The team behind it Donald TrumpWorld Liberty Financial, the latest cryptocurrency venture from , took more than two hours to announce key details that many were eagerly awaiting at its X event on Monday night.
The suspense has finally been lifted as it has become clear who will be able to purchase the upcoming tokens and how the shares will be distributed. The token launch, billed as the next big step for the former president and his family, has been building anticipation for weeks.
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Zach Folkman, one of the project's founders, explained that the platform's WLFI token will be split into several groups: “20% of the tokens will be reserved for the founding team,” he said, referring to the group that includes Trump.
The remaining 17% will be used to reward users, and the remaining 63% of the tokens will be made available to the public. “There will be no presale or early purchase,” he emphasized.
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This was a crucial clarification because an earlier draft of the project's outline had been leaked and raised eyebrows: It indicated that the founders would control 70% of the tokens, leading many to worry that this was just another cash-out scheme.
The offering is structured as a Regulation D token offering, which allows World Liberty Financial to raise funds without registering with the Securities and Exchange Commission (SEC) if certain criteria are met, sparking debate over SEC Chairman Gary Gensler's use of enforcement actions rather than clear guidelines to regulate the cryptocurrency industry.
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Trump himself has joined in the effort, openly stating that he wasn't initially interested in crypto. “I wasn't really interested,” he said, adding that his perspective changed when his children introduced him to crypto through their successful collection of non-fungible tokens. “I think my kids opened my eyes more than anything,” he said.
The event took place under unusual circumstances for Trump, following a suspected assassination attempt that occurred just one day while he was playing golf with longtime friend and World Liberty Financial boss Steve Witkoff.
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The incident occurred at Trump's West Palm Beach golf club and is under investigation by the FBI. Despite the dramatic incident, Witkoff appeared with Trump at an event on Monday to talk about how the venture got started.
Witkoff recounted how his son introduced him to two young crypto entrepreneurs, Chase Herro and Zach Folkman, who convinced him that decentralized finance (DeFi) could be the future of money.
“They are as astute as any currency trader I've ever met,” Witkoff said, explaining how he got the Trump family on board. “I've met with Eric, I've met with Don Jr., I've met with the president, I've met with his advisers. We've been talking about this for almost nine months.”
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The similarities between World Liberty Financial and Trump's previous project, Trump Media & Technology Group, have not gone unnoticed. The crypto venture is expected to garner attention, as has the media company that launched the conservative social platform Truth Social.
But despite the Trump family's involvement, they do not own or control the platform. It is helmed by two people, Eric Trump and Steve Witkoff, both of whom are new to the crypto industry. Trump has been supportive of cryptocurrencies, but Cipher Despite the fact that in recent months he delivered a keynote speech at the biggest Bitcoin event in July, the public remains both intrigued and cautious about the new project.
The founders were tight-lipped about their plans and offered little in the way of a timeline, other than to say that updates would be coming through official channels and to warn fans to be wary of scammers trying to capitalize on the buzz surrounding the project.
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This article Trump family crypto venture revealed: New buying rules, who can invest, and what it means for early adopters Originally Benzinga
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