World Liberty Financial, a crypto venture backed by former U.S. President Donald Trump, is set to release a stablecoin audit and launch a new application.
What Happened: The Trump family, which has a 75% claim on the venture’s net revenues, has been the subject of criticism due to potential conflicts of interest with the president’s involvement in crypto, reported Reuters.
Zak Folkman, the co-founder of the platform, said the audit would be carried out “within days.” Folkman revealed that the app would make it seamless for lay investors to use cryptocurrencies.
World Liberty Financial, which raised $550 million by selling so-called governance tokens, was taken over by the Trump family in January. The family now has a claim on 75% of net revenues from token sales and 60% from World Liberty operations once the core business gets going.
The venture is planning to release a stablecoin audit and a new application, despite not having launched a public platform and having a small staff, according to the Reuters report. The Trump family’s large share of the project’s revenues and the non-tradeable nature of the governance tokens make World Liberty unusually centralized for the industry.
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Why It Matters: The Trump family’s involvement in the crypto industry has been a subject of much debate. The family’s business also reportedly retained an attorney to serve as an ethics adviser to “avoid any perceived conflicts of interest.”
Trump has been a vocal supporter of the crypto industry, even lauding the Senate's passing of the stablecoin legislation in June. The legislation, known as the GENIUS Act, establishes a regulatory framework for dollar-pegged cryptocurrencies, also known as stablecoins, in the U.S.
According to Reuters, despite drawing criticism from his political opponents and some government ethics experts, citing conflicts of interest and influence peddling, the Trump family’s investments in World Liberty tie the personal fortunes of a sitting U.S. president to an asset class that sits at the outer edges of both risk and regulation.
Notwithstanding the controversy, the Trump family’s crypto ventures have been lucrative, quickly gaining hundreds of millions of dollars. The family’s business also took a minority stake in a newly-formed bitcoin producer called American Bitcoin in June.
Photo Courtesy: Kirill Aleksandrovich on Shutterstock.com
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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