Donald Trump has once again made headlines, this time by entering the world of cryptocurrency with a new project, World Liberty Financial (WLF). Alongside his sons, Trump launched a token sale, aiming to raise $300 million. But the first 24 hours didn’t exactly scream success—only $12 million was raised, representing just 4% of the massive 20 billion tokens on offer.

While Trump attempts to brand himself as crypto’s newest champion, many within the industry aren’t convinced. Executives are increasingly worried that his involvement could bring more harm than good, especially in an industry that’s been trying to shake off a series of market crashes and scandals. The fear? Trump’s high-profile venture might just end up as another failure, further tarnishing crypto’s fragile reputation.

Shady Leadership Raises Red Flags

Two key figures behind WLF, Chase Herro and Zachary Folkman, have murky pasts that don’t exactly inspire confidence. Herro, for example, has a history of legal troubles, including fraud and illegal drug sales. Folkman’s past isn’t much cleaner, with credit card debt lawsuits and a previous venture, Dough Finance, getting hacked for $2 million.

These characters, combined with Trump’s limited involvement beyond social media promotions, have left many skeptical about the legitimacy and sustainability of WLF. Despite the project’s claim of being "decentralized," the tokens offer no economic rights to holders and can’t even be traded—raising serious questions about its true purpose.

Crypto’s Image Problem

The crypto industry has been fighting for legitimacy, especially after the 2022 crash left many companies in ruins and some executives behind bars. Survivors of the crash have been pushing for regulation and integration into the traditional financial system. And now, just as the industry starts to regain its footing, Trump enters the scene, making promises to end what he calls the “persecution” of crypto.

However, many are concerned that Trump’s involvement might do more harm than good. With questionable leadership at the helm and the project already facing technical issues (like their website crashing on day one), the entire venture has the potential to set the industry back once again.

The Race Against Harris

Meanwhile, on the political front, Trump is trailing behind Kamala Harris in the polls. While crypto investors might be rooting for Trump, with platforms like Polymarket showing him ahead by 19 points, the broader electorate is leaning towards Harris. She holds a narrow lead in key battleground states, and her support among Hispanic voters has surged to 60%.

With just weeks to go until the election, both candidates are pushing hard. But as Trump continues to push his crypto project, the question remains: will this be a new frontier for financial freedom, or just another setback for an already struggling industry?

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