Trump's Crypto Project Could Become a Major Threat to the US Elections!
Former President Donald Trump's new crypto venture, WLFI, poses a potential fraud risk for both his candidacy and the crypto industry during the election campaign.
Former US President Donald Trump attracted attention with his new decentralized finance (DeFi) project, World Liberty Financial (WLFI).
However, concerns that this venture could have negative effects on both Trump's election campaign and the image of the crypto industry have already spread to the market. Trump has reinforced his personal brand with different products, as well as making a name for himself with WLFI and its token.
Some names from the crypto industry emphasized that Trump's move was met with skepticism. Famous investor Mark Cuban said that despite his interest in DeFi, there was nothing innovative about adding a new DeFi offering to the sector.
It will either distract or be an embarrassment
Cuban listed his criticisms by saying, "This is just a marketing strategy by Trump." On the other hand, DeFi.Gold co-founder David Nikzad stated that Trumpâs crypto initiative will draw significant attention to the sector and could legitimize DeFi.
Trumpâs crypto project also has the potential to jeopardize his presidential candidacy.
Carter stated that the project could have a possible negative outcome, saying, âAt best, it is an unnecessary distraction, at worst, it is a major embarrassment and could lead to additional legal problems.â
Anthony Scaramucci, founder of investment firm SkyBridge, stated that WLFI will only bring negative attention to Trumpâs campaign but will have little impact on the election results:
The launch of WLFI will be the first token launched by a presidential candidate a few weeks before election day.
