Trump ran as the crypto-friendly candidate in this election race. Now he launched his own platform and token “Trump.”
The former president and Republican candidate for US presidency, Donald Trump, presented his project World Liberty Financial (WLF) cryptocurrencies, which announced the launch of its governance token WLFI on Monday.
In a broadcast billed as a “state of the art speech” via X Spaces, Trump was joined by his son Donald Trump Jr and other WLF members from his Florida residence, Mar-a-Lago, although he shared little information about the project.We’re going to make our country greater than ever“And you’re going to be happy, and you’re going to love your crypto,” Trump said, while acknowledging that advancement in the crypto industry “is one of those things that we have to do, whether we like it or not.”
The former president has been promoting WLF for some time and gave very vague descriptions about it, although information provided yesterday by his companions suggests that it could be a a kind of cryptocurrency-based banking platform. Some experts say Trump’s involvement in the project could raise ethical and legal issues if he is elected.
Features of the Trump Token
At the appearance, Zak Folkman, one of the founders of the project, announced that the WLFI governance token will be non-transferable and will not provide any economic returns, stressing that they are only looking for buyers who do not intend to obtain a financial return. Trump Jr. also assured that These tokens will serve people who do not have access to credit from traditional banks.
About 63% of the token will be sold to the public, with 17% reserved for user rewards and 20% owned by the WLF team. Folkman added that there will be no pre-sales or pre-purchases and did not give a date for the token’s launch. In an internal draft leaked weeks ago, the founders’ stake was listed as 70%, raising fears that the project was little more than a get-rich-quick scheme.
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For now, The token will only be sold to accredited investors under what is known as an exemption from Regulation D of the Securities and Exchange Commission (SEC). Exemptions from Regulation D allow companies to raise capital without registering securities with the SEC, provided certain conditions are met.
“While we do not consider WLFI to be a security, in light of the regulatory uncertainty surrounding tokens and token sales in general in the United StatesYes, we have decided that it is prudent to limit token sales to certain persons “that would be eligible to engage in transactions that are exempt from registration under U.S. federal securities law,” Folkman said.
Folkman has also indicated that WLF’s goal is “create projects that are easy and simple to use and where you don’t need to call a friend to explain how it works.”
Trump has positioned himself as the cryptocurrency industry-friendly candidate this year. electoral race. The former president has not only announced that he will create a strategic reserve of bitcoin (BTC) if he reaches the White House, but he has also made a series of promises such as the dismissal of Gary Gensler, current chairman of the SEC and one of the strictest regulators regarding cryptocurrencies.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
