Trump unveils crypto project and calls on the US to dominate in this area
Kyiv • UNN
Donald Trump has unveiled the World Liberty Financial crypto platform, which he is promoting with his sons. The former president has changed his position on cryptocurrencies and now promises to make the United States the “crypto capital of the planet.
Donald Trump spoke at an event where he introduced a crypto platform promoted by himself and his sons, drawing attention to a niche of digital assets that has a history of controversy. Bloomberg writes about it, UNN reports .
Details
The project, called World Liberty Financial, will be part of the decentralized finance segment in digital assets and should promote financial security and free transactions, Donald Trump Jr. said in a live broadcast of X Spaces on Monday.
“This is a real problem that needed to be addressed, and frankly, I think this is the right way to go,” Trump Jr. said after his father's comments. The presentation of the project took place the day after the former president escaped unscathed from a second assassination attempt that rocked the presidential campaign.
The Republican candidate is turning to the digital asset sector for donors and support amid the intense battle for the White House, promising to make the United States the “crypto capital of the planet.” This is a radical change of position, given that he previously called bitcoin a “fraud.
Speaking about the goal of becoming a major crypto hub, Donald Trump said: “If we don't do it, China will. China is already doing it. But if we don't, we won't be the biggest, and we have to be the biggest and the best.
Trump Jr. and his brother Eric have been actively promoting World Liberty Financial on X and Telegram in recent weeks. Decentralized finance - or DeFi - is a complex segment of cryptocurrencies where people exchange, borrow, and lend digital assets using automated software without intermediaries.
“These efforts are consistent with Trump's stance in support of cryptocurrencies,” said Campbell Harvey, a finance professor at Duke University. “It's one thing to declare your support for cryptocurrencies, it's another to launch a company in this area.
The former president's profile may draw more attention to DeFi, whose proponents often claim to increase efficiency by eliminating traditional intermediaries such as banks. However, critics argue that the sector is in a regulatory “gray area” and is prone to hacking, which is a big problem for cryptocurrencies in general.
Singapore to allow non-cash casino bets, but no cryptocurrenciesSep 11 2024, 12:55 AM • 36705 views
