Washington, September 17 (AP) – Republican presidential nominee Donald Trump officially launched his family’s cryptocurrency venture, World Liberty Financial, during an interview on the social media platform X. However, the former president provided few details about the project while also addressing an assassination attempt against him that took place just the day before.
In his Monday appearance, Trump avoided going into specifics about the operations of World Liberty Financial, instead shifting focus to topics like artificial intelligence. His remarks about cryptocurrency were brief, as he recounted his experience the previous Sunday when, while playing golf, he and a companion “heard shots being fired in the air, maybe four or five.”
World Liberty Financial is expected to operate as a borrowing and lending service for trading cryptocurrencies. These digital currencies, such as Bitcoin, allow online transactions without reliance on traditional banking systems. Often, cryptocurrency exchanges impose fees for withdrawals of digital currencies, a feature expected to be a key aspect of Trump’s new venture.
Following Trump’s remarks, his eldest son, Donald Trump Jr., expressed strong support for cryptocurrency, framing it as an alternative to what he and others in the family claim is a financial system biased against conservatives.
However, the venture has raised concerns from ethics experts. The launch of a business initiative by a presidential candidate during an ongoing campaign could create conflicts of interest.
“Taking a pro-crypto stance in itself is not problematic,” said Jordan Libowitz, spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington (CREW). “The concern arises when a candidate is positioned to personally profit from it.”
Trump’s evolving stance on cryptocurrency has drawn attention. While serving as president, Trump expressed strong opposition to digital currencies, warning in a 2019 tweet that “unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
In a notable reversal during this campaign, Trump has become more favorable toward cryptocurrencies. In May, he announced that his campaign would accept cryptocurrency donations, with the goal of creating a “crypto army” of supporters. This year, he also attended a Bitcoin conference in Nashville, where he pledged to make the U.S. the “crypto capital of the planet” and establish a Bitcoin “strategic reserve” using government-held currency.
Legal experts remain skeptical of Trump’s shift in position on cryptocurrency. Hilary Allen, a law professor at American University who has conducted research on the topic, voiced doubts about the motivation behind Trump’s change of heart.
“It seems clear that financial interests are at play here,” Allen commented.
Despite these concerns, Trump’s pro-crypto stance has been welcomed by enthusiasts and investors, who see it as a promising move should he return to the White House.
Meanwhile, the campaign of Vice President Kamala Harris has yet to outline specific proposals regarding the regulation of digital assets. In August, several prominent Democratic lawmakers, including Senators Chuck Schumer and Kirsten Gillibrand, participated in an online event called “Crypto 4 Harris,” although neither Harris nor her campaign staff were present at the event.
As Trump’s venture unfolds, the future of cryptocurrency regulation may emerge as a significant issue in the 2024 election.
