Former US President and Republican presidential candidate Donald Trump announced World Liberty Financial, his new cryptocurrency buying and selling platform, on Monday (September 16, 2024). During the announcement, the Republican said that digital currency developers will “live in hell” if he does not win the election, which will be held on November 5.
“If I don’t win the presidential election in November, I think the cryptocurrency developers in the United States, who are the subject of the SEC [Securities and Exchange Commission] investigation, will live in hell,” Trump said during the announcement on Spaces of X (formerly Twitter).
The platform’s new token, WLFI, which aims to establish the US as the global “crypto capital,” was introduced during the discussion.
The project has been described as a cryptocurrency banking platform but has yet to provide operational and structural details, with speakers present directing their speeches to the US elections and the current context of cryptocurrencies in the United States.
The technical report for cryptocurrency projects is referred to as a “white paper,” but it has not yet been established. However, there are already critics of the model adopted by the platform, which will have 70% of its initial capital in the hands of members of the Trump family and people close to the project.
The platform will allow users to take out loans and offer cryptocurrency credits. The platform’s fees will be used to return the initial investors.
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At the announcement, Trump highlighted his son’s industry expertise. He said, “Barron knows a lot about this [cryptocurrency],” citing his knowledge of digital wallets from his youngest son.
Trump’s cryptocurrency push is part of a campaign effort to attract support from cryptocurrency investors. The Republican is trying to project an image of himself as more pro-crypto than his Democratic opponent, Kamala Harris, who has already held a campaign event with crypto investors.
