Donald Trump reveals details of lucrative new business venture

Former U.S. President Donald Trump is known for his multiple business ventures, but his most up-to-date one is controversial and springs not up to two months ahead of Election Day, as the race continues to heat up between him and current U.S. Vice President Kamala Harris.

"Crypto is undoubtedly a sort of things we should do," said Trump on an X livestream.

Related: Donald Trump launches new business as election race heats up

Since August, Trump and his two eldest sons have teased the launch of this new company by the use of social media posts on X, hyping up their followers for the upcoming launch.

The now-named "World Liberty Financial," which became in the past often is often known as "The DeFiant Ones," is a decentralized finance (DeFi) cryptocurrency platform that lets in its users to borrow, lend, and invest in crypto.

Trump's new business venture will likely be in partnership with his sons Donald Jr., Eric, and Barron Trump, along with two other partners, Chase Herro and Zak Folkman.

On the opposite hand, the founders of this newly launched business have little to no previous experience within the crypto industry:

The Trumps are on a regular basis is often known as businessmen and politicians, while Folkman is an entrepreneur and investor, and Herro is a salesman and long-time business partner of Folkman who self-describes as "the dirtbag of the online."

Launch date set, controversial details revealed

Last Friday, after weeks of waiting, Trump revealed a launch date for the introduction of his most modern business venture.

The launch of World Liberty Financial became are living-streamed on the social media platform X on Monday night, and users were granted full get entry to to details of Trump's most modern crypto company.

The over two-hour event revealed that the token may perhaps be also is often known as WLFI. This token follows the Securities and Exchange Commission's Regulation D (Reg D), which lets in a corporation to generate funds without having to register for securities given that certain must haves are met.

In the are living stream, Folkman explained the equity structure of the token: 20% may perhaps be allotted to the corporate's founding team, 17% may perhaps be for user rewards, and sixty three% may perhaps be for public purchase.

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Though the Trumps are a section of the founding force at the back of World Liberty Financial, none of them will sell, own, do something about, or operate on the platform itself.

On the opposite hand, they're going to receive compensation from the profits made by the crypto company.

Risky move raises constitutional conflict concerns

Trump seems to be the usage of his Republican Party candidacy for the upcoming U.S. Presidential elections as a on account of further promote his new crypto business through a bigger and more prominent platform.

On the opposite hand, the controversial business venture may lead to constitutional conflicts of interest.

If Trump wins the presidential title, this crypto business may breach a constitutional clause he in the past broke at some point of his years as U.S. president.

The Foreign Emoluments Clause prohibits the President from receiving any payments from foreign governments without Congressional approval.

In January, Trump admitted to accepting emoluments from foreign governments, including payments amounting to now not not up to $7.8 million from four businesses in 20 or more foreign governments.

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The crypto business already treads a fine line between illegal and fraudulent acts, accounting for multiple instances of tax fraud, money laundering, and scams.

In keeping with the 2023 Cryptocurrency Fraud Report, $5.6 billion in cryptocurrency scams were resisted in 2023 by myself.

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