Trump Remains Silent on Family’s Crypto Venture at X Launch Event

Donald Trump, the Republican presidential nominee, has introduced his family’s cryptocurrency initiative, World Liberty Financial, during an interview on the X social media platform. This announcement came shortly after an apparent assassination attempt against him the previous day.

During the interview, Trump refrained from delving into specific details about World Liberty Financial, opting instead to shift the conversation towards subjects like artificial intelligence. He recounted his golf outing on Sunday, mentioning that he and a friend heard gunshots nearby, explaining, “I guess probably four or five.”

Trump expressed his inner thoughts, saying, “I would have loved to have sank that last putt.” He credited a Secret Service agent who spotted the potential threat and began responding to it, as well as law enforcement and a civilian who helped track down the assailant.

World Liberty Financial aims to function as a borrowing and lending platform for cryptocurrency trading. Cryptocurrencies, which are digital currencies, can be traded online without the need for traditional banking systems. Typically, exchanges that facilitate these trades charge fees for withdrawals involving Bitcoin and other digital currencies.

Following Trump’s remarks, his eldest son, Donald Trump Jr., voiced his support for cryptocurrency, framing it as a solution to what he claims is a banking system biased against conservatives.

However, experts have raised concerns about the ethical implications of a presidential candidate launching a business venture during their campaign. Jordan Libowitz, a spokesperson for Citizens for Responsibility and Ethics in Washington, pointed out the potential problems, stating, “Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it.”

Previously, during his presidency, Trump had expressed his disapproval of cryptocurrency. In a 2019 tweet, he stated, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” Yet, his stance has noticeably shifted in this election cycle as he now portrays a more positive viewpoint toward cryptocurrencies.

In May, Trump announced that his campaign would start accepting donations in cryptocurrency, aiming to build what he described as a “crypto army” ahead of the elections. He also attended a bitcoin conference in Nashville, where he promised to elevate the U.S. to the status of the “crypto capital of the planet” and proposed the establishment of a bitcoin “strategic reserve” utilizing the cryptocurrency already held by the government.

Hilary Allen, a law professor at American University who has researched cryptocurrencies, expressed skepticism regarding Trump’s newfound enthusiasm for the digital currency. She commented, “I think it’s fair to say that that reversal has been motivated in part by financial interests.”

The cryptocurrency community has welcomed Trump’s shift, viewing the launch of World Liberty Financial as an encouraging development for investors in the event that he returns to the White House.

In contrast, Vice President Kamala Harris’ campaign has yet to reveal specific policy proposals regarding the regulation of digital assets like cryptocurrencies. To connect with crypto investors, some Democrats, including Senators Chuck Schumer and Kirsten Gillibrand from New York, took part in a virtual “Crypto 4 Harris” event in August, showcasing their support for Harris. However, neither Harris nor her campaign staff participated in the event directly.