Donald Trump has pledged to make the United States the “crypto capital of the planet” if he returns to the White House, a promise that could have personal financial benefits. As part of his presidential campaign, Trump has unveiled a new cryptocurrency trading venture that he promotes on the same social media platforms where he shares campaign messages. His two oldest sons, Donald Jr. and Eric, as well as his daughter-in-law Lara Trump, are also advertising the platform, named World Liberty Financial.
Trump’s business activities have long been intertwined with his political career, from promoting his hotels and golf courses while in office to selling various products during his campaigns, such as sneakers, Bibles, and shares in his social media company. Now, his latest venture in the crypto world could see significant growth if Trump is re-elected and implements favorable legislation and regulations for the cryptocurrency industry.
Jordan Libowitz, spokesperson for Citizens for Responsibility and Ethics in Washington, raised concerns about this overlap between Trump’s pro-crypto stance and his new business venture, suggesting that the success of World Liberty Financial may be tied to U.S. economic policies. While advocating for cryptocurrency isn’t inherently problematic, Libowitz argues that doing so while also positioning oneself to benefit financially from related policies is concerning.
Cryptocurrencies are digital forms of money that can be traded online without relying on traditional banking systems. These assets are commonly traded on exchanges, which act as marketplaces where users can buy, sell, and trade cryptocurrencies like Bitcoin, often charging fees for transactions. According to CoinDesk, World Liberty Financial is anticipated to be a borrowing and lending platform similar to Dough Finance, which recently experienced a hacking incident. Some of the developers behind Dough Finance are reportedly also part of the World Liberty Financial team. However, specific details about the venture, including the Trumps’ financial stakes in the company, remain unclear.
Lara Trump recently posted about World Liberty Financial on her social media account, but shortly afterward, Eric Trump claimed that both Lara and his sister Tiffany’s accounts had been hacked. During his presidency, Trump expressed opposition to cryptocurrency, once tweeting in 2019 that unregulated crypto assets could facilitate illegal activities such as drug trafficking. However, his views have since shifted, and he has embraced the industry, stating that his campaign would accept cryptocurrency donations and promising to build a “crypto army” before Election Day. He even attended a Bitcoin conference in Nashville, where he vowed to make the U.S. the leading crypto nation and proposed creating a Bitcoin “strategic reserve” using government-held currency.
If re-elected, Trump has indicated he would take greater control over monetary policy, advocating for lower interest rates and promoting decentralized finance (DeFi), a system that uses blockchain technology to disrupt traditional financial systems. Trump has also talked about boosting Bitcoin mining to enhance energy production and pledged to prevent the creation of a Central Bank Digital Currency (CBDC), which many crypto supporters oppose. Both Trump’s and Kamala Harris’ campaigns did not respond to requests for comment from The Associated Press.
