Donald Trump To Launch Cryptocurrency Project Led by Sons
Former President Donald Trump is set to announce the launch of a new cryptocurrency project called World Liberty Financial, led by his two oldest sons. The platform will be unveiled during an event at his Mar-a-Lago residence and will be broadcast on X Spaces. Trump has emphasized the importance of embracing crypto and moving away from traditional banks.
Project Details
A draft white paper obtained by CoinDesk revealed that the project will introduce a new non-transferable cryptocurrency token called WLFI. The project’s founders, team, and service providers will receive 70% of the tokens, while the remaining 30% will be available for public sale. The platform’s operations will also be supported with proceeds from the sale.
Concerns and Criticisms
Although Trump has expressed his desire to make the U.S. the « crypto capital of the planet, » questions have arisen regarding potential conflicts of interest. In the past, Trump has voiced skepticism about cryptocurrencies, warning of the risks associated with them. Recently, social media accounts linked to his family were hacked to promote fake crypto investments related to the World Liberty Financial project.
Despite the controversies surrounding the project, the former president remains committed to the launch of World Liberty Financial. It remains to be seen how the platform will operate and whether it will achieve Trump’s vision of making the U.S. a hub for cryptocurrency innovation.
Source : www.foxbusiness.com