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cliffside

(336 posts) Mon Sep 16, 2024, 11:58 PM Monday

New details of Trump family crypto project released, including who can buy in

https://www.cnbc.com/2024/09/16/trump-crypto-world-liberty-financial.html

"The team behind World Liberty Financial, the Trump family’s new crypto project, have unveiled a key detail: Who can buy the forthcoming tokens it plans to release, and how shares will be allotted.

Twenty percent of the project’s tokens will be allotted to the founding team, 17% of tokens will be set aside for user rewards, and the remaining 63% of the coins will be available for the public to purchase.
For over a month, Republican former President Donald Trump and his family have been pumping up the secretive digital currency platform, promising that it will do many things at once..."

https://www.nytimes.com/2024/09/16/technology/trump-crypto-world-liberty-financial.html

Donald Trump Rolls Out His New Cryptocurrency Business

...Mr. Trump has promoted the project since August, but its exact purpose remains unclear. On the livestream, he did not address the business directly, deferring to his partners. One of them has described himself as “the dirtbag of the internet,” while another used to teach classes on how to seduce women.

...Danielle Brian, executive director of the Project on Government Oversight, a nonpartisan watchdog group, said that if Mr. Trump is elected, his involvement in the crypto venture would create serious conflicts of interest. The Securities and Exchange Commission has argued that virtually all cryptocurrencies are unregistered securities and ought to be regulated like stocks traded on Wall Street.

Mr. Trump “would be able to push regulatory agencies to favor businesses he is involved in,” Ms. Brian said. Ethics experts have said that his ownership of the social media company raises similar issues...

...Steve Witkoff, a real estate magnate and close friend of Mr. Trump, and his son Zach are both involved in World Liberty Financial, according to the white paper. The elder Mr. Witkoff was golfing with Mr. Trump on Sunday when the U.S. Secret Service stopped the apparent assassination attempt on the former president at his golf course in Palm Beach, Fla..."