Former US President Donald Trump has officially announced the launch date of his latest crypto project, World Liberty Financial. The project — which has been teased by his family over the past two months — is scheduled to go live on September 16.
In a video posted on his official X account, Trump said,
“We are embracing the future with crypto and leaving the slow and outdated banks behind.”
The launch announcement also came as part of Trump’s broader strategy for his 2024 presidential campaign, where he has been actively engaging with the crypto community.
Notably, Trump appeared at the Bitcoin 2024 conference earlier this year, where he promised significant regulatory changes, including firing SEC Chair Gary Gensler and halting any Treasury sale of Bitcoin holdings.
Trump’s Crypto Vision: Moving Toward DeFi
The World Liberty Financial project is set to be built on Aave, a decentralized finance platform, and the Ethereum blockchain.
The core of the project centers around a "credit account system" that aims to integrate traditional financial services into the DeFi ecosystem. Earlier this month, Dolomite co-founder Corey Caplan was named as an advisor for the project, further boosting its credibility in the crypto space.
The project is focused on security as a top priority, with Trump’s team working with top-tier blockchain security firms such as Zokyo, Fuzzland, PeckShield, and BlockSecTeam.
This emphasis on user security is intended to build trust among investors and users, particularly as DeFi projects have been subject to security breaches and hacks in the past.
In a statement on Telegram, the project team assured users that their code has been thoroughly reviewed and that best practices for user safety are being implemented.
Criticism Mounts
Despite the hype surrounding World Liberty Financial, the project has not been without its detractors. Some political figures, including Rep. Maxine Waters, have expressed concerns about the risks associated with decentralized finance.
Waters, a ranking Democrat on the House Financial Services Committee, warned that while DeFi can create greater efficiency and transparency, it also presents risks such as scams, hacks, and conflicts of interest. Waters’ added,
"We've seen this play out in the new DeFi venture that Eric Trump and Donald Trump Jr. plan to launch, called World Liberty Financial. Lamwakers have a responsibility here"
Moreover, some observers have questioned Trump’s decision to launch the crypto project just 50 days before the 2024 US presidential election. Critics argue that the project may be a distraction from his campaign, with some accusing Trump’s inner circle of capitalizing on his recent shift toward the crypto industry.
Nic Carter, a partner at Castle Island Ventures and a Trump supporter, went as far as to call the project a “huge mistake,” suggesting that Trump’s team might be burning bridges with the crypto community rather than strengthening them.
