Former President Donald Trump is getting into the cryptocurrency business.
Weeks before an election that could return the Republican mogul to the White House, Trump hosted a livestream promoting a cryptocurrency company called Liberty Global Financial.
“Cryptocurrencies are one of those things that we have to do,” Trump said, as reported by The New York Times (NYT) on Monday (September 16). “Whether we like it or not, I have to do it.”
He was joined by his eldest sons, Donald Jr. and Eric, as well as two men described by the NYT as “little-known” crypto entrepreneurs with no experience running a large-scale business. The report also notes that the project has already raised concerns about Trump’s conflicts of interest and alarmed even some of his most ardent crypto supporters.
According to the report, the livestream did not specify what World Liberty does or when it might launch.
However, sources familiar with the project told the NYT that it had been presented as a borrow and lend Platform. And a white paper reviewed by the outlet indicates that World Liberty would feature a new cryptocurrency called $WLFI.
The aim of the project, World Liberty said, is to promote the adoption of stablecoins. Trump, his family and his organization do not own or manage the project, although the former president is listed as its “leading cryptocurrency advocate.”
As PYMNTS wrote, Trump hasn’t always been a cryptocurrency advocate, at one point calling digital currencies a “scam.” He’s since garnered support from the industry, speaking at a major cryptocurrency conference in July.
“Trump’s rebranding as a candidate in favor of cryptocurrencies “It’s part of a broader trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote ahead of the event.
“This strategy is not only aimed at attracting a young, tech-savvy demographic, but also at tapping into the cryptocurrency industry’s vast financial resources. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to harness the political and economic potential of this booming industry.”
Meanwhile, Trump’s Democratic rival, Vice President Kamala Harris, has has gained some support for the industry, as evidenced by the “Crypto4Harris” event last month.
At the event, Senate Majority Leader Chuck Schumer and other top Democrats assured the audience that Harris would support new U.S. regulations on cryptocurrencies, with Schumer saying he believed a crypto bill It could happen this year.
