Donald Trump hinted at a deeper involvement in the crypto industry, revealing the official launch date for his family's new cryptocurrency project, World Liberty Financial. The announcement was made on Thursday afternoon, with Trump inviting supporters to a live event on Twitter Spaces scheduled for September 16 at 8 PM ET.
According to a report by The Block's Jason Shevnel, the project has been in development for the past few months, with the former US president and his sons, Trump Jr. and Eric Trump, hinting at upcoming endeavors in the cryptocurrency and decentralized finance (DeFi) space since Aug. 6.
As reported by The Block, further information emerged on Sept. 3 when CoinDesk reported that World Liberty Financial will operate on the Aave platform within the Ethereum blockchain and will focus on a “credit account system” outlined in a soon-to-be-published whitepaper.
During his reelection campaign, Trump changed his stance on cryptocurrencies. Earlier this summer, speaking at the Bitcoin 2024 conference, he promised to fire SEC Chairman Gary Gensler if re-elected and vowed to halt the sale of the U.S. government's combined Bitcoin holdings of 213,000 BTC.
The Block also announced that Dolomite co-founder Corey Caplan has been appointed as an advisor to World Liberty Financial, highlighting the project's commitment to cryptography. With a focus on security, the initiative partners with prominent companies such as Zokyo, Fuzzland, PeckShield and BlockSecTeam. According to a Telegram announcement from the project team, the code has been thoroughly reviewed by these security leaders to ensure user protection remains a priority.
The Block reported on Sept. 10 that Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, expressed concerns about the project. Waters highlighted potential risks associated with DeFi that could negatively impact consumers and investors, including vulnerability to hacking, fraud, and conflicts of interest. She specifically mentioned World Liberty Financial in her remarks.
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