In a high-profile livestream on X (formerly Twitter), Donald Trump announced his entry into the cryptocurrency world with the launch of World Liberty Financial (WLFI).
The new decentralized finance (DeFi) platform, introduced by the former president alongside his sons Donald Trump Jr. and Eric Trump, represents a bold step toward reshaping financial independence through blockchain technology.
During the livestream, Trump emphasized the potential of blockchain and crypto to revolutionize financial systems. Speaking to his 90 million followers, Trump shared his vision of the US leading in crypto adoption, framing the initiative as part of his broader goal to “Make Finance Great Again.” His comments highlighted the decentralized nature of blockchain, which eliminates traditional financial intermediaries, offering individuals more control over their assets.
“I have to do this,” Trump said.
Thus he cited the need for the US to embrace crypto as an inevitable part of the financial future. He did not elaborate in detail on the platform’s specific mechanics, leaving that to his sons and business partners.
World Liberty Financial is being positioned as a decentralized finance platform, allowing users to borrow, lend, and earn interest on cryptocurrencies. At the heart of this project is a governance token, WLFI, which users can buy to participate in platform decision-making. Unlike traditional cryptocurrencies, this token is non-transferable and doesn’t accrue financial returns, serving primarily as a tool for voting on platform changes.
Project co-founder Chase Herro outlined the token distribution: 63% will be sold to accredited investors, 20% will go to the team, and 17% will be allocated for user rewards.
Trump’s move into the crypto space comes at a time when decentralized finance is gaining traction globally, with $44 billion already backing DeFi loans worldwide. However, it has also raised eyebrows. Legal experts have pointed to potential constitutional concerns, particularly with Trump’s potential involvement in business ventures during his presidential campaign, sparking discussions around possible conflicts of interest.
Despite these concerns, Trump’s embrace of crypto has been welcomed by many in the blockchain sector. His shift from once being a crypto skeptic to now actively promoting digital currency reflects a growing alignment with an industry often at odds with current US regulatory approaches.
With input from Forbes, Axios, the New York Times, the Daily Beast.
