Former President Donald Trump is expected to announce on Monday the debut of a new cryptocurrency platform called World Liberty Financial, which is controlled by his sons Donald Trump Jr. and Eric Trump.
The Republican presidential candidate is scheduled to speak about the new venture from his Mar-a-Lago resort on Sept. 16 at 8 p.m. ET, 50 days before Election Day. In recent weeks, the Trumps have promoted the venture on social media, touting it as “the future of cryptocurrency.”
According to the project’s white paper obtained by cryptocurrency news site CoinDesk, Barron, a freshman at New York University and President Trump’s 18-year-old son, is listed as the project’s “DeFi visionary.” DeFi is short for “decentralized finance,” a term that refers to financial services offered through public blockchains.
“We are embracing the future with cryptocurrency and leaving behind slow, outdated big banks,” Trump said in a video posted to X from Mar-a-Lago on Thursday.
Trump’s cryptocurrency plans are in line with the former president’s campaign promise to make the United States the “cryptocurrency capital of the world.” But the venture also raises concerns that Donald Trump will use federal funds to further his personal financial projects.
“Taking a pro-crypto stance isn’t necessarily a problem. What’s a problem is doing so while starting to figure out how to personally benefit from crypto,” Jordan Libowitz, a spokesman for the government watchdog group Citizens for Responsibility and Ethics, told The Associated Press.
“Whether this is successful may depend heavily on U.S. economic policy,” Libowitz added.
The Trump campaign did not immediately respond to CBS MoneyWatch’s request for comment.
What is World Liberty Financial?
Trump has released few details about World Liberty Financial, so little is known about how the platform will operate. A cryptocurrency exchange is a platform where investors can buy and sell digital currencies, similar to how a traditional stock exchange operates.
Eric Trump said the startup would promote “financial independence,” while Donald Trump Jr. said it would “Make Finance Great Again.”
According to the project’s whitepaper obtained by CoinDesk, 70% of the company’s tokens will be reserved for internal use, while the remaining 30% will be distributed through a public sale, with a portion of the proceeds going to the founding team, according to a report citing the whitepaper.
Why is President Trump launching a cryptocurrency exchange?
Millions of Americans are investing in and trading cryptocurrencies, but these digital assets tend to attract young men, according to data from the Pew Research Center.
43% of American males ages 18-20 say they have invested in, traded or used cryptocurrency, compared with 16% of the general population.
Trump announced in May that his campaign would begin accepting cryptocurrency donations, part of an effort to build and solicit support for what he called a “crypto army.”
In contrast, President Trump described himself as “not a fan of cryptocurrency” during his presidency, tweeting in 2019 that cryptocurrencies “may facilitate illegal activity, including drug trafficking and other illegal activities.”
—The Associated Press contributed to this report.
