- Trump’s World Liberty Financial launches on Sept 16, signaling his shift toward cryptocurrency.
- Trump plans to overhaul the SEC and block the U.S. government from selling 213,000 bitcoins.
- World Liberty Financial focuses on DeFi security, backed by experts and reviewed by top firms.
Former U.S. President and current Republican presidential candidate Donald Trump has officially announced the launch date for his highly anticipated cryptocurrency project, World Liberty Financial. The launch is set to take place on September 16, 2024, with Trump inviting his followers to join him live on Twitter Spaces at 8 p.m. to mark the occasion.
Trump’s embrace of cryptocurrency marks a significant shift from his previous stance. Earlier in his political career, Trump was notably critical of digital currencies. However, his recent actions indicate a change of heart.
This shift became particularly evident when he spoke at the Bitcoin 2024 conference, where he expressed intentions to overhaul the U.S. Securities and Exchange Commission (SEC) by firing its current Chair, Gary Gensler, and vowed to prevent the U.S. government from selling its 213,000 bitcoins if he is re-elected.
World Liberty Financial will be built on the Ethereum blockchain, utilizing the DeFi platform Aave. According to a whitepaper released earlier this month, the project will focus on a “credit account system” designed to integrate decentralized finance (DeFi), emphasizing stablecoins and user security.
Security is a top priority for World Liberty Financial. Corey Caplan, co-founder of the DeFi platform Dolomite, has been appointed as an advisor for the project. Top cybersecurity firms, including Zokyo, Fuzzland, and PeckShield, have reviewed the project’s code to ensure its safety.
However, not everyone is optimistic about the project. Representative Maxine Waters has voiced concerns, stating that DeFi can lead to hacks, scams, and unequal access to information, reflecting the broader skepticism that still surrounds decentralized finance.
In addition to launching World Liberty Financial, Trump has continued expanding his involvement in cryptocurrency by launching his fourth non-fungible token (NFT) collection. This collection includes 50 unique digital trading cards, some featuring Trump holding bitcoin.
World Liberty Financial has faced security challenges despite these expansions, with scammers targeting over 70,000 users through fake crypto giveaways on the platform’s Telegram channel.
Trump’s involvement in the crypto sector has resulted in substantial financial backing. He claims to have raised $25 million from the crypto industry by the end of July 2024.
Analysts at brokerage firm Bernstein suggest that a Trump victory in the upcoming election could push Bitcoin’s price to $90,000, while a victory by his opponent, Harris, might see BTC prices drop to $30,000.
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