Donald Trump’s Crypto Platform ‘World Liberty Financial’ — All You Need to Know

Former President Donald Trump unveiled his new crypto venture, ‘World Liberty Financial’, on September 16 at an event at his Mar-a-Lago resort.

The launch event, billed as a “state of crypto address,” took place during an X Spaces conversation featuring Trump, his sons Eric and Donald Trump Jr., and a range of business allies.

The discussion was hosted by crypto investor Farokh Sarmad at Trump’s Mar-a-Lago resort.

The former president didn’t delve deeply into the platform’s technical aspects, which caused some criticism. However, the goals set by those involved in the project suggest that World Liberty Financial will be a crypto banking ecosystem where users can borrow, lend, and invest in cryptocurrencies, CNBC reported.

Table of Contents Table of Contents

1. World Liberty Financial & $WLFI
2. Who is Involved in World Liberty Financial?
3. Trump Says U.S. Needs to Take Leadership in Crypto
4. Potential Conflicts of Interest
5. Harris Overtakes Trump in Polymarket After Debate
6. The Bottom Line
7. FAQs
8. References

Show Full Guide

Table of Contents

1. World Liberty Financial & $WLFI
2. Who is Involved in World Liberty Financial?
3. Trump Says U.S. Needs to Take Leadership in Crypto
Show Full Guide
4. Potential Conflicts of Interest
5. Harris Overtakes Trump in Polymarket After Debate
6. The Bottom Line
7. FAQs
8. References

World Liberty Financial & $WLFI

Notably, World Liberty Financial will sell a non-transferable governance token called WLFI and plans to limit participation to accredited investors. The token structure is designed to ensure fair distribution, with 20% of the tokens reserved for the founding team, 17% set aside for user rewards, and the remaining 63% available to the public.

The project will not feature any pre-sales or early buy-ins, a strategy aimed at creating a level playing field for all investors.

The WLFI token will be issued as a Reg D token offering, compliant with the U.S. Securities and Exchange Commission‘s Regulation D. This provision allows the platform to raise capital without formally registering its securities, provided certain conditions are met.

Who is Involved in World Liberty Financial?

Alongside Trump, the founders of World Liberty Financial include Donald Trump Jr., Eric Trump, and Barron Trump, as well as Steve Witkoff and his son Zach Witkoff.

Witkoff is a longtime friend of Trump and a real estate investor worth over $500 million. During Monday night’s livestream, he sat to Trump’s right and explained how he facilitated the collaboration between the Trump family and two crypto entrepreneurs to launch the project.

As of late, the Trump family has been increasingly promoting World Liberty Financial across social media platforms, describing it as “the future of crypto.” Barron Trump, Trum’s youngest son, is credited as the project’s “DeFi visionary.”

“Barron knows so much about this… he’s got four wallets,” Trump said, indicating that his children played a key role in his shift toward embracing cryptocurrency.

The platform itself was first teased in a post on Trump’s Truth Social platform last month. Initially linked to a Telegram channel called The DeFiant Ones, the project was later rebranded as World Liberty Financial.

.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024

Trump Says U.S. Needs to Take Leadership in Crypto

During the event, Trump emphasized the importance of the United States taking a leadership role in the industry. “If we don’t do it, China is going to do it. China’s going to do it anyway. But if we don’t do it, we’re not going to be the biggest, and we have to be the biggest and the best,” he said.

“We want to have a great country; we want to stay at the top. We’re making things now, we’re starting, and it started under my administration that there was no chance of ever even getting involved in for a long time; we’re leading the pack in so many ways.”

He also took the opportunity to praise cryptocurrency as a “fledgling but massive business” with the potential to become “something special.”

Potential Conflicts of Interest

Despite the excitement surrounding the announcement, some have raised questions about potential conflicts of interest. Government watchdogs raised concerns that Trump, if elected, might use federal resources to support his personal financial ventures.

Jordan Libowitz, spokesperson for Citizens for Responsibility and Ethics, told the Associated Press that while it’s not inherently problematic to take a pro-crypto stance, there could be ethical issues if Trump stands to profit from it.

“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it. The success of this could be very tied to American economic policy.”

Nevertheless, the Trumps have provided limited information on how the platform will function. Crypto exchanges typically serve as venues for investors to buy and sell digital currencies, operating similarly to traditional stock exchanges.

Eric Trump has said that the startup will promote “financial independence,” while Donald Trump Jr. has said it will “make finance great again”.

Harris Overtakes Trump in Polymarket After Debate

Vice President Kamala Harris’ chances of winning the upcoming U.S. presidential election have surged on Polymarket following her debate with Trump last week. As of now, Harris’ chance of winning the upcoming election stands at 50%, ahead of Trump at 49%.

The surge came after the recent debate, which touched on key national issues such as the war in Gaza and abortion rights. Following the event, 94% of bettors on Polymarket believed Harris won the debate.

Notably, Trump has been outspoken about his support for the cryptocurrency sector. Earlier this year, he announced that his campaign would begin accepting cryptocurrency donations in an effort to galvanize support from what he calls a “crypto army.”

On the other hand, Harris, while engaging with the industry, has not yet taken a definitive stance on the matter. Last week, Harris unveiled her policy positions for her presidential campaign but omitted any mention of Bitcoin or other cryptocurrencies.

According to a recent online survey conducted by the Harris Poll, one in three voters in the U.S. considers a candidate’s position on cryptocurrencies before making their voting decision. The survey revealed that 77% of respondents believe that a presidential candidate should possess at least an “informed perspective” on cryptocurrencies.

The Bottom Line

Can Trump garner support from the crypto industry? We will see how the campaign plays out, as well as the fundamental value of World Liberty Financial.

For now, it’s another play during a big election year and shows how much crypto is part of the mainstream narrative.

FAQs