Donald Trump launches new cryptocurrency company

WASHINGTON (AP) — Republican presidential candidate Donald Trump on Monday introduced his family's cryptocurrency company, World Liberty Financial, in an interview on the social media platform X and also made his first public statement on the alleged assassination attempt on him a day earlier.

Trump did not go into detail about World Liberty Financial or how it works, switching from questions about cryptocurrencies to talking about artificial intelligence or other topics. Instead, he described his experience on Sunday, saying he and a friend heard “gunshots in the air, and I guess there were four or five” while playing golf.

“I would have loved to sink that last putt,” Trump said. He thanked the Secret Service agent who spotted the barrel of a rifle and began shooting at it, as well as the police officers and a civilian who helped him search for the suspect.

World Liberty Financial is intended to be a credit and loan service for trading cryptocurrencies, digital funds that can be traded over the internet without relying on the global banking system. Exchanges often charge fees for withdrawals of Bitcoin and other currencies.

Other speakers after Trump, including his eldest son Don Jr., talked about accepting cryptocurrencies as an alternative to what they see as the banking system that is anti-conservative.

According to experts, starting a business venture by a presidential candidate in the middle of an election campaign could lead to ethical conflicts.

“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing so while simultaneously beginning to personally benefit from it,” Jordan Libowitz, a spokesman for the Washington-based government watchdog group Citizens for Responsibility and Ethics, said earlier this month.

During his time in the White House, Trump said he was “not a fan” of cryptocurrencies, tweeting in 2019, “Unregulated crypto assets can encourage unlawful behavior, including drug trafficking and other illegal activities.” However, during this election cycle, he has changed his mind and is taking a positive stance on cryptocurrencies.

In May, he announced that his campaign would accept cryptocurrency donations in the run-up to Election Day to build what he called a “crypto army.” This year, he attended a Bitcoin conference in Nashville and pledged to make the U.S. the “crypto capital of the planet” and create a “strategic Bitcoin reserve” using the currency the government currently holds.

Hilary Allen, a law professor at American University who has researched cryptocurrencies, said she was skeptical of Trump's change of heart on cryptocurrencies.

“I think it's fair to say that this change of course was partly motivated by financial interests,” she said.

Crypto enthusiasts welcomed the change and viewed the launch as a positive sign for investors if Trump recaptures the White House.

Meanwhile, Vice President Kamala Harris' campaign team has not put forward any policy proposals to regulate digital assets such as cryptocurrencies.

To appeal to crypto investors, a group of Democrats, including Senators Chuck Schumer and Kirsten Gillibrand of New York, participated in an online event called “Crypto 4 Harris” in August.

Neither Harris nor members of her campaign team attended the event.

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Gomez Licon contributed from Fort Lauderdale, Florida.

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