Former Republican President and new White House candidate Donald Trump presented, in the middle of the election campaign and still echoing the alleged assassination attempt of which he was the victim on Sunday, a new family business project: a cryptocurrency under the name of World Liberty Finance (WLFI).
Trump and his eldest son and namesake presented the project from his Florida residence, Mar-a-Lago, in a live broadcast via X Spaces conducted this Monday, the day after the arrest by the Secret Service of a man who allegedly wanted to kill the former president (2017-2021). He was playing golf at one of the Florida clubs he owned.
The Trumps and their partners in the project have not provided information on a launch date or other details about the cryptocurrency, but Donald Trump Jr. has explained that It will serve people who do not have access to traditional bank creditwhich, according to him, applies biased and political criteria when granting funding.
The specialized media Coin office indicated that World Liberty Financial would be a token non-transferable governance that will only be offered to investors covered by the U.S. Securities and Exchange Commission (SEC) Regulation D exemption, which allows companies to raise capital without registering securitiesprimarily offering securities to qualified investors or in small private offerings.
A token Governance grants its holder the ability to participate in a crypto project’s governance processes. These tokens are used to vote on proposals, make decisions, and influence the future of a project.
About 63% of token will be sold to the public, while 17% will be reserved for user rewards and 20% will go to the team, according to CoinDesk.
It is unclear to what extent the Republican candidate is involved in the business venture, but several media outlets, including CNN, are highlighting the ethical and legal issues that could arise if Trump wins the November 5 presidential election.
National Cryptocurrency Reserve
“No major party candidate has used his candidacy for personal gain like Trump. in his third campaign for the White House. Since entering the race nearly two years ago, Trump has made millions of dollars selling new merchandise featuring images of his political life, and he has also generated billions of dollars in wealth from a social media site on which he speaks directly to his supporters,” CNN reported. stressed.
Years Ago, Trump Called Bitcoin “Not a Currency” But over time, he changed his mind and even promised to create a strategic national reserve of cryptocurrencies upon his return to the White House.
“Crypto is one of those things that we have to do whether we like it or not,” Trump emphasized this during the WLFI presentation.
According to CNN, The former president’s campaign received millions of dollars in donations from cryptocurrency tycoons and investors.
“Our goal is to create projects that are easy and simple to use and where you don’t need to call a friend to explain them to you,” explained Zak Folkman, one of the founders of the project, during the broadcast that lasted almost two and a half hours and brought together more than 100,000 listeners, according to the media specialized in cryptocurrencies.
