WASHINGTON, D.C. — Donald Trump is promising to make America the “crypto capital of the planet” if he returns to the White House. Fulfilling that promise would likely pay off for him personally.
Amid his run for president, Trump has launched a new venture to trade cryptocurrencies that he’s promoting on the same social media accounts he uses for his campaign. His two eldest sons, Donald Jr. and Eric, are also posting about their new platform, called World Liberty Financial.
Trump has long melded his political and business interests, promoting his hotels and golf courses in the White House while selling sneakers, Bibles and shares in his social media company during his current campaign. Now, Trump has launched a new moneymaking venture that could explode in value if he is elected and gets the power to push through legislative and regulatory changes long sought by crypto advocates.
“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it,” said Jordan Libowitz, a spokesman for the government watchdog group Citizens for Responsibility and Ethics in Washington.
“The success of this could be very tied to American economic policy,” Libowitz said.
Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. They are commonly traded on exchanges, which are marketplaces that can be used to buy, sell and trade cryptocurrencies. Exchanges often charge fees for withdrawals of bitcoin and other currencies.
World Liberty Financial is expected to be a borrowing and lending service similar to recently hacked Dough Finance, an app built by four people listed as World Liberty Financial team members, according to crypto news site CoinDesk.
During his time in the White House, Trump said he was “not a fan” of cryptocurrency and tweeted in 2019, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
But Trump has reversed himself and taken on a favorable view of cryptocurrencies — from announcing in May that the campaign would begin accepting donations in cryptocurrency as part of an effort to build what it calls a “crypto army” leading up to Election Day; to attending a Bitcoin conference in Nashville this year, promising to make the US the “crypto capital of the planet” and create a Bitcoin “strategic reserve” using the currency that the government currently holds.
If elected again, Trump has talked about exerting more control over monetary policy — suggesting he would press the Federal Reserve to set lower interest rates. He is also promoting decentralized finance, or “DeFi,” which is a general term for using public blockchain space to disrupt the traditional finance world.
Trump has also talked about subsidizing the use of Bitcoin mining in order to increase energy production and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency — which is a digital form of central bank money that would be available to the public. While it is still in exploration, many crypto advocates oppose a centrally run digital currency.
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