Donald Trump, the former U.S. President, is set to unveil a new cryptocurrency initiative, ‘World Liberty Financial,’ on Monday. This project is designed to challenge the traditional banking system and promote decentralized finance, according to details shared by Trump’s team.
World Liberty Financial to revolutionize decentralized finance
In a recent announcement on X, Trump disclosed the launch of his family’s latest crypto venture, World Liberty Financial. The event is scheduled for September 16th, and Trump has urged his supporters to tune in. He emphasized that this project represents a move towards embracing the future of finance while moving away from what he described as outdated and sluggish big banks.
In August, Trump promoted the project on Truth Social, his own social media platform, highlighting what he perceives as years of exploitation by U.S. financial institutions. He called for collective action to counter these practices. His sons, Eric and Donald Trump Jr., have also been heavily involved in the project’s development, referring to it as a significant step forward in decentralized finance.
The whitepaper for World Liberty Financial reveals that the project will operate on the Ethereum blockchain and leverage the Aave DeFi platform. The initiative aims to establish a credit account system that combines decentralized finance with a focus on stablecoins and user security.
Mixed reactions to Trump’s Crypto project
The announcement of Trump’s crypto project has elicited a range of reactions. Some critics argue that Trump is leveraging his visibility as a presidential candidate to advance his business interests, which they believe could negatively impact his campaign. Richard Painter, chief White House ethics lawyer under President George W. Bush, acknowledged the potential issues but noted that the situation may not violate legal boundaries.
During the Obama administration, Norman Eisen, an ethics lawyer, expressed concerns that Trump could exploit new loopholes for personal gain. However, he stopped short of accusing Trump of breaking the law. Even some within Trump’s circle have voiced doubts about the project. Nic Carter, a partner at Castle Island Ventures and a Trump supporter, described the initiative as a “huge mistake” and warned that it could erode the goodwill Trump has built within the crypto community.
Security Concerns and Cyberattacks
The project has already encountered security challenges. On September 4th, hackers gained control of the X accounts belonging to Trump’s daughter-in-law, Lara Trump, and his daughter, Tiffany Trump. The hackers used these accounts to post fraudulent links related to World Liberty Financial. Additionally, on August 30th, the official World Liberty Financial Telegram group warned about several fake online advertisements. As the launch date approaches, the crypto community remains divided over World Liberty Financial’s potential impact. Many are watching closely to see how the project will unfold.