Less than 24 hours after Republican presidential nominee Donald Trump announced plans to launch a token through his World Liberty Financial project, many crypto users criticized the move through social media.
Project Announcement
In August, Donald Trump and his sons, Donald Trump Jr. and Eric Trump, began teasing a decentralized finance (DeFi) project through X without many details regarding its purpose. The Republican candidate made headlines on Sept. 12, announcing that he would host an X Spaces discussion about World Liberty Financial on Sept. 18.
Criticism from the Crypto Community
Some pro-crypto Trump supporters expressed skepticism about the idea. Castle Island Ventures partner Nic Carter reportedly said the project was a “huge mistake,” claiming his campaign was “cashing in on his recent embrace of crypto in a kind of naive way.” The X Spaces event revealed few details about the project besides the leaders’ plan to launch a WLFI token, which they did not consider a security under the United States Securities and Exchange Commission’s purview. Some crypto users took to social media to suggest that Trump had lost their vote by associating himself with the project.
Political Implications
Others on X who seemed to support the Republican candidate did not explicitly say they wouldn’t be voting for him in November but suggested that the timing of the WLFI project was bad and potentially risky. The project’s launch came less than a week after many pundits said Democratic candidate and Vice President Kamala Harris won a televised debate with Trump, tightening what will likely be an extremely close election. With 49 days until US Election Day, many polls showed that Harris was neck and neck with Trump nationally, including crucial battleground states that could determine the victor.
The launch of the WLFI token by Donald Trump received mixed reactions from his supporters and the crypto community. The political implications of this move could affect his chances in the upcoming election, given the experts' opinions and the voters' sentiments.
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