Donald Trump and his sons are endorsing a new cryptocurrency platform as the Republican presidential nominee seeks support from the digital asset sector just 50 days before the US election. The announcement was made during an X Spaces conversation on Monday, where World Liberty Financial was officially introduced. The company’s mission is to drive the mass adoption of stablecoins and decentralized finance in order to make crypto and America great. While few additional details were provided, speakers expressed a desire to enhance accessibility and usability for crypto users. Corey Caplan, an adviser to the project, also mentioned that a token would be offered.
In a video released last week teasing the announcement, Trump stated that they are embracing the future with crypto and leaving behind slow and outdated big banks. During Monday’s interview at his Florida Mar-a-Lago resort, Trump revealed that conversations with his sons had changed his perspective on digital assets. He mentioned how his 18-year-old son Barron talked about having multiple wallets, which prompted him to ask for an explanation.
Steve Witkoff, a New York-based property developer who is also involved in World Liberty Financial along with his sons Alex and Zach Witkoff, expressed belief in decentralized finance as the way of the future during Monday’s event. Zak Folkman from World Liberty Financial emphasized that they would not reinvent the wheel but instead focus on using simple products that interact with stablecoin tokens tied to the US dollar.
The company has not disclosed many operational details or specific products yet but cautioned against scams circulating online since they are not live yet.
Trump’s recent pro-crypto stance marks a departure from his previous skepticism towards cryptocurrencies. He now accepts donations in cryptocurrencies and advocates for making the US “crypto capital of planet.” Notably, he has gained support from influential venture capitalists such as Marc Andreessen and Ben Horowitz, as well as prominent figures in cryptocurrency exchanges like Tyler and Cameron Winklevoss of Gemini exchange and Jesse Powell of Kraken exchange.
Crypto groups have been actively leveraging their influence by raising substantial funds to support sympathetic candidates while intensifying lobbying efforts against Gary Gensler, chair of Securities and Exchange Commission (SEC), who has taken stricter measures against the industry. In July at Bitcoin 2024 conference in Nashville, Trump promised to “fire” Gensler on his first day if elected president.
Overall interest in cryptocurrencies continues to grow among political figures ahead of elections worldwide.
