Trump Unveils New Crypto Venture

Donald Trump recently revealed his family’s new crypto business, World Liberty Financial, during a live interview on X. While the Republican presidential candidate didn’t dive deep into the details, he did address an incident that occurred the previous day, which seemed to be an assassination attempt.

Instead of elaborating on the goals or mechanics of World Liberty Financial, Trump shifted the conversation from crypto to topics such as artificial intelligence (AI). He also shared his account of the Sunday incident. According to Trump, while golfing with a friend, they heard four or five gunshots. He praised the swift actions of a Secret Service agent, who noticed a rifle and responded, along with law enforcement officers and a citizen, in locating the individual responsible.

Trump’s new crypto venture is anticipated to serve as a lending and borrowing platform, focusing on crypto trading.

Following Trump’s remarks, his son, Don Jr., and others spoke about their views that crypto could provide an alternative to traditional financial systems, which they say are unfair to conservative voices.

Some analysts have pointed out the potential ethical concerns of launching a business venture such as this during a presidential campaign. Jordan Libowitz, from Washington-based government watchdog Citizens for Responsibility and Ethics, observed that while supporting crypto isn’t inherently problematic, launching a venture that could bring personal financial benefits while campaigning raises red flags.

During his presidency, Trump wasn’t a supporter of crypto, having voiced concerns in 2019 about its unregulated nature and the risks it posed, such as facilitating illegal activities. However, his stance has shifted during the current election, with him now embracing crypto.

In May, he announced that his campaign team would start accepting crypto donations, with plans to build what he calls a “cryptocurrency army” ahead of Election Day. At a Bitcoin conference earlier this year in Nashville, he also promised to establish the United States as a leader in the crypto space. Part of his vision includes establishing a national Bitcoin reserve using assets the government already holds.

Despite this newfound enthusiasm, some experts remain skeptical. American University law professor Hilary Allen cast doubt on the sincerity of Trump’s attitude change, speculating that financial incentives may be swaying his present viewpoint.

On the other hand, cryptocurrency supporters have welcomed Trump’s change of heart, viewing it as a positive sign for the industry, especially if he wins the presidency again.

Meanwhile, Vice President Kamala Harris’s campaign has been quieter on the crypto topic. While Harris hasn’t outlined any particular guidelines for handling digital assets, several Democratic lawmakers, including Senators Kirsten Gillibrand and Chuck Schumer, took part in an online gathering in August, which was called Crypto 4 Harris. Harris and her team were notably absent from the event.

The growing interest shown toward the crypto community by leading candidates on both sides of the political divide is something that entities such as Marathon Digital Holdings Inc. (NASDAQ: MARA) will be watching to see whether it galvanizes the policymakers to finally enact regulations for the industry in a way that fosters innovation.

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