Trump’s New Crypto Venture Amid Controversy
A day after what appeared to be an assassination attempt on Donald J. Trump, the former president made a bold appearance on a livestream on X, promoting his latest business endeavor: a cryptocurrency venture. “Crypto is one of those things we have to do,” Mr. Trump stated emphatically. “Whether we like it or not, I have to do it.”
Joining him in this venture were several collaborators, including a family friend, some of Mr. Trump’s sons, and a couple of relatively unknown crypto enthusiasts who lack substantial experience in managing a high-profile business. Together, they launched World Liberty Financial, a crypto initiative that has raised significant concerns regarding Mr. Trump’s potential conflicts of interest, alarming even some of his most ardent supporters within the cryptocurrency community.
While Mr. Trump has been promoting this project since August, its precise goals and operations still remain somewhat nebulous. During the livestream, he notably refrained from discussing the business in detail, instead deferring to his associates. One of these partners has infamously branded himself as “the dirtbag of the internet,” while another has a background in teaching courses on seduction techniques.
- It is quite unconventional for a presidential candidate to launch a new business venture so close to Election Day.
- Throughout his political career, Mr. Trump has been involved in various business dealings that have raised eyebrows among government ethics experts.
- He is the majority owner of Trump Media & Technology Group, which is the publicly traded parent company of his social media platform, Truth Social, contributing to an estimated $2 billion of his overall wealth.
Danielle Brian, the executive director of the Project on Government Oversight, a nonpartisan watchdog organization, expressed serious concerns regarding Mr. Trump’s involvement in the crypto project should he be re-elected. She warned that this kind of business engagement could lead to significant conflicts of interest. Furthermore, the Securities and Exchange Commission has contended that nearly all cryptocurrencies qualify as unregistered securities and should be subjected to the same regulatory scrutiny as stocks traded on Wall Street.
