Former President Donald Trump has taken a surprising step into the world of cryptocurrency, a move that has raised both ethical concerns and interest within the industry. Trump appeared on a livestream Monday to announce his latest business venture, World Liberty Financial, despite its exact purpose remaining somewhat unclear. “Crypto is one of those things we have to do,” Trump said on the social platform X. “Whether we like it or not, I have to do it.”
The venture features several of Trump’s family members and associates, including his sons Donald Trump Jr. and Eric Trump, as well as Barron Trump, who at 18 is listed as the company’s “DeFi visionary.” This unusual step by a presidential candidate, just weeks ahead of an election, has alarmed some of his supporters and raised concerns about possible conflicts of interest.
Danielle Brian, the executive director of the Project on Government Oversight, pointed out that if Trump were to be elected in November, his involvement in World Liberty Financial could lead to serious ethical issues. “Trump would be able to push regulatory agencies to favour businesses he is involved in,” Brian said. The Securities and Exchange Commission has already been cracking down on the crypto industry, stating that most cryptocurrencies should be treated as unregistered securities.
Trump’s history with the industry adds another layer of intrigue. In the past, he denounced Bitcoin as a “scam,” yet more recently, he has become a vocal supporter of the crypto space, even speaking at a popular industry conference. This shift in attitude has drawn financial support from crypto executives, further intertwining Trump’s political and business interests.
The project, which Trump has been promoting since August, remains without an official launch date. On the livestream, Trump did not go into detail about the venture, leaving that to the two entrepreneurs leading the effort—Chase Herro and Zachary Folkman. Both are relatively unknown in the business world, with Herro having described himself as “the dirtbag of the internet” and Folkman previously teaching classes on how to seduce women.
Steve Witkoff, a real estate magnate and close friend of the Trump family, played a key role in linking Herro and Folkman to Trump’s sons. Witkoff revealed that planning for World Liberty Financial began nine months ago.
World Liberty Financial has positioned itself as a platform to promote the “mass adoption of stablecoins,” a type of cryptocurrency designed to maintain a constant value of $1. While details remain vague, some insiders have suggested that the platform will serve as a borrowing and lending service, with a new cryptocurrency, $WLFI, at the centre of its operations.
On the company’s social media accounts, Trump’s family members are described with lofty titles. Donald Trump is the “chief crypto advocate,” while Donald Trump Jr. and Eric Trump are “web3 ambassadors.” Barron Trump, in his role as the “DeFi visionary,” represents the project’s connection to decentralized finance.
Despite these grand titles, the company has been careful to distance the Trump family from direct involvement in its operations. A disclaimer in the project’s white paper states that World Liberty Financial is not owned or managed by Donald Trump or his family, though they may receive financial compensation.
The venture has attracted skepticism, not only because of its ethical questions but also due to the backgrounds of its two leaders. Herro, once imprisoned for drug offenses, has become a prominent figure in the crypto world, while Folkman founded a company offering seminars on how to “attract, date, and keep women of beauty and quality.”
As Trump continues to blend his political and business pursuits, World Liberty Financial remains a venture shrouded in both curiosity and controversy, with its long-term success and ethical implications still unknown.
