Donald Trump and his sons have been hinting at a new cryptocurrency project, but the details have been scarce. Behind the scenes, though, they’ve been quietly circulating a white paper for World Liberty Financial.
This platform reportedly has a lot in common with Dough Finance, a blockchain app that recently got hacked and lost $2 million. Interestingly, four people who were involved with Dough Finance are also listed as team members for Trump’s new project.
The project will include a new cryptocurrency called WLFI, which is a non-transferable governance token. This token won’t be easy for speculators to trade because of its transfer restrictions.
The whitepaper claims that World Liberty Financial will “highlight the power of blockchain in an accessible way.” The app isn’t fully operational yet, and a review of a deleted codebase on GitHub shows that the project’s early stages might have borrowed code directly from Dough Finance.
Trump’s three sons are all involved in the project, including 18-year-old Barron Trump, who’s being labeled as the “DeFi visionary” of the group. The project also includes financiers and e-commerce influencers.
The company behind World Liberty Financial is a limited liability corporation registered to a guy named Folkman, who, along with another guy named Herro, co-created Subify.
A crypto-driven America
Trump is pushing hard to position the United States as the global hub for cryptocurrency. He has plans to make America the leader in blockchain, stating:
“If crypto is going to define the future, I want it mined, minted, and made in the USA.”
He’s also been critical of the Biden administration’s approach to crypto regulations, promising to dismantle what he calls a “war on crypto.”
Trump has vowed to end the regulatory crackdown on cryptocurrencies if he takes office, specifically targeting the restrictions that have been placed on banks and financial services involved in crypto transactions.
The former president has also expressed strong support for Bitcoin mining in the U.S. He’s pledged to encourage domestic mining operations as part of a broader strategy to achieve American energy dominance.
Trump believes that the U.S. can produce more electricity than it consumes, which would provide a solid foundation for expanding Bitcoin mining activities within the country.
He’s also made a commitment to retain all Bitcoin holdings currently owned by the government, saying that he sees these assets as valuable tools for strengthening the economy.
Trump’s campaign has reportedly raised around $25 million from crypto-related contributions, showing that his message is resonating with a huge portion of the electorate.
