Trump Goes From Criticizing Crypto To Promoting It

Donald Trump, his sons, and their business partner Chase Herro launched a new cryptocurrency venture called World Liberty Financial.

Trump Goes From Criticizing Crypto To Promoting It

On Monday, Donald Trump, his sons, and their business partner Chase Herro launched a new cryptocurrency venture called World Liberty Financial during a two-hour livestream. The project marks Trump’s latest engagement with the digital asset world, a notable shift in his stance, given that he once labeled Bitcoin a “scam.”

Trump’s appearance, however, was light on details about the initiative, focusing instead on broader themes such as the U.S.'s competitive position in the crypto space. “If we don’t do it, China’s going to do it,” Trump remarked, emphasizing the need for the U.S. to lead the industry.

The livestream, hosted on X (formerly Twitter) Spaces, was largely a promotional event, with more focus on the Trumps' experience in finance and their changing views on decentralized finance (DeFi). Trump’s sons, Donald Jr. and Eric, championed the potential of DeFi to revolutionize finance, specifically highlighting its capacity to bypass traditional banks and empower individuals. Donald Jr. recalled how the family’s political involvement had led to difficulties with financial institutions, underscoring the benefits of decentralized networks that operate outside the control of established banks.

The World Liberty Financial project appears to be led by Herro and Zachary Folkman, both of whom have a history in crypto and finance-related ventures. They were introduced to the Trump family through real-estate mogul Steve Witkoff. The project is positioned within the DeFi space, allowing users to lend and borrow cryptocurrency without intermediaries like banks. In addition to this, the project will launch a new governance token, allowing holders to vote on platform decisions. These tokens resemble voting shares in public companies, but without the right to transfer ownership.

While the project generated excitement among Trump supporters and cryptocurrency enthusiasts, specifics on how World Liberty Financial will function remain vague. The team has mentioned that the platform will feature a stablecoin—a type of cryptocurrency pegged to the value of a traditional currency, likely the U.S. dollar. Stablecoins are typically less volatile than cryptocurrencies like Bitcoin or Ethereum, making them attractive for those seeking stability in the digital asset space.

Despite the Trumps’ enthusiasm, some experts have raised concerns about the ethical implications of Trump promoting his sons' crypto business while running for public office. Critics argue that Trump’s involvement in a venture he might later regulate as president presents a conflict of interest. Furthermore, previous ventures led by Folkman and Herro, such as Dough Finance, have faced security issues, adding an element of risk to the new platform.

Eric Trump teased the project for weeks, referring to his newfound love for crypto and DeFi. Donald Jr. echoed this excitement during the livestream, calling the platform the beginning of a “financial revolution.” Yet, beyond broad claims about DeFi's potential to disrupt traditional finance, the specifics of the project remain under wraps.

The Trumps also shared their evolving views on cryptocurrency during the event. Trump Sr. highlighted that, after initially dismissing Bitcoin, his experiences—including selling non-fungible tokens (NFTs) and becoming more familiar with blockchain technology—had shifted his perspective. He credited his youngest son Barron, described as the project's “visionary,” with deepening the family’s understanding of cryptocurrency.

While World Liberty Financial is still in its early stages, it is clear that the Trump family is eager to expand their presence in the digital asset space. As the U.S. crypto industry continues to grow amid regulatory uncertainty, the project will likely face both opportunities and challenges, including navigating potential conflicts of interest if Trump were to return to office.


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