Republican presidential candidate Donald Trump has officially launched his family’s cryptocurrency venture, World Liberty Financial, in a social media interview. The interview, which took place on the platform X, also marked Trump’s first public remarks following an apparent assassination attempt just a day earlier.
However, Trump chose not to delve into the specifics of his cryptocurrency project during the broadcast, shifting the conversation away from the platform’s details to broader topics like artificial intelligence. “I would have loved to have sank that last putt,” Trump quipped, recounting the moment he heard shots while playing golf with a friend on Sunday. Trump credited the swift response of a Secret Service agent and law enforcement in preventing any harm.
While World Liberty Financial has been described as a platform for borrowing and lending cryptocurrencies, Trump has not clarified how the venture will operate. Cryptocurrencies, such as Bitcoin, allow users to conduct transactions online without involving traditional banks. Yet, these exchanges often come with fees for withdrawals and other services.
Trump’s eldest son, Donald Trump Jr., also spoke during the livestream, emphasizing the importance of embracing cryptocurrency as an alternative to what he called a banking system biased against conservatives. However, the venture has already sparked debate about potential conflicts of interest, given Trump’s presidential run.
Jordan Libowitz, a spokesman for the government watchdog group Citizens for Responsibility and Ethics in Washington, voiced concerns over Trump’s timing. “Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it,” Libowitz noted.
Throughout his time in the White House, Trump was known for his skepticism towards cryptocurrencies. In 2019, he tweeted that “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” Yet, in this election cycle, he has notably shifted his stance, now embracing the digital currency market.
In May, Trump announced his campaign would begin accepting cryptocurrency donations as part of a strategy to build what he has dubbed a “crypto army” in the lead-up to Election Day. He also attended a Bitcoin conference in Nashville, where he promised to make the United States the “crypto capital of the planet” and proposed establishing a Bitcoin “strategic reserve.”
Despite Trump’s enthusiasm for crypto, experts have expressed skepticism. Hilary Allen, a law professor at American University, questioned the motivation behind his change of heart. “I think it’s fair to say that that reversal has been motivated in part by financial interests,” Allen said.
On the political front, Vice President Kamala Harris’ campaign has yet to release any formal plans regarding the regulation of digital assets. In contrast, some Democrats, including New York Senators Charles Schumer and Kirsten Gillibrand, participated in a “Crypto 4 Harris” online event in August, aimed at attracting crypto investors. Notably, neither Harris nor her campaign staff attended the event.
As Trump’s campaign continues, his pivot towards cryptocurrency is likely to remain a focal point of both support and scrutiny. With potential ethical conflicts looming, the launch of World Liberty Financial may present as many challenges as opportunities for the former president.