In a major announcement that ties together his political ambitions with the burgeoning cryptocurrency space, Republican presidential contender Donald Trump announced Sunday that his new company, World Liberty Financial, or WLF Token, will launch the sale of its governance tokens on Tuesday, October 15th. Whitelist for WLF’s governance token has just been opened to both US and international accredited investors. And it seems to be a significant step forward in Donald Trump’s bid for the presidency because he wants to take advantage of the ever-increasing power of digital currencies.
This will be a Twitter Spaces discussion scheduled on Monday, 14th October. The team at WLF Token, along with advisors, will be present for the Q&A, public sale, and broad vision of the project. It is on the annunciation of the sale on Trump’s Twitter that he diverted people’s attention toward this opportunity for its fans to be part of it, as it is “your chance to shape the future of finance.”
Disrupting Traditional Banking
The WLF Token project attempts to democratize the old model of banking via blockchain by offering decentralized lending. Trump has presented this as an alternative to what he claims is a “rigged” financial system. Therefore, his vision for WLF Token is to build a more inclusive financial space and possibly open access to capital where previous institutions that failed society have either limited or denied it. This is in line with a new trend for investors who now look for alternatives to more traditional forms of banking.
Additionally, the WLF Token team has promised to work according to the laws of the SEC, making it stand aside with most cryptocurrencies working so freely within the regulatory space without full oversight. Its commitment towards following the legal framework is highly important given the historical scrutiny that usually surrounds crypto ventures and their commitment to the laws in place. Here, regulatory compliance will perfectly fit into building credibility while the investor perception of legitimacy in its operations will be received.
Trump’s Shift on Crypto Scrutinized
However, the controversy does not end with the WLF Token project. To be sure, it should be recalled that Trump once blasted cryptocurrencies in general, which included his general dismissal of Bitcoin as a “scam”. Maybe this is part of a smart play to win over his base since it pitches directly to their interests in financial innovation or at least could be a way to raise funds. His previous statements put in juxtaposition with this venture have brought questions into the actual intent behind these moves towards the larger movement of cryptocurrency.
Also adding to the scepticism about the project are the family members and close associates involved; their lack of considerable experience in the business sphere makes some critics believe that their participation would undermine the credibility of the project and thus be more about political connections than sound business acumen. This perception would deter serious investors who take expertise and proven track records seriously within their financial ventures.
Politically, involvement in cryptocurrencies raises conflict-of-interest concerns if Trump were to bring his clout to bear and affect the development of regulations around his various business ventures. There also is the danger that there may be accusations that he is engaging in ethical wrongdoing. It also now creates the image of a man trying to seize the growing financial power that cryptocurrency culture exerts worldwide. His attempts to look like a leader in financial technology may be in very apt form for voters who are growingly frustrated by the principal institutions of finance and are voting for innovation.
Voter Perspectives on Trump’s Crypto Venture
For the rest of the electorate, though, this plan would only serve to support the idea that Trump is trying to utilize his political clout for selfish gain. Many suspect that this near-token sale date venture may stir up controversy against his presidential campaign. Failure of this WLF Token program, once launched, will also provide negative impressions on Trump’s political reputation and hence tie his candidature with all possible setbacks associated with such a project.
Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.
