Former President Donald Trump on Monday is expected to announce the debut of a new crypto platform called World Liberty Financial that will be controlled by sons Donald Trump Jr. and Eric Trump.
The Republican nominee for president plans to discuss the new venture from his Mar-a-Lago resort at 8 p.m. ET on September 16, 50 days before Election Day. In recent weeks, the Trumps have been promoting the endeavor on social media, touting it as "the future of crypto."
Trump's 18-year-old son Barron, a first-year student at New York University, is identified as the project's "DeFi visionary," according to a white paper on the project obtained by cryptocurrency news site CoinDesk. DeFi, short for "decentralized finance," is a term that refers to financial services offered through public blockchains.
"We're embracing the future with crypto and leaving the slow and outdated big banks behind," Trump said in a video posted Thursday on X from Mar-a-Lago.
The Trumps' crypto plans jibe with the former president's campaign pledge to make the U.S. the "crypto capital of the planet." But the venture also raises concerns about how Donald Trump might use federal resources to promote a personal financial project.
"Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it," Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics, told the Associated Press.
Libowitz added, "The success of this could be very tied to American economic policy."
https://www.cbsnews.com/news/trump-world-liberty-financial-crypto-exchange-what-to-know/
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