Former President Donald Trump is set to launch a new crypto platform called World Liberty Financial, controlled by his sons Donald Trump Jr. and Eric Trump. The project, scheduled to be announced on September 16, is described as the “future of crypto” and aims to offer decentralized financial services through public blockchains. Trump’s 18-year-old son Barron is also involved in the project as the “DeFi visionary,” focusing on decentralized finance.
Trump’s announcement of the new venture aligns with his campaign pledge to make the U.S. the “crypto capital of the planet.” However, concerns have been raised about potential conflicts of interest, as Trump may use federal resources to promote a personal financial project. Critics, including the government watchdog group Citizens for Responsibility and Ethics, worry about the ties between the success of the project and American economic policy.
Details about World Liberty Financial are scarce, but it is expected to function as a crypto exchange, allowing investors to trade digital currencies. The platform is said to promote financial independence and aims to “make finance great again,” according to statements from Eric Trump and Donald Trump Jr. The project’s white paper indicates that 70% of the company’s tokens will be reserved for insiders, while the remaining 30% will be distributed through a public sale.
The decision to launch a crypto exchange comes at a time when millions of Americans are involved in cryptocurrency investments and trading. While serving as president, Trump expressed skepticism about cryptocurrency but has since embraced it, even accepting donations in cryptocurrency for his campaign. The move is seen as a strategic effort to tap into the growing popularity of digital assets among young male investors, as data from Pew Research Center shows a significant increase in involvement in cryptocurrency among this demographic.
The Trump family’s foray into the crypto space raises questions about their intentions and potential ethical implications. With limited information available about World Liberty Financial, critics are concerned about the implications for American economic policy and the personal financial benefits that the Trumps may derive from the venture. The success of the project and its impact on the broader crypto market remain uncertain, but Trump’s push into the crypto world signals a significant shift in his stance on digital assets.
