Unfortunately, Trump's Crypto Venture Remains Active, Despite His Continued Existence
World Liberty Financial, a new DeFi platform for trading, was announced by former President Donald Trump this summer. The platform is set to release a native governance token, WLFI.
The platform will make its token available exclusively to accredited investors, those with a net worth over $1 million. A mere 30% of the tokens will be sold off via a public sale, while 20% will be reserved for the founding team and 17% set aside for "user rewards." The remaining 63% of assets will be made available for accredited members of the public to purchase.
However, the purpose of the World Liberty Financial project and how investors are supposed to make money from it remains unclear after two hours of listening. This has led to speculation and questions about the project's intentions.
Chase Herro, a member of the World Liberty team, has a controversial background. Previously, he was a get-rich-quick class instructor and has made headlines in Bloomberg. In a leaked white paper, it was revealed that the platform may have originally planned to retain 70% of its "governance" crypto tokens for insiders and investors. Herro has referred to himself as a "dirtbag of the internet."
In a conversation on Elon Musk's X Spaces, Trump expressed vague excitement for the crypto industry but shared little clarity on World Liberty Financial. He did mention that a civilian woman initially spotted the would-be shooter and reported him during an incident that disrupted his golf game.
Trump also blamed the Biden-Harris administration for regulatory hostility faced by crypto companies. The platform's exclusive accredited investor policy has raised concerns that the World Liberty Financial project may fail its own mission of helping the underserved obtain loans, as reported by Fortune.
In a 2018 YouTube video, Herro made a metaphor that accurately describes the cryptocurrency industry: "You can literally sell shit in a can, wrapped in piss, covered in human skin, for a billion dollars if the story's right, because people will buy it."
Despite the controversy surrounding World Liberty Financial and its team members, the platform will not offer pre-sales, allowing it to qualify for a key SEC exemption that allows companies to issue unregistered securities.
It remains to be seen how World Liberty Financial will unfold and whether it will live up to its promises or face further controversy. As more information becomes available, the public will have a better understanding of this new DeFi platform and its potential impact on the cryptocurrency industry.
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