Former President Donald Trump was off the campaign trail Monday, Sept. 16, as he took part in a live stream to promote a new cryptocurrency venture. Though he took part in a Q&A to start the event, there are still plenty of questions left unanswered about World Liberty Financial (WLF).
The former president, along with his sons Eric and Donald Jr., appeared in the stream hosted on X from Trump’s Mar-a-Lago home. The Trumps have been promoting the venture since August as the former president has become more and more pro-crypto.
During his time on the microphone, Donald Trump himself did not directly address World Liberty Financial. However, he did speak positively about blockchain technology, NFTs and the growth of cryptocurrency in recent years.
Crypto-publication CoinDesk got a copy of the white paper for World Liberty Financial earlier this month. Essentially, it will be a decentralized finance (DeFi) platform that allows users to borrow, lend and hold cryptocurrency and earn interest. Instead of relying on a centralized bank, users complete transactions on the blockchain. This isn’t a new use of the technology; there are currently billions of dollars worth of DeFi loans in circulation.
During Monday’s live stream, WLF announced the venture would launch a token of its own. WLFI will be a governance token which won’t be tradeable and only used to vote for changes for WLF.
The white paper called Donald Trump the venture’s “Chief Crypto Advocate,” while the paper labeled his 18-year-old son WLF’s “DeFi Visionary,” and described Eric and Donald Jr. as “Web3 Ambassadors.” It also clarified that Donald Trump, the Trump Organization and his family do not own or manage the platform, although they may receive compensation.
There are two entrepreneurs behind World Liberty Financial. The first is Chase Herro, a self-described “dirtbag of the internet.” Bloomberg reported he sold a lot of things in his career including weed, weight-loss “colon cleanses” and a $149-a-month get-rich-quick class. Second is Zachary Folkman, who founded a company called “Date Hotter Girls,” which helped men in “attracting, dating and keeping women of beauty and quality.”
Even though Trump and his family are not owners of the product, according to the white paper, congressional Democrats are still critical of the situation.
“For those of us who care about preventing money laundering and protecting investors, it is imperative that we apply the highest scrutiny to this most recent Trump family grift,” Rep. Sean Casted, D-Ill., told Politico.
“The basic problem is that the presidency is not a money-making venture, or it should not be, and Trump from the beginning has regarded it as an extension of his business enterprises,” Rep. Jamie Raskin, D-Md., told Politico last week. “This just multiplies the conflicts of interests and the exposure to more criminal and constitutional problems.”
The Supreme Court chose not to take up a case that suggested Trump profited from his presidency back in January 2021.
The same year, Trump called Bitcoin a “scam.” But he has since changed his tune. Trump spoke at the Bitcoin 2024 conference in July. There, the former president touted his plan to make the U.S. the crypto capital of the planet.
