Donald Trump, along with his sons, has launched a new cryptocurrency venture called World Liberty Financial (WLF). The company launched a token sale on Tuesday, aiming to raise $300 million.
After twenty-four hours, only $12 million had been secured, which is only 4% of the 20 billion tokens they have on offer.
But while Trump continues to try to present himself as a cryptocurrency advocate, industry executives are no longer buying it. They worry that he will further tarnish the already battered reputation of cryptocurrencies.
After a series of market crashes and frauds, the last thing we need is another high-profile failure. Trump’s involvement, along with shady executives, has everyone on edge.
Concerns about WLF leadership
Two major players in World Liberty Financial have less-than-stellar histories. One ran classes teaching men how to “approach” women. The other faced legal issues related to fraud and selling illegal drugs.
Despite being labeled as “decentralized,” the platform offers tokens that do not grant any economic rights to their holders and cannot even be traded. This is a major issue for an industry that prides itself on freedom and transparency.
Trump’s role as “cryptocurrency’s chief advocate” appears to be limited to social media promotion, which means—surprise surprise—he’s using his platform for personal gain.
Cryptocurrencies have been through a rough patch over the past few years, especially after the crash in 2022. The industry has barely begun to recover, with some companies facing lawsuits and executives going to jail for not protecting their investors.
Meanwhile, those who remained were fighting for regulation and acceptance by traditional financial systems. Then came Trump.
He has promised to end what he calls “oppression” of the industry. The crypto rally has won financial backing from Silicon Valley, though Wall Street has chosen Kamala Harris.
The shady characters behind the WLF
Chase Herro and Zachary Volkman are two co-founders with checkered pasts. The former was imprisoned at 18 for selling drugs and even cut off his ankle monitor to escape to California.
That's not all, he was also sued in 2010 for fraud after allegedly using $170,000 in investments for his own personal benefit.
He was ordered to pay $207,366 in damages. Then in 2021, Volkman faced a lawsuit from American Express for $12,562 in credit card debt.
Absolutely no one in the crypto industry knows these guys. And to make matters worse, their previous project, Dough Finance, was hacked for $2 million in July.
The videos the duo has posted on YouTube don't help their cause either. One video even shows Hiro and Volkman dressing up as women to find dates.
Meanwhile, you can’t even sell WLFI to the company, and it doesn’t work as a currency within their platform. On the first day, their website crashed.
Trump trails Harris
Polling data shows that Trump, despite his efforts, is still trailing Harris. According to the latest YouGov MRP poll, Harris leads Trump 50% to 47%, which translates into 250 electoral votes for Harris to 219 for Trump, with 69 electoral votes classified as swing votes.
These swing states (Arizona, Georgia, Nevada, North Carolina, Pennsylvania and Nebraska's 2nd District) could swing either way.
A separate poll by The Economist/YouGov shows Harris with a narrower lead, 48% to 45% among all U.S. adults.
This poll in particular shows a big shift among Hispanic voters, with Harris' support rising to 60%, compared to 35% for Trump, giving her a whopping 25-point lead in this crucial demographic.
Trump faces major issues with key voting demographics thanks to Harris’ colorful appeal. But there’s still room to move.
About 4 percent of respondents remain undecided, meaning the race could shift as we head into November 5. Both candidates are pushing hard, but Trump’s attempts to regain ground, especially among minorities, appear to be hitting a wall.
Harris is working to bolster her base and appeal to disillusioned Republicans, while Trump is focusing on his core supporters, attacking issues like immigration and the economy.
However, on the cryptocurrency industry's Polymarket, Trump leads by 19% at 59% to Harris' 40%.
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