Trump Launches Cryptocurrency Amid Assassination Attempt \ Newslooks \ Washington DC \ Mary Sidiqi \ Evening Edition \ Donald Trump launched his family’s cryptocurrency venture, World Liberty Financial, on Monday, in an interview on the X social media platform. During the interview, Trump also addressed the recent apparent assassination attempt against him, recounting the event but offering few specifics on his new business venture. World Liberty Financial aims to provide cryptocurrency borrowing and lending services, while Trump’s eldest son and others promoted crypto as an alternative to traditional banking, which they claim discriminates against conservatives.
“Trump Launches World Liberty Financial” Quick Look
- Launch event: Trump launched World Liberty Financial, his family’s cryptocurrency venture, during an interview on X.
- Assassination attempt: Trump recounted Sunday’s apparent assassination attempt but avoided specifics about the crypto platform.
- Business model: World Liberty Financial will offer cryptocurrency borrowing and lending services, positioning itself as an alternative to traditional banking.
- Ethical concerns: Experts have raised potential ethical issues with Trump launching a business venture during his campaign.
- Trump’s crypto stance: Trump, once a critic of cryptocurrencies, has embraced them during his current presidential run.
Deep Look
Republican presidential nominee Donald Trump took to the X social media platform on Monday to announce the launch of his family’s cryptocurrency venture, World Liberty Financial. During the live interview, Trump also made his first public remarks regarding the apparent assassination attempt that occurred while he was golfing the previous day. Trump’s son Don Jr. and other speakers at the event touted the new cryptocurrency platform as an alternative to traditional banking, claiming that current financial institutions are biased against conservatives.
Although the interview was intended to focus on World Liberty Financial, Trump offered few details about the venture itself. Instead, he quickly shifted the conversation toward Sunday’s events, recounting how he and a friend “heard shots being fired in the air, and I guess probably four or five.” Trump credited the Secret Service for their swift response, saying, “I would have loved to have sank that last putt,” before describing how agents spotted a rifle and fired toward it, with assistance from law enforcement and a civilian who helped track down the suspect.
Cryptocurrency and World Liberty Financial
World Liberty Financial, Trump’s latest business venture, aims to function as a borrowing and lending service that uses cryptocurrencies such as Bitcoin. Cryptocurrencies are decentralized forms of digital money traded over the internet, bypassing traditional banking systems. Exchanges of these currencies often come with fees for transactions, including withdrawals.
Don Jr., along with other speakers, positioned World Liberty Financial as a platform that could serve as an alternative to what they described as a biased banking system. “This is a financial revolution,” Don Jr. said, claiming that conservative voices have been unfairly targeted by mainstream financial institutions.
Despite this, Trump himself avoided delving into the mechanics of how World Liberty Financial would work. Instead, he alternated between discussing broader topics like artificial intelligence and recounting the assassination attempt. The lack of details about the platform has left some industry experts questioning the venture’s long-term viability.
Ethical Concerns and Trump’s Crypto Reversal
Experts have raised concerns about the ethics of a presidential candidate launching a business venture during an election campaign. Jordan Libowitz, a spokesperson for Citizens for Responsibility and Ethics in Washington, noted that while supporting cryptocurrency is not inherently troubling, Trump’s involvement in a business venture related to it could lead to ethical conflicts. “The troubling aspect is doing it while starting a way to personally benefit from it,” Libowitz said.
This marks a significant shift in Trump’s stance on cryptocurrency. During his time as president, Trump expressed a negative view of cryptocurrencies. In 2019, he tweeted, “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” However, in recent months, Trump has reversed his position, embracing cryptocurrency as a key part of his presidential campaign.
In May, Trump announced that his campaign would begin accepting donations in cryptocurrency as part of a broader effort to build a “crypto army” ahead of the election. He also appeared at a bitcoin conference in Nashville, pledging to turn the U.S. into the “crypto capital of the planet” and proposing the creation of a bitcoin “strategic reserve” using the cryptocurrency held by the government.
Hilary Allen, a law professor at American University who specializes in cryptocurrencies, expressed skepticism about Trump’s newfound enthusiasm for digital assets. “I think it’s fair to say that that reversal has been motivated in part by financial interests,” Allen said, pointing out that Trump’s embrace of crypto aligns with the launch of World Liberty Financial.
Trump Launches Support Among Crypto Enthusiasts
Despite the questions surrounding Trump’s motivations, his shift toward supporting cryptocurrency has been well-received by many in the crypto community. Enthusiasts view the launch of World Liberty Financial as a positive sign for investors, with many speculating that a Trump presidency could lead to favorable policies for the burgeoning digital finance industry.
As part of his campaign’s outreach, Trump has promised to make the U.S. the world’s leading hub for cryptocurrency trading and regulation. His family’s new venture is seen by many as the first step toward building that vision.
Harris Campaign’s Silence on Crypto
In contrast, Vice President Kamala Harris and her campaign have not taken a clear stance on cryptocurrency regulation. So far, no detailed policy proposals on digital assets have been released by the Harris campaign. However, the issue has not been entirely ignored by the Democratic Party. In August, a group of Democratic senators, including Chuck Schumer and Kirsten Gillibrand, participated in an online event titled “Crypto 4 Harris,” aimed at appealing to cryptocurrency investors.
Notably, neither Harris nor her campaign staff attended the event, raising questions about how her administration might handle the regulation of digital assets if she were to win the election.
As the 2024 presidential campaign continues, the role of cryptocurrency in U.S. politics and the economy is likely to become a more prominent issue. Trump’s World Liberty Financial launch signals his intention to position digital finance as a central plank of his platform, while the Democratic response remains less defined.
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