Galaxy Digital CEO Michael Novogratz spoke out about presidential candidates tackling cryptocurrencies after they were not mentioned during the Trump-Harris debate on Claman Countdown.
former president trump On Monday, he plans to announce the launch of a new cryptocurrency project led by his two eldest sons.
Trump's crypto platform The plan, called World Liberty Financial, will be formally announced by the former president at an event at his Mar-a-Lago mansion that will be broadcast on X Spaces at 8 p.m. ET.
“We are embracing the future with cryptocurrencies and leaving behind the slow, outdated big banks,” President Trump said in a video posted on social media platform X on Thursday.
The former president and his sons, Donald Trump Jr. and Eric Trump, have been promoting the project on social media in recent weeks ahead of the platform's launch, but have remained unclear on how the platform will operate. It does not go into details.
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Former President Trump is expected to announce a new cryptocurrency platform on Monday. (Kevin Wurm/File Photo/Reuters Photo)
Cryptocurrency news outlet CoinDesk An excerpt of the draft white paper describing the project notes that the former president's 18-year-old son, Barron, is listed as the project's “DeFi visionary.” DeFi is an abbreviation for “decentralized finance” and refers to financial services that run on public blockchains.
CoinDesk said the new platform will include a new non-transferable cryptocurrency token called WLFI, according to people familiar with World Liberty Financial's plans. The media's sources noted that as of early September, World Liberty Financial had not finalized its plans.
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A draft white paper for the World Liberty Financial project suggests the group will release its own cryptocurrency token. (Jakub Porzycki/NurPhoto via / Getty Images)
According to a draft whitepaper reviewed by the outlet, 70% of WLFI tokens will be reserved for the project's founders, team and service providers, while the remaining 30% will be distributed through general sales, with a portion of the proceeds being donated. It is said that it will be done. Support Insiders and help run the platform.
President Trump has emphasized cryptocurrencies as part of his campaign policy, saying he wants to make the United States the “crypto capital of the planet,” but a new project linked to his family could raise concerns about conflicts of interest. There is sex.
The former president previously expressed concerns about cryptocurrencies during his first term in office. In a 2021 interview on FOX Business Network, “barney & companyPresident Trump said he “doesn't really like” cryptocurrencies and warned that they “could be a disaster.”
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Eric Trump (center) revealed that Tiffany Trump (left) and Lara Trump (right) had their virtual X accounts compromised and incorrectly linked to the World Liberty Financial Project earlier this month. He said it was used to promote currency investments. (Win McNamee/Getty Images)
Earlier this month, social media accounts Republican National Committee Eric Trump says Lara Trump and the former president's daughter Tiffany were hacked and used to promote cryptocurrency investments ostensibly related to family projects.
Posted by compromised account Falsely claimed to be launching World Liberty Financial and solicited cryptocurrency investors. Eric Trump said Company X's moderators immediately locked his account “within minutes” of the breach.
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World Liberty Financial's official account issued a warning warning users not to engage with the posts, saying, “Warning: Lala and Tiffany Trump's X account has been hacked. Please do not purchase any such tokens.”
FOX Business' Timothy Nerozzi contributed to this report.
