In a turbulent political season, former President Donald Trump’s latest involvement in the cryptocurrency sector is raising eyebrows just weeks before the upcoming U.S. presidential election. Trump’s promotion of World Liberty Financial, a controversial new crypto project, is drawing criticism and concern from experts and commentators alike.
Trump, who once dismissed cryptocurrencies as being “based on thin air,” appears to have reversed his stance in a bid to align with the growing digital finance trend. “Crypto is one of those things we have to do,” Trump remarked during the 40-minute livestream launch of World Liberty Financial. “Whether we like it or not, I have to do it.”
His sudden endorsement of World Liberty Financial, a decentralized finance platform planning to issue a new digital token called WLFI, has sparked controversy. Critics argue that Trump’s involvement with such a business raises serious ethical questions, particularly given the timing of the endorsement and the upcoming election.
“What’s not normal is for a leading candidate to lease his campaign out as a publicity platform for a new business that would explicitly benefit from his future administration’s policies,” states the editorial published by Bloomberg News. This concern reflects a broader sentiment that Trump’s latest move could be an attempt to merge his personal financial interests with his political ambitions.
Adding to the controversy is the background of World Liberty Financial’s key players. Chase Herro, one of the figures behind the project, has openly referred to himself as the “dirtbag of the internet” and has been linked to dubious ventures, including a previous crypto project that collapsed following a hack. Another player, Zachary Folkman, is known for his involvement in a less-than-reputable enterprise called Date Hotter Girls. The involvement of such figures only adds to the skepticism surrounding Trump’s endorsement of the platform.
For many, the potential risks of investing in World Liberty Financial are significant. “Anyone who has paid attention to the crypto world in recent years — where about a quarter of new tokens end up being pure pump-and-dump schemes — would hesitate before committing to such an offering,” warns the editorial.
Trump, however, seems undeterred. During the livestream event, he praised the virtues of the new platform, despite the lack of reassuring details about its operations. The unregistered offering of the WLFI token has drawn parallels to other controversial crypto projects that have left investors burned in the past.
Beyond the specifics of the crypto project itself, there is growing concern about the broader implications of Trump’s actions. “It’s not to the benefit of most Americans — with the exception of hackers, fraudsters, and a small number of true believers — to pump up the value of digital tokens,” the editorial notes.
Trump’s pattern of intertwining his business interests with public policy is nothing new, but this latest venture has ignited fresh debates. As the 2024 election approaches, his involvement in World Liberty Financial is likely to remain a focal point of criticism, with questions being raised about whether the former president is putting his financial ambitions above the interests of the nation.
While Trump remains free to sell campaign merchandise such as $399 Trump gold sneakers and $99 digital trading cards, critics argue that his promotion of a controversial crypto project crosses a line, further blurring the boundary between personal gain and public service.
