Trump’s cryptocurrency project is still going strong
This summer, Trump and his children are preparing to launch a governance token for their DeFi trading platform, WLFI. Trump recently spoke at an event, touching on various topics such as “evil leftists,” “Comrade Kamala,” and the impact of illegal immigration on the US. He also hinted at a divine plan for him to become president and claimed that a civilian woman identified the shooter.
Amid some pressure from the moderator, Trump briefly discussed the cryptocurrency industry, expressing mild enthusiasm and blaming the Biden-Harris administration for regulatory challenges. He praised NFTs, criticized the SEC, and then ended his remarks.
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After Trump left, his children and partners continued the discussion for two more hours, revealing some project details. Founder Zak Folkman mentioned that 20% of the tokens will go to the founding team, 17% for “user rewards,” and the remaining 63% will be available for public purchase. The date for the initial WLFI sale is still undecided.
World Liberty Financial faced criticism following a report alleging token hoarding for founders and insiders. A leaked document suggested the project initially planned to reserve 70% of tokens for the team and only sell 30% to the public, a rare move in the crypto world.
The event included discussions and jokes, with Don Jr. promoting DeFi as a haven for “financial freedom” in the face of bureaucratic corruption. He believes that cryptocurrencies and DeFi eliminate the political baggage associated with traditional banking.
However, recent revelations may challenge the project’s democratic mission. By limiting the token to accredited investors (with a net worth over $1 million), the project may struggle to provide access to loans for underserved individuals, although this approach could secure a crucial SEC exemption.
Bloomberg also highlighted Chase Herro, a controversial member of the World Liberty team known for questionable business practices and a bold statement about cryptocurrencies: “You can literally sell shit in a can for a billion dollars if the story is right, because people will buy it.”
In summary, the project’s objectives are still unclear, and the potential for investors to profit remains uncertain.
