By PYMNTS
Former President Donald Trump is getting into the cryptocurrency business. Weeks before an election that could return the Republican mogul to the White House, Trump hosted a livestream promoting a crypto company called World Liberty Financial.
“Crypto is one of those things we have to do,” said Trump, whose comments Monday (September 16) were reported by the New York Times (NYT). “Whether we like it or not, I have to do it.” He was joined by his eldest sons, Donald Jr. and Eric, as well as two men described by the NYT as “little-known” crypto entrepreneurs with no experience in overseeing a high-profile venture. The report also notes that the project has already raised concerns about Trump’s conflicts of interest, and alarmed even some of his most ardent crypto-sector supporters.
According to the report, the livestream did not make it clear what World Liberty does or when it might launch.
However, sources with knowledge of the project tell the NYT that it has been pitched as a borrowing and lending platform. And a white paper reviewed by the news outlet says World Liberty would feature a new cryptocurrency called $WLFI.
The goal of the project, World Liberty has said, is to promote the adoption of stablecoins. Trump, his family and his organization are not owners or managers of the project, though the former president is listed as its “chief crypto advocate.”
As PYMNTS has written, Trump wasn’t always a crypto advocate, at one time calling the digital currencies a “scam.” Since then, he has won support from the industry, appearing before a major crypto conference in July.
“Trump’s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote before that event.
“This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.”
Meanwhile, Trump’s Democratic rival, vice president Kamala Harris, has won some support for the industry, as evidenced by a “Crypto4Harris” event last month.
At that event, senate majority leader Chuck Schumer and other prominent Democrats assured the audience that Harris would back new US crypto regulations, with Schumer saying he believed a crypto bill could happen this year.
