Former President Donald Trump and his sons released new details about a new cryptocurrency platform called World Liberty Financial on Monday night, marking the former president's latest endorsement of digital currencies after years of skepticism.
Trump on Monday night X-Space ConversationThis was touted as the “state of the crypto address” upon the project's launch.
The show featured crypto investor Farokh Sarmad, who interviewed Trump, his sons Eric and Donald Trump Jr., and other business associates at the former president's Mar-a-Lago resort in Palm Beach about his new business and the crypto industry in general.
“If we don't do it, China will,” Trump said of cryptocurrency development in the U.S. “China is going to do it anyway. But we can't be the biggest if we don't do it. We have to be the biggest and the best.”
“We have a great country and we want to stay on top. We're creating things now, we're starting things. And things that for a long time we didn't even have a shot at being involved in have started under my administration and we're leading the way in many ways,” Trump added, touting his administration's creation of a Space Force.
President Trump described cryptocurrencies as an “emerging business,” but also said that it is “big business” and that it “has the potential to be something really special.”
Trump offered few specific details about the project and didn't mention cryptocurrency until 16 minutes into his conversation Monday night, when he spoke about his three sons, Eric, Barron and Donald Trump Jr., and their experience in the industry.
“Barron knows a lot about this stuff,” Trump said of his 18-year-old son. “He just talks about wallets. He's got like four wallets, and he knows a lot about this stuff.”
Trump said he “wasn't all that interested” in cryptocurrencies until his trademarked non-fungible tokens were paid in cryptocurrencies, but his children “opened my eyes more than anything,” he said.
President Trump first alluded to the crypto project in a post on his social media platform, Truth Social, last month, when he linked to a Telegram channel called “The Defined Ones,” which has since been renamed “World Liberty Financial.”
At the time, a copy of the project's white paper was publicly available, but few details were revealed. Acquired by crypto news site CoinDeskprovides lending and borrowing services using its own crypto tokens.
Its founders include Trump, his three sons, and businessman Steve Witkoff and his son Zach Witkoff. CNBC reported:The report cites a person briefed by a member of the group's founding team. Despite this, the platform itself is “not owned, controlled, operated or sold” by the Trump family. Bloomberg reportedHere's a copy of the white paper:
The move marks a major shift for the former president, who in 2019 said he was “not a fan of Bitcoin or other cryptocurrencies” and called them “not money.”
Trump, who previously dismissed cryptocurrencies as a “scam,” has vowed to make the United States the “crypto capital of the earth” if re-elected in November. He made the pledge in July when he unveiled a series of cryptocurrency proposals at the Bitcoin Conference.
When asked why he believes the U.S. is not yet the crypto hub, President Trump blamed a “very hostile” Securities and Exchange Commission and the Biden-Harris administration.
“They're very hostile to crypto and everything about it, extremely hostile to an extent that nobody would believe,” Trump said Monday. “Nobody understands why. That's not my attitude.”
The cryptocurrency industry has grown frustrated with the approach the Biden administration and SEC Chairman Gary Gensler have taken to cryptocurrency enforcement.
The Biden administration has taken a cautious approach to cryptocurrencies as the industry has been heavily marked by high-profile scandals that have harmed investors. Signed a presidential order It calls on government agencies to assess the risks and benefits of cryptocurrencies, financial stability, and illegal activity.
The Hill has reached out to the SEC for further comment.
Earlier this year, President Trump called for all remaining Bitcoin to be mined in the United States, claiming it would be the “last line of defense” against central bank digital currencies (CBDCs), the world’s largest CBDC experiment currently underway.China-led.
In January, he said he would not support the creation of a central bank digital currency if elected, calling the currency a “dangerous threat to freedom.”
