Former President Donald Trump avoided discussing his family's latest venture, World Liberty Financial, during a September 16 X Spaces event hosted by crypto influencer Farokh Sarmad.
The event was promoted as the "Donald Trump State of Crypto address," yet he made only brief remarks about crypto and didn't mention any specifics about World Liberty Financial.
However, Zak Folkman, one of the project's leaders, eventually provided details about their new token, WLFI.
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According to Folkman, the WLFI tokens would function as governance tokens, allowing holders to propose and vote on decisions related to the platform. He also noted that sales of WLFI would be restricted to accredited investors in the United States, explaining:
Although we don't consider WLFI to be a security, in the light of regulatory uncertainty surrounding tokens and token sales in general in the United States, we've decided that it's prudent to limit the token sales to certain persons who would be eligible to participate in transactions that are exempt from registration under the US federal securities law.
Folkman emphasized that there had been no pre-sales or early discounted opportunities for venture capitalists.
Additionally, he disclosed that around 63% of the tokens would be available to the public, with 20% reserved for the team and advisors, and roughly 17% set aside for rewarding platform users. He didn't specify the total supply of the tokens.
No updates were shared about the World Liberty Financial platform itself. However, previous reports mentioned it would operate as a platform for borrowing and lending that aims to push the mass adoption of decentralized finance (DeFi) and stablecoins. The platform reportedly plans to collaborate with Aave to build its credit systems.
Overall, while Trump stayed silent on World Liberty Financial, the details that his team provided gave crypto enthusiasts a glimpse of what's to come.
Trump's stance on digital currencies has notably shifted over the years. While he once dismissed crypto as being a "scam," the former president has since embraced the industry, having sold four non-fungible token (NFT) collections and accepting crypto donations for his political campaigns.
