Former U.S. President Donald Trump announced plans to launch a new crypto project, ‘World Liberty Financial,’ on Monday next week. According to preliminary details released by Trump’s team, the project aims to be an alternative to traditional banking systems.
World Liberty Financial to “revolutionize decentralized finance”
Donald Trump recently revealed on X the launch of his new family crypto project, World Liberty Financial. He called his followers to tune in to the live event set for September 16th.
He commented:
We’re embracing the future with crypto and leaving the slow and outdated big banks behind.
– Donald Trump
Moreover, In August, he promoted the crypto project through Truth Social, his social media platform, emphasizing how US financial institutions have been exploiting ordinary Americans for ages and called for a collective response.
His sons, Eric and Donald Trump Jr., have also actively invested their time in the project’s development and have cited it as a significant breakthrough in decentralized finance.
According to a recent whitepaper, World Liberty Financial will run on the Ethereum blockchain and utilize the Aave DeFi platform. The initiative will aim to create a “credit account system” that merges decentralized finance with a strong emphasis on stablecoins and user security.
Trump’s crypto project sparks mixed reactions
Trump’s family crypto project has stirred varied reactions. Some have claimed that the politician is using his attention as a presidential candidate to pursue his business interests, which may hurt his chances in this presidential election.
Richard Painter, the former chief White House ethics lawyer under President George W. Bush, said that although the current situation seems problematic, it may not cross legal boundaries.
Norman Eisen, an ethics lawyer in the Obama administration, noted that rather than exploiting existing loopholes, Trump appears to be creating new ones while he profits from his business.
Nic Carter, a Trump supporter and partner at Castle Island Ventures, also criticized the project on September 6, calling it a “huge mistake” and suggesting it could damage the goodwill Trump has built within the crypto industry.
Meanwhile, the platform has already faced significant attacks. On Sept. 4, hackers took over Donald’s daughter-in-law Lara and his daughter Tiffany Trump’s X accounts, posting fraudulent links related to World Liberty Financial. Additionally, on August 30, the official World Liberty Financial Telegram group had to warn against several fake advertisements.