WASHINGTON (AP) — Donald Trump is promising to make America the “crypto capital of the planet” if he returns to the White House. Fulfilling that promise would likely pay off for him personally.
Amidst his run for president, Trump has launched a new venture to trade cryptocurrencies that he’s promoting on the same social media accounts he uses for his campaign. His two eldest sons, Donald Jr. and Eric, are also posting about their new platform, called World Liberty Financial, as is his daughter-in-law, Lara Trump, who is married to Eric and also serves as co-chair of the Republican National Committee.
Trump has long melded his political and business interests, promoting his hotels and golf courses in the White House while selling sneakers, Bibles and shares in his social media company during his current campaign. Now, Trump has launched a new moneymaking venture that could explode in value if he’s elected and gets the power to push through legislative and regulatory changes long sought by crypto advocates.
“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it,” said Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington.
“The success of this could be very tied to American economic policy,” Libowitz said.
Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. They are commonly traded on exchanges, which are marketplaces that can be used to buy, sell and trade cryptocurrencies.
Exchanges often charge fees for withdrawals of Bitcoin and other currencies.
World Liberty Financial is expected to be a borrowing and lending service similar to recently hacked Dough Finance, an app built by four people listed as World Liberty Financial team members, according to crypto news site CoinDesk.