Donald Trump has announced that World Liberty Financial, a new cryptocurrency initiative, will officially launch on September 16. In a video posted to his X account, Trump invited followers to join him for a live session on Twitter Spaces at 8 p.m. He underlined that the project is associated with the future of cryptocurrency.
As suggested by the Trump family in the past two months, the proposed project will implement the Ethereum blockchain and the Aave DeFi. The details revealed that World Liberty Financial will adopt “the credit account system,” as reflected in the whitepaper that the company is currently preparing. This comes after samples from Donald Trump Jr. and Eric Trump were made in the past few days.
Rep. Maxine Waters Raises Concerns Over World Liberty Financial and DeFi Risks
Earlier, Trump was not very friendly toward virtual currency, but his recent change shows support for cryptocurrency. During his present presidential campaign, Trump has been more vocal within the crypto ecosystem and was a speaker at the Bitcoin 2024 conference, where, among other things, he took a shot at the SEC Chair, Gary Gensler, and vowed to stop the disposal of U.S. bitcoin stock.
The project has recently incorporated one of its advisors, Corey Caplan, a Dolomite co-founder. According to the information on World Liberty Financial, it has made efforts to ensure safety and has worked with a few security firms to make their security systems strong. This push for security emerged after a hacking incident where the X accounts of Lara and Tiffany Trump posted a couple of unauthorized updates regarding a token associated with the project.
Rivals of the new venture have picked up some of the criticism. Rep. Maxine Waters, a leading Democrat on the House Financial Services Committee, expressed worries about the risks associated with DeFi. She also mentioned problems like hacking, fraud, and possible conflicts of interest, which can influence consumers and investors in projects like World Liberty Financial.
Source: https://www.livebitcoinnews.com/donald-trump-sets-september-16-for-world-liberty-financial-launch/