Trump’s new crypto project, World Liberty Financial, could create a conflict of interest if he wins the 2024 US presidential election.
Donald Trump promised at the 2024 Bitcoin conference that if he returns to the White House for another four years, he would make the United States the “crypto capital of the planet.” Should Trump implement policies that would make decentralized currencies, such as Bitcoin and Ethereum, more powerful, it could create a conflict of interest, as the policies could be viewed as selfishly increasing his profits via the power of the Oval Office.
Trump and his sons are preparing to launch their newest business venture, World Liberty Financial. At the time of this writing, no details as to the specifics or the project’s release date have been unveiled. Regardless, the government’s ethics watchdogs are exceedingly wary of the problems that Trump’s crypto project could cause if he wins the presidency.
Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington, told the AP, “Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it.”
While Trump wasn’t a fan of cryptocurrencies in his first term, he appears to have changed his stance entirely. He has been promoting decentralized finances, known as DeFi, through his campaign for the 2024 elections.
Trump’s crypto project, World Liberty Financial
While not everything about Trump’s crypto project is known, a few details regarding World Liberty Financial have been discussed on their social media accounts.
In a post on X, World Liberty Financial said, “By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”
In the crypto world, a stablecoin is a cryptocurrency attached to an external item, like the US Dollar, to ensure its stability. While the specifics of how World Liberty Financial plans to make their cryptocurrency a stablecoin, it is their goal to make it one.
World Liberty Financial posted on its Telegram channel, “We’re not taking any chances. We’re working with the top security experts in the world— Zokyo, Fuzzland, PeckShield, BlockSecTeam, and more. Our code has been thoroughly reviewed by these industry leaders. We are utilizing best practices and making user security our primary concern.”
The crypto project’s top concern is security. Since cryptocurrency has had significant hacking incidents, it makes sense that Trump and his sons see security as a central issue as they build their new cryptocurrency.