US presidential candidate Donald Trump, who has promised to turn the United States into the “Bitcoin superpower of the world,” is actively working in the cryptocurrency sector.
One of them is certainly a new DeFi project called World Liberty Financial (WLFI), owned by Donald Trump and his sons.
Trump’s cryptocurrency project, which he launched last week, has received both praise and criticism from the industry. One of the critics of Trump’s project is Cardano (ADA) founder Charles Hoskinson.
Speaking to the Financial Times, Charles Hoskinson warned that the new DeFi platform backed by Donald Trump and his sons could be “scary” for the crypto industry.
Hoskinson, who expressed reservations about the Trump-backed initiative, said the WLFI project could face some challenges.
Hoskinson said the project could face closer scrutiny from US regulators due to its connection to Trump, adding that the project's bias would be an issue as many US political groups would attack the project for its connection to Trump.
Hoskinson added that he doubts Trump and Harris, the candidates in the US election, will create a strong cryptocurrency industry in the country.
Trump’s World Liberty Financial project, which he announced last week, has promised to leave behind “slow and outdated big banks,” but full details have yet to be released. The World Liberty Financial cryptocurrency project also said it would keep 63% of its WLFI token supply public.
One of the critics of the WLFI project is SEC member Mark Uyeda. Uyeda has taken a cautious approach to the DeFi project, saying, “If I were talking to President Trump or any other crypto entrepreneur, I would tell them to get a good lawyer.”
