Former President Trump is set to launch his own cryptocurrency platform, World Liberty Financial, during a speech at Mar-a-Lago on Monday.
“We are embracing the future with cryptocurrency and leaving behind slow, outdated big banks,” Trump said in a video posted to the social media platform X on Thursday afternoon.
The announcement, which will take place at X's Spaces at 8pm EDT on Monday, was also promoted as a video address with the Republican presidential candidate on the state of cryptocurrency.
President Trump alluded to the crypto project in a post on his social media platform, Truth Social, last month.
“For too long, average Americans have been oppressed by big banks and the financial elite. Now is the time for us to stand up together,” Trump wrote, linking to a Telegram channel called “The DeFiant Ones.”
The Telegram channel has since been renamed “World Liberty Financial” and is being referred to as the “Official Trump DeFi Channel.”
Despite previously dismissing cryptocurrencies as a “scam,” President Trump has fully endorsed the industry in this election, vowing to make the United States the “crypto capital of the earth” if re-elected in November.
“If cryptocurrencies define the future, I want them to be mined, minted and manufactured in the United States,” the former president said at a Bitcoin conference in July, where he unveiled a series of cryptocurrency proposals.
Trump's focus on cryptocurrencies comes as the industry has grown increasingly frustrated with the approach the Biden administration, and in particular Securities and Exchange Commission (SEC) Chairman Gary Gensler, has taken to crypto enforcement.
