CryptocurrencyFormer President Donald Trump has launched a new cryptocurrency venture, World Liberty Financial, with his sons and two crypto entrepreneurs. The platform aims to promote stablecoins and may serve as a borrowing and lending platform. Regulatory challenges limit its offerings to accredited investors in the US. Former President Donald Trump has launched a new cryptocurrency venture, World Liberty Financial, with his sons and two crypto entrepreneurs. The platform aims to promote stablecoins and may serve as a borrowing and lending platform. Regulatory challenges limit its offerings to accredited investors in the US. Former PresidentDonald Trump, accompanied by his two eldest sons and severalcryptocurrencyentrepreneurs, announced a new digital currency initiative,World Liberty Financial, during a livestream event on Monday. This marks a dramatic shift in Trump’s stance on cryptocurrencies, as he had previously been critical of digital currencies during his earlier campaigns. The timing of the announcement, just months ahead of the U.S. presidential election, has raised eyebrows among supporters and critics alike.
Donald Trump’s Crypto Shift
During the livestream on X (formerly Twitter), Trump, who was joined by his sonsDonald Trump Jr.andEric Trump, as well as entrepreneurs Chase Herro andZachary Folkman, expressed the need to get involved in the growing digital currency market. “Crypto is one of those things we have to do. Whether we like it or not, I have to do it,” Trump said.
His remarks signal a complete turnaround from his previous position when he had called cryptocurrencies a “scam” and warned against their widespread adoption. Now, he seems to embrace the technology, positioning himself as a champion of digital assets. In his speech, Trump argued that the United States must take a leadership role in the global cryptocurrency industry to remain competitive. He warned that if the U.S. doesn’t act quickly, other nations could dominate. “If we don’t do it, China will. And if we’re not the biggest, we won’t be the best,” Trump explained during a conversation with crypto investor Farokh Sarmad.
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What is World Liberty Financial
World Liberty Financial is set to operate as a cryptocurrency platform primarily focused on stablecoins, which are digital currencies pegged to a stable value, usually $1. The platform is expected to provide services like borrowing and lending, with a new cryptocurrency named $WLFI at its core.Though Trump provided little detail about the venture’s operational specifics, he highlighted the roles his children will play in the project. Trump himself is titled the “chief crypto advocate,” while his youngest son, Barron Trump, has been labeled the “DeFi visionary.” Both Donald Trump Jr. and Eric Trump will serve as “web3 ambassadors.” Each family member’s role, according to the white paper of the project, is designed to leverage their influence in promoting the platform’s growth.
The venture was developed with the assistance of real estate magnate Steve Witkoff and Puerto Rico-based AMG Software Solutions, which filed a trademark for the platform in July. Despite the excitement surrounding the project, Trump and his team have remained tight-lipped about its funding, formation, and specific services.
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World Liberty Financial
Ethical Concerns and Legal HurdlesWhile World Liberty Financial aims to attract investors with its promise of stablecoin-driven financial services, the platform will be limited to accredited U.S. investors due to regulatory challenges. Folkman, one of the entrepreneurs behind the venture, jokingly commented during the livestream, “The lawyers are getting nervous back there… They’re sweating.”
The launch of World Liberty Financial has also sparked ethical concerns, especially given Trump’s potential return to the White House. Ethics experts worry that Trump’s involvement in the cryptocurrency industry could lead to conflicts of interest if he wins the presidency. Danielle Brian, executive director of the Project on Government Oversight, told The New York Times, “He would be able to push regulatory agencies to favor businesses he is involved in.”
As Trump positions himself as a pro-crypto candidate, some worry that his business ventures may influence his policy decisions, should he regain the presidency. Earlier this month, Trump promised to make the U.S. the “crypto capital of the planet,” vowing to reduce federal regulations on digital currencies. He even proposed the creation of a national strategic reserve of Bitcoin, further emphasizing his commitment to advancing the digital asset market.
A Controversial Business Launch amid Election
Launching a new business venture during an election campaign is unusual for any presidential candidate, yet Trump’s move appears to be a calculated attempt to attract digital asset advocates and investors. Trump’s eldest sons, Donald Jr. and Eric, have been promoting World Liberty Financial in recent weeks, with both promising that the platform will “transform” the digital finance world, though they have yet to provide specific details.
Chase Herro, one of the entrepreneurs involved in the project, emphasized the accessibility World Liberty Financial would offer to investors. “This country’s been so good to me, and crypto has been so good to me,” Herro said, underscoring the platform’s potential impact on financial markets.
Trump’s pivot toward cryptocurrency has raised questions among some of his supporters in the financial and political sectors, especially given the lack of transparency regarding the project’s financial structure and objectives. Nevertheless, Trump’s embrace of the cryptocurrency space is seen as part of a broader strategy to modernize his campaign platform and appeal to tech-savvy voters.
As the U.S. cryptocurrency landscape continues to evolve, Donald Trump’s entry into the space through World Liberty Financial could signal a new direction for his campaign. The venture may give Trump an edge with digital asset advocates, but it also opens the door to ethical and regulatory scrutiny. How this move will play out in the lead-up to Election Day remains uncertain, but it has certainly added a new dimension to Trump’s political and business profile.
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