America will become crypto capital through World Liberty Financial

Former US President Donald Trump announced his plan to turn America into a “crypto capital” through his new project World Liberty Financial.

“I promised to make America great again, this time with crypto. [World Liberty Financial] He plans to help make America the crypto capital of the world!” Trump posted on X. He invited eligible people to join the whitelist.

I promised to make America great again, this time with crypto. @WorldFreedomFi He plans to help make America the crypto capital of the world! The whitelist for eligible people is officially open; This is your chance to be part of this historic moment. To join:…

— Donald J. Trump (@realDonaldTrump) September 30, 2024

Trump launched World Liberty Financial on September 16 with the aim of disrupting traditional finance and offering decentralized finance as an alternative.

The project offers borrowing and lending services and aims to be more user-friendly and accessible than existing DeFi platforms. The project will reportedly sell the majority of WLFI tokens to accredited US investors.

World LibertyFi’s skepticism

The launch created excitement and some analysts predicted a boom in the token’s value. But the project is raising doubts, with experts warning of possible red flags.

One concern is that Chase Herro, who leads World LibertyFi, was previously involved in Dough Financial, a failed crypto project that was exploited for $2 million.

Another major issue is that 70 percent of World LibertyFi tokens will be reserved for insiders, including Trump and his team, leaving only 30 percent for public sale.

This high level of insider ownership can create price instability if insiders decide to sell their shares. Additionally, since tokens are generally classified as securities, the SEC may examine the project.