Former President Donald Trump has launched a new cryptocurrency venture, World Liberty Financial, during a live interview on the social media platform X. However, Trump did not provide specific details on how the platform would operate, instead shifting the discussion to other topics such as artificial intelligence and a recent assassination attempt.
Donald Trump, the current Republican presidential nominee, announced the venture, with his family, including Don Jr., also promoting cryptocurrency as a response to what they view as bias in the traditional banking system. Critics, including Jordan Libowitz of Citizens for Responsibility and Ethics in Washington, have voiced concerns about potential ethical conflicts in launching a business venture while actively campaigning for the presidency.
The announcement came on Monday, September 16, 2024, during a live interview. This follows Trump’s recent engagement with the cryptocurrency community, including his May declaration that his campaign would accept crypto donations and his participation in a Bitcoin conference earlier this year.
Trump made the announcement on the platform X (formerly Twitter). World Liberty Financial is expected to have a digital footprint, focusing on global cryptocurrency borrowing and lending services.
Trump’s shift towards a pro-crypto stance contrasts sharply with his earlier criticisms. During his presidency, he called cryptocurrencies tools for unlawful activities. However, in his current campaign, he has reversed his position, aiming to build a “crypto army” and position the U.S. as the global hub for digital currencies. This pivot appears to be a strategic move to attract crypto investors, who view the new venture as a sign of a potentially favorable regulatory environment if Trump returns to the White House.
World Liberty Financial is set to function as a borrowing and lending platform for cryptocurrencies, though specifics were not discussed in detail during the announcement. The venture’s potential profitability amid the ongoing campaign has raised ethical concerns, with experts questioning the timing and financial motivations behind Trump’s newfound support for crypto.
Meanwhile, Trump’s political rivals, including Kamala Harris, have not yet outlined a clear stance on cryptocurrency regulation, though some Democrats have participated in events to engage with the crypto community.
