Trumps announce new cryptocurrency platform ahead of US elections

Latest updates: Follow our full coverage on the US election

Former US president Donald Trump and his family announced a new cryptocurrency platform on Monday September 16 as part of his efforts of making the US the “crypto capital of the planet”.

The project, World Liberty Financial, is aimed at supporting financial security, Mr Trump’s son Donald Jr said in a live-stream on X Spaces. “It’s a real problem that needed to be addressed, and honestly I think this is the way,” he said.

However, they did not provide further details about the business, including how it was formed, funded, what services it will offer or when it will launch. The platform is expected to issue a digital token, WLFI, but it will only be available to verified accredited investors.

The announcement comes as Republican presidential nominee Mr Trump aims to court digital asset supporters ahead of the US elections in November and marks a complete shift in his stance on cryptocurrency, having previously called Bitcoin a scam.

Mr Trump has since suggested that the government create a strategic reserve of Bitcoin and has pledged to block the creation of a Federal Reserve-administered Central Bank Digital Currency, a digital form of central bank money that would be available to the public.

“If we don’t do it, China is going to do it,” Mr Trump said on Monday, in reference to cryptocurrency adoption in the US. “China is doing it anyway. But if we don’t do it, we’re not going to be the biggest, and we have to be the biggest and the best.”

The projected revenue in the global cryptocurrency market is estimated to reach $56.7 billion in this year, with the US expected to generate the highest amount at $9.78 million, according to research by Statista.

“Despite regulatory challenges, the United States remains at the forefront of cryptocurrency innovation and adoption, with major financial institutions and tech companies leading the way,” it said.

A white paper for World Liberty Financial reviewed by Bloomberg News before the announcement listed Mr Trump as “chief crypto advocate,” Eric and Donald Jr each as “Web3 Ambassador,” and 18-year-old Barron Trump as “chief DeFi visionary”.

A disclaimer in the document said that World Liberty Financial is “not owned, managed, operated or sold” by the Trump family, while noting they may receive compensation.

With reporting from Bloomberg and Reuters