As the 2024 U.S. presidential election nears, former President Donald Trump’s involvement with a controversial cryptocurrency project, World Liberty Financial, has drawn sharp criticism. In a campaign season already fraught with tension, Trump’s endorsement of a digital currency venture has sparked concerns about conflicts of interest and the integrity of public policy.
A Sudden Change of Heart on Cryptocurrency
Trump’s engagement with the cryptocurrency sector is particularly noteworthy given his previous disdain for digital currencies. Once calling cryptocurrencies “based on thin air,” Trump has made an abrupt about-face. While it is not unusual for politicians to shift positions—often when lucrative opportunities arise—Trump’s actions go beyond a mere policy reversal.
According to critics, Trump’s involvement with World Liberty Financial represents a direct conflict of interest, as it may lead to a situation where his potential future administration could enact policies that benefit the very project he is now promoting. “Crypto is one of those things we have to do,” Trump said during the project’s livestream launch. “Whether we like it or not, I have to do it.”
However, Trump’s newfound enthusiasm for digital currencies seems less about public policy and more about personal gain. With the election only weeks away, his promotion of a cryptocurrency project has raised eyebrows, especially given the dubious history of those involved in World Liberty Financial.
Controversial Figures Behind World Liberty Financial
World Liberty Financial has attracted criticism not only for its timing but also for the individuals behind the venture. Chase Herro, one of the project’s key figures, has openly referred to himself as the “dirtbag of the internet.” Herro’s history of promoting questionable products, including a weight-loss scheme and a previous cryptocurrency venture that collapsed after a massive hack, only deepens concerns. Zachary Folkman, another player in the project, once ran a notorious enterprise known as Date Hotter Girls, further adding to the skepticism surrounding the venture.
Given the track record of its founders, World Liberty Financial seems to embody many of the concerns associated with the cryptocurrency sector. The platform’s plan to issue a new digital token, WLFI, in an unregistered offering raises additional red flags. In recent years, around 25% of new cryptocurrency tokens have been associated with pump-and-dump schemes, a fraudulent practice that artificially inflates the value of a currency before it is quickly sold off, leaving investors in the lurch.
Confusing Personal Interests with National Policy
Trump’s livestream launch of World Liberty Financial lasted nearly 40 minutes, during which he lauded the project’s potential, despite the apparent risks. “It’s one of those things we have to do,” he insisted, appearing to conflate his personal financial interests with the broader national interest. Critics argue that this is just the latest example of Trump using his political platform for personal enrichment, a pattern that dates back to his time in office.
“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,” critics have said. Trump has pledged to appoint officials who are “friendly” to the cryptocurrency industry and has even suggested the U.S. should amass a strategic Bitcoin stockpile, sparking concerns that his presidency could be used to advance the interests of a few at the expense of the country.
Selling Public Policy for Personal Gain
Trump’s penchant for promoting personal business ventures while in the public eye is nothing new. His campaign merchandise, which includes items such as $399 Trump gold sneakers and $99 Trump digital trading cards, continues to sell to supporters. However, using a potential future presidency to push for policies that directly benefit his financial associates is a step too far, critics argue.
While it may have been inevitable that Trump’s family would turn to promoting cryptocurrency as a way to raise funds, the involvement of a sitting or former president in such ventures raises serious ethical questions. As one observer put it, “It should never be acceptable to wield the presidency itself to advance such a grift.”
In an already contentious election season, Trump’s foray into the world of cryptocurrency only adds another layer of controversy to his candidacy. Whether voters will embrace his latest venture or reject it as another self-serving scheme remains to be seen.
