen began to interact more frequently with members of the Trump family, particularly Eric Trump (Eric Trump). For example, they attended a crypto conference in Dubai together and had a “fireside conversation,” which further highlighted the warming of the relationship between the two sides.
May 2025: High-profile appearance on “Trump Coin Night”
May 2025: Buy a large amount of “TRUMP Meme Coins” (TRUMP Meme Coin). Sun Yuchen becomes a Trump-themed meme coinTRUMPIt is one of the largest holders, and its holdings are said to be tens of millions of dollars. This investment not only gave it huge market attention, but also directly earned it a chance to get in close contact with Trump himself.
Invited to attend the “Trump Coin Night” dinner: As the “big brother” of TRUMP meme coins, Sun Yuchen was invited to attend the “Trump Coin Night” private dinner held at Trump National Golf Club on May 22 and had a close interaction with President Donald Trump. At the dinner, Sun Yuchen was not only invited to power by Trump, but was also presented with a Trump brand gold watch worth 100,000 US dollars, which became the focus of the night. This high-profile appearance has undoubtedly strengthened Sun Yuchen's position as a key bridge between the crypto industry and the Trump family.
June 2025: Wavefield backdoor listing, relationship moving to a new stage
June 2025: Wavefield seeks to go public in the US through a reverse merger. The latest development is that Wave Field plans to achieve a US listing through a reverse merger (backdoor listing) with SRM Entertainment, a NASDAQ listed company. The key enabler of the deal was Dominari Securities, a boutique investment bank headquartered in Trump Tower, which has a close relationship with Donald Trump's second son Eric Trump, after reports previously reported that Eric Trump is expected to take a role in the newly formed “Tron Inc.” However,Eric Trump himself clarified this information,On social media, he said, “I'm the biggest fan of Wave Field and I love @justinsuntron — he's a great friend and an icon in the crypto field. But even so, the following information is inaccurate — I have no public involvement with this company.”
Inject huge token assets, following MicroStrategy's strategy: As part of the deal, Wave Market expects to inject up to $210 million in token assets into the new company. The new company “Tron Inc.” will buy and hold TRX tokens, a strategy that clearly mimics MicroStrategy (formerly Strategy)'s model of increasing the company's value by holding large amounts of Bitcoin.
To be continued
From the “problem person” being investigated by the SEC, to the Trump family's guests; from the need to evade US regulation to soon ring the bell at NASDAQ — Sun Yuchen's six-year experience is a classic example of the combination of the crypto industry and political power. With Trump setting off a new regulatory landscape in 2025, this power game may have just begun.
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