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Trump Launches Controversial Cryptocurrency Venture Following Assassination Attempt
Explore the implications of Trump’s controversial cryptocurrency venture launched after a shocking assassination attempt. Dive into the political and financial ramifications of this bold move and its potential impact on the crypto landscape.
Trump Launches New Crypto Venture Amid Controversy
In a surprising turn of events following an apparent assassination attempt on Donald J. Trump, the former president took to the platform X for a livestream on Monday, where he enthusiastically promoted his latest business endeavor: a cryptocurrency venture. “Crypto is one of those things we have to do,” Mr. Trump stated, adding, “Whether we like it or not, I have to do it.”
Joining him were several collaborators, including family friends and some of Mr. Trump’s sons, as well as two relatively unknown crypto enthusiasts with minimal experience in managing high-profile businesses. Together, they unveiled World Liberty Financial, a crypto initiative that has raised eyebrows regarding potential conflicts of interest surrounding Mr. Trump, while also alarming some of his most ardent supporters within the cryptocurrency community.
Although Mr. Trump has been promoting this project since August, the specific objectives of World Liberty Financial remain somewhat ambiguous. During the livestream, he chose not to delve into the business specifics, instead deferring to his partners for elaboration. One of these partners has controversially branded himself as “the dirtbag of the internet,” while another has a history of teaching courses on how to attract women.
It is quite unusual for a presidential candidate to launch a new business venture in the lead-up to an election, particularly just weeks before Election Day. However, Mr. Trump’s political career has been marked by business dealings that have drawn scrutiny from government ethics experts. He is notably the majority owner of Trump Media & Technology Group, the publicly traded parent company of Truth Social, his social media platform, which constitutes a significant portion of his estimated $2 billion personal wealth.
Danielle Brian, the executive director of the Project on Government Oversight, a prominent nonpartisan watchdog organization, voiced concerns that if Mr. Trump were to be elected again, his engagement with the crypto venture could lead to serious conflicts of interest. Furthermore, the Securities and Exchange Commission (SEC) has maintained that nearly all cryptocurrencies qualify as unregistered securities, which should consequently be regulated in the same manner as stocks traded on major financial markets.