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Donald Trump’s World Liberty Financial crypto project has commenced its sign-up process, but not all Americans are invited at this stage.
The presidential hopeful and his family launched the venture last month, with claims of democratizing access to cryptocurrency and liberating US citizens from reliance on “the big banks and financial elites.”
However, the doors opened yesterday (September 30th) only to accredited US investors and others in foreign jurisdictions. Those applicable can now begin the KYC and verification process.
Details on the whitelists were revealed on X and Trump’s Truth Social site, but there is still a lack of information on exactly what service World Liberty Financial provides.
The platform hit out at “outdated policies and regulations in the US” as the rationale for restricted access at present.
3/6 Due to outdated policies and regulations in the US, one whitelist is limited to accredited US investors and another for all non-US persons. We’re fighting for changes so all Americans can access World Liberty Financial and join the financial revolution.
— WLFI (@worldlibertyfi) September 30, 2024
Donald Trump also posted on X, renewing his sentiment to Make America Great Again, “this time with crypto.”
What Is World Liberty Financial and WLFI?
The 45th President showcased his new crypto venture on September 16th at an event at his Mar-a-Lago resort.
What we do know is that World Liberty Financial will sell a non-transferable governance token called WLFI with participation limited to accredited investors.
The token structure was designed to ensure fair distribution with 20% of the tokens reserved for the founding team, 17% due to be used for user rewards, and the remaining 63% up for grabs to the public.
Three days later, Trump visited PubKey, a downtown Manhattan bar restaurant to use crypto to pay for beers and burgers.
As he exclaimed, “Here, this is a crypto burger. It’s a Bitcoin burger, actually,” he was assisted by venue staff to make the transaction.
What Are Accredited Investors?
As it stands, the system is only open to accredited investors who are defined by the Securities and Exchange Commission as individuals with net worths of at least $1 million (excluding the value of their primary residence) either individually or collectively with their spouse or partner.
Their annual income must reach the threshold of $200,000 individually, or $300,000 with a spouse or partner for at least the past two years.
There are other requirements for professionals and business organizations, and as of 2022, the SEC estimates more than 24 million American households qualify as accredited investors.
That figure represents around 20% of the total number of households in the States.
