As the crypto market approaches a pivotal moment with the upcoming US election in November, former President Donald Trump continues to voice his support with a recent post and the details of his new crypto venture, “World Liberty Financial.”
Trump Vows To Make The US A Crypto Capital
In a recent video release, Trump articulated his vision to elevate the United States to the pinnacle of the global crypto landscape, dubbing it the “crypto capital of the planet.” He emphasized a stance against perceived efforts to stifle the industry, stating, “they want to choke you, and we are not going to let that happen.”
At the same time, the US Securities and Exchange Commission (SEC) has increased its regulatory oversight, as evidenced by the issuance of a Wells Notice to OpenSea, one of the industry’s largest non-fungible token (NFT) marketplaces, on Wednesday.
The Commission’s scrutiny implies potential legal actions and investigations into OpenSea’s operations, citing concerns that non-fungible tokens could be deemed as “securities.”
While Trump didn’t name names as to who is trying to “strangle” the industry, his advocacy for the sector includes a promise to revitalize the industry, most notably expressed through his intention to replace SEC Chairman Gary Gensler upon his return to the White House.
This promise has resonated with many in the crypto community who have grown increasingly alarmed by the enforcement tactics of the Securities and Exchange Commission under Gensler’s leadership. Trump has promised to make major changes in this regard on day one of his return to the Oval Office.
‘Digital Real Estate’ Project
Notably, the Trump Organization, overseer of Donald Trump’s business ventures, has introduced little details of the new cryptocurrency initiative beyond the former president’s recent video as stated above.
Eric Trump, the organization’s executive vice president, and the former president’s son, has already revealed plans for the World Liberty Financial project, which is believed to focus on “digital real estate,” or real-world asset tokenization (RWA), which could allow users to lend and borrow on the platform.
Eric Trump highlighted the potential of this cryptocurrency venture to disrupt traditional banking and finance sectors, offering financial inclusivity to individuals underserved by conventional services.
Eric emphasized a shift towards algorithm-driven loan approval processes, aiming to address systemic inefficiencies and disparities prevalent in existing financial systems.
In another stride into the digital realm, Donald Trump recently unveiled “The America First Collection,” his latest series of non-fungible tokens. This marks his fourth venture into the NFT market, underscoring his continued exploration of digital assets and blockchain technology.
Ultimately, it remains to be seen what other details the Trump family could unveil on their new project this afternoon, as support for the industry is already strong, with promises to be a key sector in the potential for another Trump term in the White House.
Featured image from CNN, chart from TradingView.com
