Donald Trump launches his family’s crypto currency venture

World Liberty Financial is expected to be a borrowing and lending service used to trade crypto currencies

Republican presidential nominee Donald Trump on Monday launched his family’s crypto currency venture, World Liberty Financial, with an interview on the X social media platform.

Trump did not discuss specifics about World Liberty Financial or how it would work, pivoting from questions about crypto currency to talking about AI or other topics.

World Liberty Financial is expected to be a borrowing and lending service used to trade crypto currencies, which are forms of digital money that can be traded over the internet without relying on the global banking system. Exchanges often charge fees for withdrawals of Bitcoin and other currencies.

Other speakers after Trump, including his eldest son, Don Jr., talked about embracing crypto currency as an alternative to what they say is a banking system tilted against conservatives.

Experts have said a presidential candidate launching a business venture in the midst of a campaign could create ethical conflicts.

Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it, Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington, said earlier this month.

During his time in the White House, Trump said he was “not a fan” of crypto currency and tweeted in 2019, “Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.” Nevertheless, during this election cycle, he has reversed himself and taken on a favourable view of crypto currencies.

He announced in May that his campaign would begin accepting donations in crypto currency as part of an effort to build what it calls a “crypto army” leading up to Election Day. He attended a bitcoin conference in Nashville this year, promising to make the U.S. the crypto capital of the planet and create a bitcoin strategic reserve using the currency that the government currently holds.

Hilary Allen, a law professor at American University who has done research on crypto currencies, said she was sceptical of Trump’s change of heart on crypto.

I think it’s fair to say that that reversal has been motivated in part by financial interests, she added.

Crypto enthusiasts welcomed the shift, viewing the launch as a positive sign for investors if Trump retakes the White House.