Donald Trump is promising to make America the “crypto capital of the planet” if he returns to the White House.Donald Trump is promising to make America the “crypto capital of the planet” if he returns to the White House.
Donald Trump is pledging to transform America into the “crypto capital of the planet” if he wins the White House again.
While campaigning for the presidency, Trump has unveiled a new cryptocurrency trading venture, promoting it on his campaign-linked social media accounts.
His two eldest sons, Donald Jr. and Eric, along with his daughter-in-law, Lara Trump, are actively promoting the new platform, named World Liberty Financial.
Trump has a history of intertwining his political ambitions with his business interests, having promoted his hotels and golf courses during his presidency. Now, he’s entering the cryptocurrency space with a venture that could significantly increase in value if he returns to power.
This new endeavor could benefit immensely from Trump’s potential influence over cryptocurrency-related legislation and regulation if he’s elected.
“Taking a pro-crypto stance isn’t necessarily problematic; what’s concerning is doing so while creating a personal financial interest,” said Jordan Libowitz, spokesperson for Citizens for Responsibility and Ethics in Washington.
Cryptocurrencies are digital currencies traded online without relying on traditional banking systems. Exchanges often charge fees for transactions involving Bitcoin and other cryptocurrencies.
World Liberty Financial, reportedly tied to Trump, is expected to offer borrowing and lending services, resembling the recently hacked Dough Finance. According to crypto news outlet CoinDesk, several people linked to Dough Finance are also involved with World Liberty Financial.
While many details about World Liberty Financial remain unclear, including the extent of Trump’s and his family’s involvement, the venture is already generating buzz.
During his presidency, Trump expressed skepticism toward cryptocurrencies, tweeting in 2019 that they could facilitate illegal activities. However, his stance has evolved, and he now views cryptocurrencies more favorably.
In May, Trump announced that his presidential campaign would accept cryptocurrency donations as part of building a “crypto army” leading up to the election. He also attended a Bitcoin conference in Nashville, where he reiterated his ambition to make the U.S. the global hub for cryptocurrency.
If re-elected, Trump has indicated he would exert more control over monetary policy, including pressuring the Federal Reserve to lower interest rates. He has also expressed support for decentralized finance (DeFi) and opposed the creation of a Federal Reserve-administered Central Bank Digital Currency.
Trump’s embrace of cryptocurrency is also seen as a strategy to engage younger voters and connect with conservative influencers. His stance resonates with those concerned about government overreach and the influence of the so-called “deep state.”
Dustin Stockton, a pro-Trump activist and crypto influencer, supports Trump’s crypto ventures, viewing them as a positive step. Stockton criticizes the Biden administration’s approach to crypto regulation, citing the SEC’s actions against firms like Coinbase and Binance as examples of selective enforcement.
While Trump’s new venture raises questions about potential conflicts of interest, some argue that his business experience could lead to more informed crypto regulations. J.W. Verret, a law professor at George Mason University, noted that Trump’s involvement in a crypto business does not violate any laws, adding that firsthand experience could be beneficial for effective regulation.
