Donald Trump is expected to announce the debut of a new crypto platform called World Liberty Financial that will be controlled by sons Donald Trump Jr. and Eric Trump. The Republican nominee for president plans to discuss the new venture after promoting the endeavor on social media.
It seems like nepotism will play a huge part in the exchange as Trump's 18-year-old son Barron is identified as the project's "DeFi visionary." Donald Trump is officially listed as the project's "Chief Crypto Advocate." His two oldest sons, Don Jr. and Eric, share the role of "Web 3 Ambassador." Not only that, but a whopping 70% of Trump-backed World Liberty Financial's WLFI tokens will be reserved for the project's insiders. Of the remaining 30% of the tokens distributed via a public sale, the founding team will also receive a portion of the proceeds. From an outsiders perspective this looks like another Trump scam the public should be worried about.
As part of his campaign he has pledge to make the U.S. the "crypto capital of the planet." However, having this con man in the space is actually doing more harm than good if you ask me. So what do we know about World Liberty Financial?
The Trumps have released few details about World Liberty Financial at this point. There is little known about how the platform will operate. Eric Trump has said that the startup will promote "financial independence," while Donald Trump Jr. has said it will "make finance great again." It sounds like we have a concept of plan situation going on. What I think is happening is millions of Americans have invested in or traded cryptocurrencies which means the Trumps could stand to benefit in the midst of legal and finical troubles. Let's not forget while Trump served as president, he described himself as "not a fan" of cryptocurrency. In 2019, he tweeted that cryptocurrency "can facilitate unlawful behavior, including drug trade and other illegal activity." The recent change seems like a desperate move to make money and try to gain a few more votes. Let's not be fooled for what this is, a scam.