Trump Announces Plan to Make US "Crypto Capital of the World," Launches DeFi Project Linked to Family

Trump Announces Plan to Make US "Crypto Capital of the World," Launches DeFi Project Linked to FamilyFormer President Donald Trump recently announced that he will unveil a plan to make the United States the "crypto capital of the world." He posted a video message on his social media platform, X, Thursday, claiming he would be revealing his plan but offering no further details

Trump Announces Plan to Make US "Crypto Capital of the World," Launches DeFi Project Linked to Family

Former President Donald Trump recently announced that he will unveil a plan to make the United States the "crypto capital of the world." He posted a video message on his social media platform, X, Thursday, claiming he would be revealing his plan but offering no further details. The video linked to a decentralized finance project called "World Liberty Financial" that the Trump family has been promoting.

While Trump's video didn't provide much specific information, the project's website metadata describes it as a "cutting-edge" DeFi platform that connects users with "the best tools in decentralized finance" for "secure, high-yield crypto investments."

"This afternoon, Ill be laying out my plan to ensure that America becomes the crypto capital of the world," Trump said in the video. His shift in attitude is noteworthy as he previously described cryptocurrencies as a "scam" rife with criminal activity during his presidency.

Last month, Trump appeared as a guest speaker at a Bitcoin conference, where attendees would have to pay $844,600 to have dinner with him. The shift also reflects Trump's increasing interest in cryptocurrencies and his desire to capitalize on the emerging industry.

DeFi, a subsector of cryptocurrencies, aims to eliminate intermediaries such as banks and brokers through the use of software-driven applications. Its proponents claim DeFi projects will democratize finance. In the video, Trump warned, "They want to choke you out, they want to bankrupt you." He didn't specify who "they" were but emphasized, "We won't let that happen."

Many supporters of DeFi projects believe that regulatory crackdowns on cryptocurrencies have made the U.S. an unfavorable environment for developing such projects. Earlier this year, Uniswap Labs, the largest DeFi trading platform on the Ethereum blockchain, said the U.S. Securities and Exchange Commission (SEC) warned it could face enforcement action in the future for operating as an unregistered exchange and broker dealer.

The precise details of Trump's project are currently unclear. World Liberty Financial has created a channel on the social media platform Telegram with over 52,000 subscribers. However, Pavel Durov, Telegram's CEO, was accused by French authorities this week of spreading child pornography images and other crimes.

The project's latest message on the Telegram channel read, "President Trump just dropped a tweet about World Liberty Financial!" "Lets support it together, lets move forward together!"

On Tuesday, the project launched its fourth batch of non-fungible tokens (NFTs), priced at $99 each. The NFTs feature Trump in various outfits, ranging from superhero costumes to holding symbolic Bitcoin. The former president's CICDigitalLLC has earned $7.2 million through licensing his likeness on the NFTs. The company holds a crypto wallet with at least $1 million worth of Ethereum.

Trump's endorsement of cryptocurrency has led to some executives in the sector, including venture capitalists Marc Andreessen and Ben Horowitz, to support him.

Trump's move has sparked speculation about the specifics of his plan and whether it can truly make the U.S. the "crypto capital of the world." The project, propelled by the Trump family and linked to Telegram, faces numerous uncertainties regarding its future development.

In conclusion, Trump's growing interest in cryptocurrencies and his plan will generate significant attention in the crypto industry and potentially influence how the U.S. government regulates cryptocurrencies in the future.