Former president and Republican candidate Donald Trump’s decentralized finance (DeFi) and crypto program, World Liberty Financial, has officially started registering users, although the details of the platform’s specific services remain unclear.
Announced on the social networks X (formerly Twitter) and Telegram on Monday, the project is currently accepting accredited US and non-US investors.
Trump’s Vision for Crypto
The project announcement emphasized its commitment to integration, saying, “World Liberty Financial’s approval is now OPEN. Endorsed by Donald J. Trump. While these whitelists are currently open to accredited US investors and all non-US individuals, we are not turning our backs on everyday Americans.”
This reflects the program’s goal of promoting financial freedom for individuals regardless of their financial background. However, due to existing policies and regulations, one whitelist is designated for authorized US investors, while the other is available for non-US persons.
For another social media postsTrump reiterated his idea of ”Make America great again, this time with crypto”, saying that World Liberty Financial aims to position the US as the world’s leading crypto capital. “The white list of eligible people is officially open – this is your chance to be a part of this historic moment,” he said.
platform, was introduced by Trump and his sons during an online event two weeks ago, is designed to strengthen financial security and facilitate peer-to-peer transactions. It aims to integrate a large financial organization, allowing users to trade, borrow, and lend digital assets through automated software without intermediaries.
However, the exact functionality and launch date of the platform is yet to be revealed. This project is expected to promote the use of US-pegged stablecoins, which may improve America’s financial influence around the world.
Interestingly, World Liberty Financial’s first white paper, updated by Bloomberg News, contains a disclaimer stating that this project is “not owned, managed, used or sold” by the Trump family, while indicating that they may receive compensation from this program.
Warning World Liberty Financial
Despite the ambitious goals, concerns about the security and transparency of the project have arisen as the launch date approaches. Critics, including Representative Maxine Waters, have highlighted risks related to DeFi, such as the alleged “risk of hacking and scams”.
Waters singled out World Liberty Financial as a project that warrants consumer and investor vigilance. Additionally, doubts about the legitimacy of the project have been fueled by its website’s use of privacy services that are said to be related to past criminal activities.
World Liberty Financial marks the latest effort in Trump’s involvement in the cryptocurrency industry. However, in August, former president presented his fourth batch of non-fungible tokens (NFTs), further reinforcing his commitment to engaging with the digital asset market as part of his re-election campaign in November.
Featured image from DALL-E, chart from TradingView.com